Despite the fact that overall sales of NFTs are significantly lower than they were earlier in the year, collectors are taking advantage of the bear market and the falling price of ETH to acquire relatively inexpensive works of digital art.
Here’s a prominent example: This afternoon, CryptoPunks NFT #2924 was sold for nearly $4.5 million in ETH. In recent memory, this was the largest sale of a single NFT. The 3,300 ETH sale price is the fourth-highest for CryptoPunks in terms of ETH. Nevertheless, in terms of U.S. dollars at the time of the sale, it ranked much lower.
The well-known pseudonymous NFT collector seedphrase sold CryptoPunk #2924, but it is not immediately apparent who purchased it. In November 2020, this CryptoPunks NFT was sold for the final time for 150 ETH, or $71,400 at the time.
It is one of only 24 apes in the CryptoPunks collection, which includes 10,000 distinct NFT profile images. Rarity Tools ranks it as the 38th “rarest” NFT in the project based on its properties.
Because the Ethereum collection set the standard for modern profile picture projects, CryptoPunks is one of the most valuable and influential NFT brands. It influenced later hits such as the Bored Ape Yacht Club and Doodles, and CryptoPunks sales have already generated nearly $2.4 billion in secondary trading volume.
Larva Labs initiated the project in 2017, well before the recent NFT market frenzy. Larva Labs ultimately sold the IP rights to Yuga Labs, the company that created Bored Apes. This event took place in March of this year. Since then, Yuga Labs has granted all owners permission to sell their Punks images for use in other artwork and projects.
Deepak Thapliyal, CEO of the cloud blockchain infrastructure startup Chain, purchased Punk #5822 in February for 8,000 ETH, which was worth nearly $24 million at the time. This was the most money ever spent on CryptoPunks, setting a new record.