A non-fungible token (NFT) from the CryptoPunks assortment has offered for almost $1.5 million, even because the broader NFT market continues to wrestle.
The NFT — CryptoPunk #6915 — is likely one of the 24 Ape Punks, making it a uncommon piece throughout the assortment. This particular Punk options three attributes: Cap, Earring, and Eye Patch.#
The transaction happened on September 5, with the NFT promoting for 620 ETH, which was value roughly $1.48 million on the time.
This similar NFT was final offered in December 2017 for simply 3.50 ETH, or about $2,447, marking a 60,382% improve in worth over time.
Whereas it’s common for CryptoPunks to fetch excessive costs, the timing of this sale has raised eyebrows. The NFT market is presently dealing with a major downturn, with many questioning the legitimacy of such excessive gross sales throughout this era.
The skepticism was evident on X (Twitter), the place a number of customers speculated that the sale won’t be what it appears.
One consumer commented, “$1.5m on a punk in 2024 is crazy, GG seller,” whereas one other steered, “Probably just sold to himself.”
Others hinted at insider buying and selling, with one put up stating, “A great percentage of NFT sales are basically insiders trying to create some kind of hype for FOMO to set in.”
Regardless of the doubts, knowledge from CryptoSlam exhibits that different vital CryptoPunk gross sales adopted shortly after. Punk #9368 offered for 475 ETH ($1.06 million), and Punk #2967 offered for 240 ETH ($569,000).
Nonetheless, these gross sales are exceptions moderately than the norm. Most NFTs from the CryptoPunks assortment are presently promoting for round $80,000, a far cry from the million-dollar transactions seen in earlier years. Many of the largest gross sales within the CryptoPunks assortment date again to the NFT growth of 2021 and 2022.
