As NFT trading surges, a 'golden key' prize from Yuga Labs' limited-time game sold for $1.6 million

A non-fungible token (NFT) collector just dropped more than $1 million on a virtual "golden key."Adam Weitsman, CEO of Upstate Shredding – Weitsman Recycling, purchased Yuga Labs' "Golden Key Sewer Pass" for 1,000 ETH, which was valued at about $1.6 million at the time of sale on Feb. 27, 2023.Weitsman bought the pricey NFT from Twitch streamer Kyle Jackson, who goes by the pseudonym "Mongraal." Jackson won the one-of-one, digital "golden key" after receiving the highest score on "Dookey Dash," Yuga Labs' web-based NFT game.The endless runner style game, similar to Temple Run, was exclusively open to holders of Yuga Labs' Bored Ape and Mutant Ape Yacht Club NFTs from Jan. 19 until Feb. 8.  Holders could access the game by using their NFTs to claim a "Sewer Pass." Each gamer had an average play time of nearly 28 hours and cumulatively played about 7.5 million runs, according to CoinDesk.Jackson initially asked for 2,222 ETH, or about $3.6 million at the time, for the "golden key" on OpenSea, one of the largest NFT marketplaces, per Coindesk. He received other notable offers before agreeing to sell it to Weitsman. Jackson also said that royalties would be paid in full to Yuga Labs.The "golden key" is Weitsman's latest addition to his virtual collection, which includes multiple Bored Ape and Mutant Ape Yacht Club NFTs.This seven-figure sale comes amid a surge in NFT trading and sales in early 2023, according to DappRadar's latest industry report.Trading volume, which is the total amount of currency exchanged between buyers and sellers in a given time period, reached $2 billion for the first time since May 2022, per the report."

The increase in trading volume for NFTs in February highlights the growing interest in digital ownership, especially with the rise in cryptocurrency prices," the report says. "It's expected that the NFT market will continue to expand as more industries embrace the technology and more people become aware of the possibilities of owning and trading digital assets."Get CNBC's free Warren Buffett Guide to Investing, which distills the billionaire's No. 1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook.Don't miss: This loophole could help crypto investors lower their tax bill—but don’t abuse it, says CPA 

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