On Thursday, facilitated by high-value NFT brokerage Fountain, one of nine Alien CryptoPunks sold for 4,000 ETH, or about $12.5 million. The sale marks the third time in two months that an Alien Punk piece from the series has surpassed the $10 million mark.
Punk #635: The Rare of the Rare
Punk #635Belonging to an exclusive group of nine Alien Punks in the 10,000-piece Ethereum NFT series, it attracted a lot of attention during its sale for 4,000 ETH. Brokerage firm Fountain brokered the deal, and the buyer remained anonymous, adding an air of mystery to an already high-profile event.
The sale of Punk #635 comes on the heels of two other notable deals involving Alien Punks. It is worth noting that in early March, Punk #3100 sold for $16.03 million in ETH, followed by Punk #7804, which sold for $16.42 million in ETH. These transactions highlight CryptoPunks’ enduring appeal and value in the NFT space.
Daily price floor for the CryptoPunks series (NFT price floor)
Despite high early sales, the ETH-denominated value in the CryptoPunks series has fallen significantly since its 2021 peak. It dropped to just 36.9 Ethereum (approximately $117,000), a loss of 70% of its value. “Bored Ape Yacht Club”, also known as BAYC, also encountered a similar problem. Its base price dropped from 128 Ethereum last year to about 15.5 Ethereum, a 90% drop in value. The trend of decreasing value can be observed in various NFT collections. While NFT trading volume hit an all-time high on April 30, 2022, driven by Yuga Labs’ Otherside Metaverse series, which surpassed 200,000 Ethereum trading volume on the first day of release, it has since declined significantly. According to DefiLlama, as of last Wednesday, total daily trading volume had dropped by 99% to just 1,700 Ethereum.
While CryptoPunks’ NFT protection has gained more value and importance, other once-popular NFT series have struggled to stay ahead of the curve. Take the “Bored Ape Yacht Club” as an example. The value of its assets has fallen significantly, with the current lowest price being just over $40,000. This is a significant decline from the 2022 highs. This shows that the NFT world is changing.
final thoughts
All told, Punk #635’s recent sale for over $12 million highlights CryptoPunk’s enduring appeal and value in the NFT market, cementing its status as a highly desirable digital asset with considerable historical significance.
