A CryptoPunk collection could fetch up to $30 million in upcoming Sotheby's auction — after the NFTs originally sold for $7 million

• Sotheby's will auction off a set of 104 CryptoPunk NFTs on February 23 for $20 million-$30 million.
• The set was originally acquired for about $7 million in July 2021.

Sotheby's will auction 104 CryptoPunk non-fungible tokens as a single set on February 23 and expects the entire lot to go for $20 million to $30 million.

Last July, an anonymous collector had acquired the group of CryptoPunks in a single transaction for about $7 million.

Sotheby's has titled the upcoming NFT auction "Punk It" and scheduled a panel discussion on NFTs and CryptoPunks to go with the event.

"A truly historic sale for an undeniably historic NFT project," the auction house tweeted.

CryptoPunks is a digital token collection of 10,000 unique characters based on the ethereum blockchain. It was one of the earliest NFT sets, and has since ballooned into one of the most popular and heavily traded collections on OpenSea.

Over the past seven days, sales volume for CryptoPunks was nearly $21 million across 131 sales.

They are also among the priciest NFTs. Last June, one sold for $11.75 million. And in December, another CryptoPunk sold for over $10 million.

Huge money continues to flow into the nascent Web3 space, with retail traders and celebrities contributing to massive digital asset purchases. High-profile attention from the likes of Jay-Z, Snoop Dogg, Gary Vee, and Serena Williams has helped the series become one of the most coveted.