CryptoPunk NFT Fetches $12.38M in Record Sale

The NFT market witnessed another monumental transaction as CryptoPunk #635, one of the rare Alien Punks, was sold for a staggering $12.38 million worth of Ethereum. This sale continues the trend of high-value trades within the iconic 10,000-piece Ethereum NFT collection, CryptoPunks. Crypto art brokerage Fountain facilitated this transaction early Thursday, with the prized NFT going to an anonymous collector.

This event follows closely on the heels of similar high-profile sales within the same collection. Notably, in early March, Punk #3100 was purchased for $16.03 million worth of Ethereum, marking it as the second-largest on-chain transaction for a CryptoPunk. Shortly thereafter, another Alien, Punk #7804, changed hands for $16.42 million in Ethereum, making it the second-most expensive Punk sale to date.

The record for the highest sale within the CryptoPunks collection was set in early 2022, during the peak of the NFT boom. Alien Punk #5822 was acquired by a cryptocurrency startup CEO for 8,000 ETH, valued at over $23.7 million at the time, highlighting the collection’s significant appeal during the NFT market’s heyday.

Despite these impressive figures, the CryptoPunk sales still do not surpass the highest recorded NFT sale of all time. That title belongs to “Everydays: The First 5,000 Days” by artist Mike “Beeple” Winkelmann, which fetched $69.3 million at a Christie’s auction in early 2021.

CryptoPunks have notably retained their high valuation and cultural significance, distinguishing themselves as rare artifacts in the digital art space since their inception in 2017. This enduring appeal contrasts sharply with other NFT collections like Bored Ape Yacht Club, whose value has plummeted more than 90% from its peak in 2022, with a current floor price barely above $40,000.

Collections such as Azuki and Doodles have also experienced significant declines, with their price floors dropping by over 50%. This stark difference in market performance underscores CryptoPunks’ unique position as a pioneering and enduring NFT collection.

The recent sales of CryptoPunk NFTs not only reflect their continued desirability but also suggest a possible resurgence in select segments of the NFT market, despite the broader downturn experienced since mid-2022.