CryptoPunks Recent NFT Sold for 4,850 ETH or $16.4M

CryptoPunks non-fungible token (NFT) on the Ethereum blockchain saw a record-breaking sale of one of its nine Alien Punks.

On Wednesday, an anonymous collector purchased CryptoPunks #7804 for 4,850 ETH, or $16.38 million.

This marks the second-largest CryptoPunks sale, both in terms of ETH and USD value, according to CryptoSlam data. The first most expensive CryptoPunks #5822 NFT sale took place in February 2022, valued at 8,000 ETH worth $23.7 million.

Additionally, the recent sale surpassed Punk NFT #3100, which was sold early this month set at a value of 4,500 ETH or $16 million.

Punk 7804 bought for 4,850 ETH ($16,421,614.53 USD) by 0x9bc2d5 from 0xf4b4a5. https://t.co/PhIbbqdu5B #cryptopunks #ethereum pic.twitter.com/n7QsO74UtY

— CryptoPunks Bot (@cryptopunksbot) March 20, 2024

The seller of CryptoPunks #7804 wrote on X (Twitter) that he bought the NFT in 2021 for 4,200 ETH, equivalent to $7.57 million at that time. The person has been searching for a potential buyer for over an year.

Under the pseudonym Peruggia, the seller wrote on X that the sale marks “End of an era”.

“I’ve long since felt like an imposter. Holding punks, and potentially NFTs a whole hostage by not elevating 7804 in the way he deserves.”

End of an era. I’ve long since felt like an imposter. Holding punks, and potentially NFTs a whole hostage by not elevating 7804 in the way he deserves.

After over a year of looking around I feel I’ve found the right buyer with the right vision to appropriately elevate this asset https://t.co/onngtTumrJ

— Peruggia (@peruggia_v) March 20, 2024

Cryptopunks was launched in June 2017 by the Larva Labs studio. The most expensive NFT sale is affiliated to Beeple’s digital artwork collage titled “Everydays: The First 5000 Days,” auctioned for a staggering $69.3 million in March 2021 by Christie’s.

Is the NFT Hype Back?

NFT environment has been bleak for the past few years, however, the sale of the CryptoPunk #7804 NFT marks the beginning of an NFT revival.

Per data from Statista, NFT sales volumes in 2023 were well below 2022 and 2021 numbers. However, it noted that revenue in the NFT market is projected to reach US$2,378 million in 2024.

“In the NFT market, the number of users is expected to amount to 16.35m users by 2028,” the data noted.

Though the market has been volatile, this recent sale could inspire investors to take another look at the NFT market. Further, it could also inspire creators to begin pumping out new projects, which eventually would make a resurgence overall.