Despite the significant drop in crypto, CryptoPunk #4464 sold for 2,500 ETH or $2.6 million on Tuesday. That’s the single biggest NFT sale over the last 30 days.
As the economy has faltered and crypto prices have been down for months, NFT sales and prices have generally reflected the bear market. But Tuesday’s sale of the rare Punk from the OG generative art collection CryptoPunks proves that even in a “crypto-winter,” big sales still happen, and some people are making moves.
The Punk — whose traits include a vape pen, eye mask, and durag — is one of only 24 Ape Punks in the 10,000-piece collection and is ranked 32nd in rarity overall by Rarity Sniper. The sale ties with two other Ape Punks for the fourth highest CryptoPunks sale of all time.
CryptoPunk #4464 was sold by pseudonymous collector VapeApe, a Nouns co-founder. Although it is not known who purchased the Punk, the crypto wallet holds 25 CryptoPunks at a total cost of 3,600 ETH — currently $3.85 million.
The highest recorded sale of any CryptoPunk to date was Punk #5822 in February. The rare Punk sold for 8,000 ETH, or $23.7 million to Deepak Thapliyal, the CEO of the blockchain startup Chain. It is ranked 17th in overall rarity.
CryptoPunks Has a History of Success
While the high price tags above may seem outrageous to some, CryptoPunks is one of the most important NFT collections of all time. Launched in 2017 by Larva Labs, the NFTs from the 10,000-piece generative art collection were first given away free as an experiment to determine if digital assets can have value. Five years later and the answer to the question is an overwhelming yes.
The NFT collection also has a new owner — Yuga Labs, creators of the Bored Ape Yacht Project, who acquired CryptoPunks and Meebits from Larva Labs four months ago and unlocked commercial rights for holders. Now holders of the blue chip NFTs can create products, merchandise, and projects based on their Punks.
Although we don’t know who the holder of Punk #4464 is or what they plan to do with it, they clearly have confidence in CryptoPunks collection and Yuga Labs — as evidenced by such a big purchase at this uncertain time in the market, as well as the other 25 punks they’re holding on to.
And though NFT history is brief because it’s such a nascent technology, if there’s one thing degens and NFT fans have learned over the years, it’s that you can bet on CryptoPunks to come out on top.