Once-hot NFTs have seen significant declines during the cryptocurrency winter. But the industry appears to be bouncing back again amid a broad rally in digital assets.
Punk 7804 was purchased by 0x9bc2d5 from 0xf4b4a5 for 4,850 ETH ($16,421,614.53 USD). https://t.co/PhIbbqdu5B #cryptopunk #Ethereum pic.twitter.com/n7QsO74UtY
— CryptoPunks Bot (@cryptopunksbot) March 20, 2024
While Ethereum has fallen in price this week, it had previously reached its highest price in more than two years. Despite market volatility, the sale of the CryptoPunks NFT demonstrates that there are still people willing to invest significant amounts of money in digital assets within the Ethereum ecosystem.
Blue-skinned punk fetched $16.42 million at auction
Punk #7804, part of an exclusive Ethereum NFT series containing just 9 Alien Punk, changed hands for a staggering 4,850 ETH on March 20. The transaction was equivalent to approximately $16.42 million at the time of sale, making it the second-largest transaction in CryptoPunks history (either in ETH or USD terms).
The deal comes on the heels of another similar auction earlier this month for Alien Punk #3100, which sold for 4,500 ETH and was worth $16.03 million. The piece is one of nine Alien Punks in the CryptoPunks series, one of the rarest and most expensive sets, featuring a blue skin and bandana.
The identity of the buyer remains undisclosed, reflecting the anonymity of the previous purchaser. However, the individual who sold Punk #7804, who purchased it for 4,200 ETH in 2021 (at a price of over $7.5 million at the time), took to Twitter to express regret for not “elevating” Punk’s image during his ownership.
CryptoPunks’ journey so far
CryptoPunks was launched in June 2017 by Larva Labs. Rights to the NFT series were later acquired by Yuga Labs, creators of the popular Bored Ape Yacht Club (BAYC) project, for an undisclosed amount. To commemorate its sixth anniversary in June 2023, Yuga Labs has partnered with Zak Group to produce a book containing official documentation for the NFT collection.
final thoughts
CryptoPunks NFT sold for $16 million, reaffirming the enduring appeal and value of digital assets in the Ethereum ecosystem. Despite market volatility, such transactions highlight the evolving landscape of NFTs and their importance in the broader crypto economy.
