NFT market top signal? Fake Banksy nets over $1 million in ETH from NFT sales

As the Crypto Twitter community debates the fair value of Cryptopunks and other NFTs rising to sky-high valuations, there’s at least one clear sign of the digital collectibles market growing irrational: An individual posing as Banksy, perhaps the most famous living artist, has netted over $1 million in Ether (ETH) in NFT sales.

Starting on Sunday, Feb. 14, frequent browsers of the NFT marketplaces Opensea and Rarible noticed an account named “Pest Supply” with branding and nonfungible tokens made in Banksy’s signature graffiti-stencil style. Many were quick to jump in, given the “real” Banksy’s habit for pop-up installations:

Real or fake? Who cares?

Signs of froth