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Chinese investors are buying Cryptopunks for millions of dollars

chinese-investors-are-buying-cryptopunks-for-millions-of-dollars

According to Chinese journalist, Wu Blockchain the founder of Meitu Cai Wensheng and venture capitalist Feng Bo decided to buy several Cryptopunks this week.

Both investors are well versed in the crypto space

The founder of Meitu Cai Wensheng bought CryptoPunk #8236 for 125 ETH, which is almost four hundred thousand dollars, and later also bought Cryptopunk #1970 for 93 ETH. Venture capitalist Feng Bo also decided it was time to buy CryptoPunk#7252 for 1600 ETH, which is more than 4 million dollars. The punk he purchased is one of the 88 zombies, considered one of the rarest punks. The same wallet where Feng Bo moved the zombie punk to after the purchase also holds the hoodie punks #2616 and #8445. These two punks were bought for in total 560 ETH in the past two days.

It’s no surprise that the founder of Meitu has dived into NFTs. The Chinese photo-editing app had bought $22.1 million worth of Ether and $17.9 million worth of Bitcoin earlier this year. It was the first public company in Greater China to make such a purchase. The company is currently in profit on their ETH investment, but in a slight loss on their Bitcoin.

On the other hand, Feng Bo is known as a venture capitalist who brought Silicon Valley-style capitalism to China. Dragonfly Capital Partners launched in 2018 to support startups in the crypto space and bridge the gap between China and Silicon Valley. In March this year, they launched a new $225 million fund to invest in DeFi and NFT projects.

The popularity of Cryptopunks seems almost unstoppable

Last week, Visa announced that they had purchased CryptoPunk #7610, one of 3,840 female punks, for about $150,000. It said the NFT would be a “great addition to our collection of artifacts” and would play a significant role in the future of commerce.

American Internet investors such as Gary Vee and DraftKings’ largest shareholder Shalom Meckenzie have also bought a Cryptopunk in the past, and celebrities such as Jay-Z, Steve Aoki, and Odell Beckham Jr all own Cryptopunks.

Want to learn more about Cryptopunks and know what a fractionalized punk is? Click here

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