Crypto Payments Company Moonpay Buys A Cryptopunk NFT For $3 Million
MoonPay is an online trading platform that supports the buying and selling of cryptos and other digital assets. The platform was founded in 2019 and is famed for its seamless exchange of cryptos and fiat through debit and credit cards, together with other payment platforms like Google Pay and Apple Pay. Last year, the firm generated over $555 million in its Series A funding, taking its total valuation to $3.4 billion. However, their interest is not only limited to the world of cryptocurrencies, and recently, the firm also announced their entrance into the NFT ecosystem with their latest purchase of piece #2681, a CryptoPunk NFT worth 900 ETH or roughly $3 million.
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While MoonPay has been known to purchase NFTs belonging to popular NFT collection brand, Bored Ape Yacht Club (BAYC), according to data culled from popular crypto trading platform OpenSea, this recent purchase marks the platform’s second purchase of a CryptoPunks’ NFT. According to the data, the firm had previously purchased part of piece #4222 of CryptoPunks, about a month ago. CryptoPunks NFT collections are among the most popular collections within the NFT space. According to information from CryptoSlam, CryptoPunks has already recorded close to $1.9 billion worth of trading volume so far.
The purchase was carried out through MoonPay’s concierge service, which aligns with the firm’s NFT market strategy. The concierge service involves the firm mediating enormous NFT transactions on behalf of celebrity figures such as Snoop Dogg and Jimmy Fallon. The procedures for running the service usually include purchasing NFTs and delivering them to the addresses belonging to the famous user (s), on whose behalf it was conducted, and thereafter charging for the services rendered. This latest foray of MoonPay into the NFT space has since generated lots of attention on the firm’s official website, and it is expected that the firm will carry out more transactions within the NFT space this year.