OpenSea announces NFT reserve with CryptoPunk as first buy

The NFT sector has yet to recapture the enthusiasm of 2021-2022, forcing many NFT-centric companies like OpenSea to pivot to more in-demand crypto use cases.

NFT marketplace turned trading platform OpenSea on Monday said it launched a $1 million reserve dedicated to buying “culturally relevant" non-fungible tokens (NFTs).

OpenSea kicked off its NFT reserve by buying a piece of digital art from the CryptoPunk collection — widely considered Ethereum's first NFT profile picture (PFP) collection.

“To us, culturally relevant NFTs are works that have made an impact: creatively, socially, or technologically,” OpenSea Chief Marketing Officer Adam Hollander told Cointelegraph. “They might represent a defining moment in NFT history, introduce a new artistic style, or come from voices that haven’t been fully recognized yet.”

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