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Penguin painting sells for more than $625,000

 


On Monday, a “Pudgy Penguin” NFT went over the digital counter for 400 ETH, which is about $625,000. The penguin collection has been on the market since June 2021, but is much less well known to the general public than, for example, the NFTs around the Bored Apes Yacht Club. The recent purchase is remarkable - especially since the industry is in a crisis.


Because while investors are still clinging to cryptocurrencies like bitcoin despite the crash – never in history have there been more wallets holding BTCs for more than a year – the mood in the NFT market is bleak. Not only the sales on the trading platforms prove this, but also the latest survey data (Bloomberg): almost every fourth investor is convinced that cryptocurrencies are the future, but NFTs are only viewed by 9 percent as promising investment objects. The buyer of the penguin, specifically the digital proof of ownership of the picture, seems to see it differently.


Meanwhile, the purchase is making waves. The purchase price “400 ETH” is currently trending on Twitter. Many users are amazed at the transaction. It is doubtful whether media attention will give the NFT industry a boost again. Many simply see no benefit in it, the search queries go into the basement.


Even in the crypto scene itself, not everyone is convinced. Just a few days ago, one of the founding fathers of the DAO left, Stephen Tual, the Ethereum Foundation. He shared via Reddit that he no longer identified with the space. He also complained about "Prada-wearing crypto yuppies" who "climb over homeless people on their way to their plush offices while complaining that their decaffeinated soy latte is too cold." He also spoke of a "circus of centralized NFTs, endless Ponzi scams" and more. Against this background, it seems impossible that he can gain anything from the purchase of a penguin NFT for more than 625,000 US dollars – and a large number of people feel the same way, especially in times when citizens are increasingly faced with inflation get into financial difficulties.

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