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Are NFTs Back? Anonymous Collector Splashes $12.4M on CryptoPunk 635

The CryptoPunk collection records its third-most-expensive sale of the year, exchanging Punk #635 for $12.41 million on Thursday.


The CryptoPunk non-fungible token (NFT) collection recorded yet another attention-grabbling sale on Thursday. This time, CryptoPunk #635 traded hands for 4,000 ETH ($12.41 million), making the transaction the sixth-most expensive purchase of the popular NFT collection.

What sets this transaction apart is the rarity of the CryptoPunk in question. Identified as one of only nine “AlienPunks” among the expansive collection of 10,000 CryptoPunks, CryptoPunk #635 boasts additional unique attributes, including a bandana and regular shades, further enhancing its allure to collectors.

Notably, on-chain data shows that the seller may have realized a higher margin for the asset. On March 5th, a user proposed to buy the NFT for 4,440 ETH ($16.38 million). However, the Punk owner hesitated to sell before the buyer withdrew the proposal on April 22nd.

The Punk owner, however, accepted an offer for a slightly lesser value, approving the transaction within a minute after it was made. This may suggest that the potential buyer and seller had offline contact and only used the Punks marketplace as an escrow service for the transaction.

CryptoPunk Maintains High Value

The CryptoPunk #635 sell-off marked the third most expensive CryptoPunk collection sale this year. Other high-profile trades on the list include the sale of CryptoPunk #7804 for $4,850 ETH ($16.42 million) and CryptoPunk #3100 for $4,500 ($16 million) last month.

Adding to the intrigue, the buyers of these three CryptoPunk collections have chosen to remain anonymous. This anonymity has sparked speculation, with many wondering who these high-profile collectors might be. 

Interestingly, CryptoPunk’s floor price has maintained consistent robustness, currently hovering around 38 ETH ($118,400). This stands in stark contrast to the declining trends observed in competitors like the Bored Ape Yacht Club, where floor prices have dipped to about 12.2 ETH ($38,000), as per on-chain data. 

Way Back for NFTs?

The NFT market has experienced a significant rebound after a challenging bear period. The sector seems to have regained its mojo, spurred by positive sentiments across cryptocurrencies, with Bitcoin, Ethereum, and Solana posting substantial gains year-to-date.

The NFT market has witnessed a notable surge in sales volume, which has escalated by over 47% in the past 24 hours, reaching a staggering $37.4 million. Moreover, total transactions have surged by 12% to 2,067,331 in the past seven days, indicating a growing interest and activity in the market.

However, these figures are far below its peak stats, where NFT sales surpassed a volume of $500 million in 24 hours on May 1st, 2022.

Elendu Benedict

Elendu Benedict is a professional writer with sheer competence in crypto-related journalism. With a background in Engineering, Benedict specialises on news related to ETFs, market analysis, and macroeconomic policies that affects the crypto market.