CryptoPunk sells for $1.5 million amid NFT market downturn

A CryptoPunk from the Ape Punk collection was sold for roughly $1.5 million as the broader non-fungible token market continued to struggle amidst waning demand.

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

Data from Cryptoslam indicates that the Punk 6195 was initially acquired for just 3.5 ETH ($2455) in late December 2017. The recent transaction marks a 59,390.10% profit. The seller, identified as “0xe38ee2,” also sold CryptoPunk 9479 for 35 ETH (approximately $82,466.39) moments after the Ape Punk changed hands. 

CryptoPunk 9368, one of the 88 Zombie Punks, marked the second-highest sale for the collection on Sep. 5, selling for 310 ETH ($734,179). Interestingly, the Punk has already received an offer for 1500 ETH, but the deal is yet to be closed. If the sale transpires, it would mark the highest CryptoPunk sale since March.

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

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

The $1.48 million sale has sparked fresh optimism within the NFT community, with many influencers exuberantly claiming that NFTs are making a powerful comeback.

Despite the recent uptick in activity, the NFT market has struggled over the past month, fueled by dwindling sales and buyer exodus. At the time of writing, the cumulative NFT sales volume was down 42.15%. Additionally, total NFT transactions declined by 24.48% to 7.1 million, signaling that demand for these assets has weakened.

Adding to the woes, a sudden Wells notice from the Securities and Exchange Commission aimed at NFT marketplace OpenSea has further fueled the downturn, raising concerns within the community about the potential classification of NFTs as securities.