Poker Pros Bet Big on Cryptopunks: NFT Craze Sweeps High-Stakes Community

Cryptopunks, the original NFTs, were created by Larva Labs three years ago. A total of 10,000 24x24, 8-bit-style images were produced by Larva Labs. Matt Hall and John Watkinson, founders of Larva Labs, were inspired by the early anti-establishment days of blockchain technology.

Phil Ivey, a renowned poker player, is marketing his own NFT products, adding to the growing list of high-profile individuals involved in the NFT space. Cryptopunks are now being bought and sold under the premise that the owners consider their copy as the original. A piece of NFT art recently sold for $69m (£50m) at Christie’s Auction House, highlighting the increasing value and interest in digital assets.

The market for Cryptopunks is extremely active, with 11,885 sales recorded in the preceding 12 months, at a combined value of $921.24 million. The most valuable Cryptopunk sold for $7.57 million in March of this year, and the cheapest one is now valued at $125,380.95. Bill Perkins, a high-stakes poker player, owns four cryptopunks and sees them as a weird investment vehicle. Mike McDonald, another high-stakes poker player, said: “I think that with each year that passes the definition of what is gambling and what is investing move closer and closer together.” High-stakes poker players who own Cryptopunks include Bill Perkins, Mike McDonald, Dan Smith, Ryan Reiss, Ryan Daut, Landon Tice, and Jason Mo.