During the NFT hype phase, people used to spend millions to acquire JPEGs. With the market conditions remaining choppy of late, it seemed like brakes had been applied. The same, however, did not stop a particular user from buying a CryptoPunk NFT for 3300 Ethereum.
In what is the latest eye-grabbing development, CryptoPunk 2924 has been sold for roughly $4.45 million. Notably, this turns out to be one of the largest sales in NFT history.
The CryptoPunk NFT was sold by NFT collector ‘seedphrase.’ On-chain data revealed that this NFT was sold in back in November 2020 before this for 150 ETH [worth $71,403 at that time].
The most expensive CryptoPunk ever sold is punk #5822. The alien-style punk was sold to Deepak Thapliyal—CEO of Chain—for roughly $23 million in February this year. The same was more than double the cost of the next highest-grossing punk. The transaction came quite close to being the highest selling NFT at the time of sale, but it missed the mark by just a few million.
Overall CryptoPunk sales have noted a roughly 348% incline over the past day. As a result, it was the top collection by sales volume at press time. Bored Ape Yacht Club stood next and was followed by Mutant Ape Yacht Club. The said collections had noted daily sales appreciations of approximately 13% and 52% respectively.
State of the NFT market as a whole
Despite the sales recover noted over the past day, the NFT market remains to be in its slump phase. Using data from Dune Analytics, a recent Bloomberg article revealed that NFT trading volumes have slashed down by 97% when compared to the highs registered in January this year. The report noted,
“They slid to just $466 million in September from $17 billion at the start of 2022.”