OpenSea has announced the creation of a $1 million reserve to acquire "culturally relevant" NFTs, starting with the purchase of CryptoPunk #5273 for 65 ETH, approximately $283,000. This initiative aims to collect NFTs that have made significant creative, social, or technological impacts. The acquisition strategy will be guided by a team of OpenSea employees and external digital art advisers. The CryptoPunk collection, created by Larva Labs in 2017, holds a market cap of $2.1 billion. OpenSea's move marks a rare instance of an NFT reserve, as such reserves are less common compared to those for fungible tokens like Bitcoin and Ether. The company plans to continue its acquisitions over the coming months, viewing the reserve as a dynamic collection that will evolve with the NFT space.
OpenSea Launches $1 Million NFT Reserve with CryptoPunk Acquisition
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