CryptoPunk sells for $1.5 million amid NFT market downturn

A CryptoPunk from the Ape Punk collection has sold for nearly $1.5 million as the broader non-fungible token market continues to suffer due to declining demand.

According to CryptoPunks Bot, one of 24 rare Ape Punks, CryptoPunk 6915, was purchased for 620 ETH (about $1.48 million) by an anonymous collector identified by “0x8bbccd.” The NFT is one of 24 other Ape Punks released on the Ethereum blockchain by Larva Labs.

Data from Cryptoslam shows that Punk 6195 was initially purchased for just 3.5 ETH ($2455) in late December 2017. The last transaction represents a profit of 59,390.10%. The seller, identified as “0xe38ee2,” sold CryptoPunk 9479 for 35 ETH (approximately $82,466.39) shortly after Ape Punk changed hands.

One of the 88 Zombie Punks, CryptoPunk 9368, sold for 310 ETH ($734,179) on September 5, marking the second-highest sale for the collection. Interestingly, Punk has already received a bid for 1500 ETH, but the deal has not yet been completed. If the sale goes through, it would be the highest CryptoPunk sale since March.

CryptoPunks is currently the most valuable NFT collectible with a 24-hour sales volume of around $1.68 million. However, the recent sales are far from being the most valuable NFT transaction for the top collectible.

In March 2024, CryptoPunk 3100 sold for $16.03 million worth of ETH, while CryptoPunk 7804 sold for around $16.42 million just a few weeks later. However, these pale in comparison to CryptoPunk 5822, which sold for 8000 ETH ($23.7 million) in February 2022.

The $1.48 million sale has created new optimism in the NFT community, with many influential figures enthusiastically claiming that NFTs are making a strong comeback.

Despite the recent surge in activity, the NFT market has struggled over the past month, fueled by declining sales and buyer exodus. At press time, cumulative NFT sales volume is down 42.15%. Additionally, total NFT transactions are down 24.48% to 7.1 million, signaling weakening demand for these assets.

In addition to all this negativity, a sudden Wells notice from the Securities and Exchange Commission targeting NFT marketplace OpenSea has further fueled the decline by raising concerns in the community about the possibility of NFTs being classified as securities.