In recent news, Ethereum has experienced a downturn in its price despite reaching its highest value in over two years. However, this market lull did not deter a significant transaction in the world of non-fungible tokens (NFTs). On Wednesday, a CryptoPunksNFT was sold for more than $16 million worth of ETH, marking one of the largest sales in the history of CryptoPunks.
CryptoPunks NFT makes history with its recent sale
The specific NFT involved in this transaction was Punk #7804, which holds the distinction of being one of just nine Alien Punks within the renowned Ethereum NFT collection. This particular Punk exchanged hands for 4,850 ETH on Wednesday afternoon, equivalent to $16.42 million at the time of the sale. This sale ranks as the second-largest in CryptoPunks history, both in terms of ETH and USD value.
Notably, just a few weeks prior, another Alien Punk (#3100) was sold for 4,500 ETH, valued at $16.03 million during the transaction on March 3. As with previous high-value purchases, the buyer of Punk #7804 has chosen to remain anonymous, and the Ethereum wallet used for the purchase was funded for the first time through Coinbase on the day of the transaction.
The seller of Punk #7804, who originally acquired it in 2021 for 4,200 ETH or $7.57 million, expressed regret on Twitter for not maximizing the profile of this particular Punk during their ownership. The seller, using the pseudonym Peruggia, stated, “End of an era. I’ve long since felt like an imposter. Holding Punks, and potentially NFTs [as] a whole hostage by not elevating 7804 in the way he deserves.”
However, Peruggia also expressed optimism about finding the right buyer with a vision to appropriately elevate the asset. This sentiment reflects the evolving nature of the NFT market, where assets can change hands at significant premiums based on their perceived value and cultural significance within the community.
Insight and significance of the sale on the NFT space
The largest CryptoPunks sale to date occurred in February 2022 when the CEO of a crypto startup purchased another Alien Punk (#5822) for 8,000 ETH, equivalent to $23.7 million. Despite this, the recent sale of Punk #7804 now stands as the fifth most expensive NFT sale ever recorded.
It’s worth noting that the highest-recorded NFT sale remains Mike “Beeple” Winkleman’s digital artwork collage titled “Everydays: The First 5000 Days,” which was auctioned for a staggering $69.3 million by Christie’s in March 2021. This sale captured global attention and played a pivotal role in igniting widespread interest in NFTs.
CryptoPunks, minted in 2017 by Larva Labs, played a foundational role in popularizing tokenized profile pictures within the NFT space. This concept later evolved and expanded with collections like the Bored Ape Yacht Club and numerous others. Despite initially being distributed for free, CryptoPunks have generated nearly $2.8 billion in secondary trading volume to date, according to data from CryptoSlam.
Even the most affordable CryptoPunks NFT available on the market commands a significant price, with the cheapest listing priced at around 51 ETH or $177,000. Notably, the CryptoPunks intellectual property was acquired by Yuga Labs, the creator of the Bored Ape Yacht Club, in 2022, marking a significant consolidation within the NFT space.
