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Are NFTs Back? This CryptoPunk Just Sold for $56.3M

Before now, the CryptoPunk collectible with the peak sale of $23.7 million was sold on February 12, 2022.

Avatar image of Mishael Nwani Mishael Nwani•October 3, 2024
CryptoPunks

A CryptoPunk NFT just got sold for 24,000 ETH (worth $56.3 million). This sale currently holds the leading position for the CryptoPunk collectible, with the highest sales, surpassing previous records since the collection’s launch in 2017.

Regarded as one of the earliest NFT projects, CryptoPunks was launched in June 2017 by the Larva Studio. The NFT collection comprises 10,000 CryptoPunks with varying traits and rarity tiers. The project’s founders offered the 10K-piece collection to collectors via a free mint on the Ethereum network.

Highest CryptoPunk Sale Yet

CryptoPunk #1563 was the NFT sold in the latest sale. It is one of 3,840 female Punk collectibles. The artwork has three attributes: dark hair, earrings, and clown blue eyes.

The CryptoPunk seller, 0x6ae4f3, acquired the collectible for $68,998 worth of ETH on September 12. On the same day, they placed a sale offer of $25.91 million for the artwork. Fast-forward to the present, and the buyer, 0x9cbb3d, spent a whopping $56.29 million on the same Punk collectible.

A record showing the list of the most expensive CryptoPunk sales reveals that Punk #1563 is currently the costliest among the 10,000 digital collectibles. Trailing this is the Punk #5822, which sold for 8,000 ETH (worth $23.7 million). Among the top 10 most expensive sales is Punk #635, which exchanged hands with 4,000 (worth $12.41 million) earlier this year.

Are NFTs Back?

While the latest sale excited NFT community members, it does not necessarily entail a resurgence of the NFT market.

The NFT market fueled the 2021 bull run, as collectors were enthusiastic about owning profile picture (PFP) collectibles and belonging to a club of token holders. Mainstream companies themed around fashion, games, and artifacts, among others, dipped their feet into the non-fungible waters.

However, demand for NFTs has heavily declined over the past two years, especially after the Terra crash in May 2022. Prices of these tokens have also plummeted to lesser figures.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.