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The Appreciated Value of Cryptopunk NFTs
Recently, the sale of a rare Alien Punk from the esteemed Cryptopunk NFT collection made waves in the digital art world. This particular Alien Punk, known as Punk #635, fetched an astounding $12.38 million worth of Ethereum (ETH) in a transaction facilitated by the crypto art brokerage Fountain. Only nine Alien Punks exist in the 10,000-piece Ethereum NFT collection, making them highly sought after by collectors.
It is noteworthy to mention that this sale follows in the footsteps of two other Alien Punk transactions that garnered significant attention in the market. In early March, Punk #3100 was acquired for $16.03 million worth of ETH, marking the second-largest on-chain Cryptopunk transaction ever recorded. Subsequently, Punk #7804 was sold for $16.42 million in ETH, solidifying its position as the second-most expensive Punk sale in history. The record for the largest Cryptopunk sale remains with Punk #5822, which was purchased for 8,000 ETH, valued at over $23.7 million at the time, during the heyday of NFTs in early 2022.
Continued Interest in Cryptopunk NFTs
Despite the astronomical prices commanded by Cryptopunks in recent transactions, they still fall short of the all-time NFT sale record set by “Everydays: The First 5,000 Days” by Mike “Beeple” Winkelmann, which sold for $69.3 million at a Christie’s auction in early 2021. Nevertheless, the resurgence in value of Cryptopunk NFTs signifies their enduring appeal as rare cultural artifacts.
While other profile picture (PFP) NFT collections have struggled to maintain their value following the market downturn in mid-2022, Cryptopunks have managed to retain their prominence. For instance, the Bored Ape Yacht Club has witnessed a significant decrease in asset value, with its floor price hovering just above $40,000, a stark contrast to the peak price levels seen in 2022. Similarly, collections like Azuki and Doodles have also experienced substantial declines in their price floors, dropping by over 50%.
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