$24M CryptoPunk NFT sold quietly as market interest fades

Ezra Reguerra30 minutes ago$24M CryptoPunk NFT sold quietly as market interest fadesThe actual sale amount was not disclosed, leading community members to speculate that the NFT was sold at a loss. 174 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe most expensive piece from the CryptoPunks non-fungible token (NFT) collection was transferred for an undisclosed amount as interest in digital collectibles waned.

In 2022, NFT investor Deepak Thapliyal acquired CryptoPunk #5822, a rare alien punk wearing a bandana, for 8,000 Ether (ETH). The transaction was worth $23.7 million and was hailed as the highest winning bid for a CryptoPunk NFT. Furthermore, the sale is considered the fourth most expensive NFT sale of all time. Source:Deepak Thapliyal

On Aug. 19, Thapliyal went on X to post a farewell message to the NFT, wishing it well on its new home. Blockchain data confirmed that the NFT was transferred to a new, un-labelled address. However, Thapliyal did not disclose how much CryptoPunk #5822 was sold for. Community speculates NFT was sold at a loss

With NFTs declining, community members assumed that the CryptoPunk was sold at a loss. An X user asked Thapliyal if it was the “worst NFT hold of all time,” while another inquired how much the investor lost after buying the piece at a hefty price. Rare alien CryptoPunks that are listed for sale. Source:CryptoPunks

According to the official CryptoPunks site, there is only one alien Punk for sale. The NFT is currently listed for 5,000 ETH, worth $13.36 million. Because of this, an X user believes that CryptoPunk #5822 was purchased at a similar price range. If true, it would represent a 43.6% loss for the investor. 

The community’s assumptions may not be unfounded, as NFT data shows a decline in sales volumes. In the second quarter of 2024, NFTs faced a 45% quarter-on-quarter decline. In July, NFTs had their lowest monthly sales volume since November 2023.

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On Aug. 15, fine arts broker Sotheby’s announced that it would auction a CryptoPunk NFT and a Beeple piece. The auction house touted the auction as a “significant event” that brings blue-chip pieces together. However, the CryptoPunk NFT did not get a lot of bids. CryptoPunk #491 at Sotheby’s digital art sale. Source:Sotheby’s 

At the time of writing, the NFT only attracted one bid. While Sotheby’s estimates that the NFT is worth $70,000 to $100,000, the NFT’s sole bidder is only willing to pay about $45,000. According to Sotheby’s, the auction will close at about 2 pm Eastern Time on Aug. 22.

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