OpenSea has launched a $1 million reserve aimed at acquiring culturally significant NFTs, starting with the purchase of CryptoPunk 5273, a piece from the iconic CryptoPunk collection. The initiative aims to secure NFTs that have creatively, socially, or technologically impacted the NFT space. OpenSea's Chief Marketing Officer, Adam Hollander, emphasized that acquisitions will be made by a cross-functional team and external advisors. CryptoPunk 5273 was acquired for 65 Ether, valued at approximately $283,000. The move comes as the overall NFT market has cooled significantly since its peak in 2021-2022, prompting OpenSea to adjust its business strategy. The company plans to continue its NFT acquisitions over the coming months, making it a dynamic collection that evolves with the market.

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