A non-fungible token (NFT) from the CryptoPunks assortment has bought for practically $1.5 million, even because the broader NFT market continues to wrestle.
The NFT — CryptoPunk #6915 — is among the 24 Ape Punks, making it a uncommon piece inside the assortment. It options three attributes: Cap, Earring, and Eye Patch.
The transaction occurred on September 5, with the NFT promoting for 620 ETH, equal to $1.48 million on the time of the sale.
This identical NFT was final bought in December 2017 for simply 3.50 ETH, or about $2,447, marking a 60,382% improve in worth through the years.
Whereas it’s common for CryptoPunks to fetch excessive costs, the timing of this sale has raised eyebrows. The NFT market is at the moment 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 may not be what it appears.
One person commented, “$1.5m on a punk in 2024 is loopy, GG vendor,” whereas one other urged, “In all probability simply bought to himself.”
Others hinted at insider buying and selling, with one publish stating, “An incredible proportion of NFT gross sales are principally insiders attempting to create some sort of hype for FOMO to set in.”
Regardless of the doubts, knowledge from CryptoSlam exhibits that different important CryptoPunk gross sales adopted shortly after. Punk #9368 bought for 475 ETH ($1.06 million), and Punk #2967 bought for 240 ETH ($569,000).
Nevertheless, these gross sales are exceptions quite than the norm. Most NFTs from the CryptoPunks assortment are at the moment promoting for round $80,000, a far cry from the million-dollar transactions seen in earlier years. A lot of the largest gross sales within the CryptoPunks assortment date again to the NFT growth of 2021 and 2022.
