Cryptopunk #2924 Sells for $4.5 million in Dismal NFT Market


May 9, 2023

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Collectors have continued to take advantage of Ethereum's declining price in the current bear market to snag nice deals even as the overall NFT market is seeing a decline in sales volume.

The highest single NFT sale in recent months occurred when CryptoPunk #2924 was bought for about $4.5 million.

The sale is presently the fourth-largest for a CryptoPunk in terms of ETH value, with a price tag of 3,300 ETH. However, Punk #2924 falls further down the list when expressed in terms of American dollars.

Punk #2924 was sold by a well-known pseudonymous NFT collector seedphrase, but the buyer's name is still unknown. The aforementioned NFT was last traded for 150 ETH, or around $71,000, in November 2020.

Speaking of rarity, there are only 24 additional apes in the entire CryptoPunks collection, including the punk with the ape appearance. According to Rarity Tools, it ranks as the 38th rarest item in the collection of 10,000 items.

In February, Deepak Thapliyal, CEO of cloud blockchain infrastructure startup Chain, spent 8,000 ETH (almost $24 million at the time) for Punk #5822, setting the all-time sales record for a CryptoPunk.

One of the very first NFT projects was CryptoPunks. The NFT collection, which Larva Labs introduced in 2017, became one of the most well-known NFT brands at the peak of the NFT boom in early 2021. Since its beginning, the project has generated close to $2.4 million in revenue. Its popularity spawned other hits like Bored Ape Yacht Club and Doodles.

After that, Yuga Labs has taken action to provide Punk owners full commercialization rights, enabling owners to utilize their Punks for derivative works of art and other endeavors.