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Sizable Purchase of CryptoPunks NFT Amid Ethereum Market Slide
Ethereum experienced a decline in value this week, despite recently reaching its highest price point in over two years. Nevertheless, market activity persisted with the sale of a prized CryptoPunks NFT for a staggering sum exceeding $16 million in ETH.
Punk #7804 Fetches Massive Price
Specifically, Punk #7804, recognized as one of merely nine Alien Punks within the esteemed Ethereum NFT compilation, changed ownership on Wednesday for 4,850 ETH, equivalent to $16.42 million at the time of the transaction. This substantial sum marks it as the second-largest CryptoPunks sale to date, whether evaluated in ETH or USD.
Interestingly, this noteworthy sale closely followed another significant transaction involving Alien Punk #3100, which garnered 4,500 ETH, valued at $16.03 million during the exchange on March 3. Similar to the prior event, the purchaser behind this recent acquisition remains undisclosed. Notably, the Ethereum wallet employed for the purchase received funding for the first time on the day of the transaction through Coinbase.
Previous Owner’s Regret
Several details about the transaction were shared by the initial owner of Punk #7804, who originally acquired it in 2021 for 4,200 ETH, approximately $7.57 million at that time. Following the recent sale, the previous owner expressed remorse on Twitter, indicating a failure to maximize the asset’s potential. The individual lamented not giving the Punk the desired exposure, feeling like an imposter by withholding it from the spotlight.
End of an era. I’ve long since felt like an imposter. Holding punks, and potentially NFTs a whole hostage by not elevating 7804 in the way he deserves.
After over a year of looking around I feel I’ve found the right buyer with the right vision to appropriately elevate this asset
— Peruggia (@peruggia_v)
Despite the seller’s regret, the lucrative transaction has significantly contributed to the conversation surrounding NFT valuations, positioning itself as the fifth most expensive NFT sale ever recorded. The current record holder remains Mike “Beeple” Winkleman, whose digital artwork fetched $69.3 million at a Christie’s auction in March 2021, triggering the initial NFT frenzy.
CryptoPunks and NFT Market Dynamics
Launched in 2017 by Larva Labs, CryptoPunks played a pivotal role in establishing the framework for tokenized profile pictures, subsequently influencing collections like the Bored Ape Yacht Club and others. Initially distributed for free, CryptoPunks have now amassed nearly $2.8 billion in secondary trading volume, underlining their enduring popularity within the NFT ecosystem.
Even the cheapest CryptoPunks NFT available on the market commands a price of approximately 51 ETH, equivalent to $177,000. Notably, the CryptoPunks intellectual property was acquired by Yuga Labs, the creator of the Bored Ape Yacht Club, in 2022.
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