Reed Hoffman Joins NFT Sector with CryptoPunk Acquisition
Reed Hoffman, co-founder of LinkedIn, confirmed purchasing a CryptoPunk NFT and displayed it on his X profile.
Hoffman, worth $2.5 billion, has been actively investing in blockchain projects, including the bitcoin-focused bank Xapo.
CryptoPunks, created by Larva Labs in 2017, are a significant NFT collection with a market cap of $1.5 billion, representing 32% of the NFT sector's dominance.
Hoffman's announcement gained significant attention, receiving nearly one million views in 24 hours.
Opensea CEO Devin Finzer welcomed Hoffman to the NFT ecosystem, reflecting optimism as the digital collectibles market recovers.
Opensea plans to launch its native SEA token in Q1 2026, allocating 50% of the supply to community campaigns to boost engagement.
Coingecko reports a 3.3% increase in top NFT collections' value, with the total market cap nearing $4.8 billion and trading volume up by 59.5%, indicating heightened investor interest.
