CryptoPunks Ethereum NFT sold for US$4.5m despite bear market

Image: Yuga Labs

By Andrew Hayward,

29th September 2022 – (New York) Overall NFT sales might be down significantly from earlier this year, but collectors are using the bear market and the falling price of ETH to snap up relatively good deals on desirable digital art pieces.

CryptoPunks NFT #2924 just sold this afternoon for nearly $4.5 million worth of ETH—the largest single NFT sale in recent memory. Measured in ETH, the 3,300 ETH sale price is the fourth-largest all time for CryptoPunks—although it’s much further down the list when measured in terms of U.S. dollars at the time of sale.

CryptoPunk #2924 was sold by notable pseudonymous NFT collector seedphrase, although it’s not immediately clear who the buyer was. This particular CryptoPunks NFT was last sold in November 2020 for 150 ETH—just $71,400 at the time.

It’s one of just 24 apes in the entire CryptoPunks collection, which spans 10,000 unique NFT profile pictures, and is considered the 38th “rarest” NFT in the project by Rarity Tools based on its attributes.

CryptoPunks is one of the most valuable and influential NFT brands, as the Ethereum collection set the core template for modern profile picture projects. It influenced later hits like the Bored Ape Yacht Club and Doodles, and CryptoPunks sales have yielded nearly $2.4 billion to date in secondary trading volume.