CryptoPunks NFT Sold For $4.5 Million, Makes For Largest Sale Amid Dipped Buys

Collectors of non-fungible tokens (NFTs) are seemingly taking advantage of the slowed down market momentum and making hefty purchases. Numbered #2924, an NFT from the popular CryptoPunks series, was recently sold for a whopping ETH 3,300 or $4.5 million (roughly Rs. 36 crore). The development stirred an excitement among the NFT community members after NFT sales dropped significantly earlier this year. This sale has made for the largest purchase of any digital collectible garnered in the recent times.

CryptoPunks NFT number 2924 shows a pixalated, animated image of a brown ape with a grey shading.

While the identity of the buyer remains undisclosed, it is owned by wallet address 0x9045de belonging to somebody pseudonamed ‘seedphrase’, the CryptoPunks website revealed.

Out of the total 10,000 CryptoPunks NFT, there exists only 24 ape NFTs including number 2924.

As per Rarity Tools, this particular NFT is considered the 38th rarest piece in the project.

Based on Ethereum, the CryptoPunks NFT collection was launched by the Larva Labs studio in June 2017. Since last year, celebrities like Jay-Z, Snoop Dogg, Odell Beckham Jr., and Serena Williams, among many more, hold CryptoPunks NFTs.

As per NFTPriceFloor, the current price floor (cheapest price) of CryptoPunks is ETH 65.9 or $88,414 (roughly Rs. 70 lakh).

Interest in NFTs saw a massive surge throughout the summer of 2021. After a year, the NFT market’s trading volume plummeted in July this year.

Due to the lowest trading volumes in a year and the growing epidemic of NFT hacks, interest in NFTs decreased along with the overall cryptocurrency market.

Data from the top NFT trading marketplaces such as OpenSea reveals that trading volumes have fallen off a cliff in recent months, had reached its lowest levels around July 2021.

June saw the most significant drop in the exchange’s history compared to earlier months as trading volumes plummeted a whopping 74 percent to $826 million (roughly Rs. 6,600 crore). Extending the slide, OpenSea has seen $456.9 million (roughly Rs. 3,600 crore).

A separate analysis by Be[In]Crypto also revealed recently that Solana’s NFT volumes have also saw a dip in June with sales volume figures of $91.52 million (roughly Rs. 730 crore) in June, down by 64 percent from $261.07 million (roughly Rs. 2,100 crore) in May 2022.