Galactic Punks NFT Series Makes History on Terra Blockchain
Last week, the Galactic Punks NFT project made history as it launched the first series of NFT&39s ever created on the Terra Blockchain. The launch came shortly after the Columbus-5 upgrade that made it possible to mint assets on Terra. Community members flooded into the randomearth.io marketplace last Saturday to get their chance to mint one of the 10,921 unique NFT&39s in the Galactic Punks series. An anxious community, more than 5,000 members strong, hovered by their commuters awaiting the opening of the mint. In less than 8 minutes the entire set was claimed.
This drop also made history, resulting in the largest block ever recorded on Terra with more than 1,000 transactions processed in a single block. The frenzy around these NFT&39s continued in the days following the launch, recording over 10M in trading volume in the first 24h after the launch. In fact, just recently a tweet emerged showing that someone traded one of their rare Galactic Punks for a Tesla!
NFT&39s have taken the spotlight in crypto as of late. These pixilated characters are more than just randomly generated jpegs. They are becoming an increasingly mainstream characteristic of digital community and provenance. It used to be that a Rolex or a Lamborgini was a "flex" of someone&39s wealth. Now digital native consumers are turning to digital collectibles to signal their wealth and stature.
Whether you believe NFT&39s are a bubble, or if you think they are just getting started. It is clear that something big is changing in the world of art and culture. With the advent of non-fungible tokens, artists and communities are beginning to thrive in the digital world, and we are so excited to watch this industry evolve.
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