A pseudonymous user called “gmoney” paid 140 Ethereum (ETH) for a pixelated CryptoPunk (CP) avatar on Wednesday. At the time of purchase, the non-fungible token was worth $150,000—and its value has increased to more than $176,000 already. But it wasn’t about making a profit, gmoney explained.

One user paid 140 ETH—worth $176,000 today—for a non-fungible token with an ape in a cap. Owning a pixelated avatar of a knitted cap-wearing ape is a status symbol, argues the user who paid thousands for it.

"Owning a pixelated avatar of a knitted cap-wearing ape is a status symbol, argues the user who paid thousands for it."