With the bear market still looming over the crypto scene, overall NFT sales have gone down significantly since the beginning of this year. But that hasn’t deterred collectors who aim to use the bear market and slipping prices of ETH to snap up some good bargains on desirable digital art pieces.
CryptoPunk #2924, with the unique attribute of a hoodie, was sold this afternoon at the price of 3,300 ETH, equivalent to nearly $4.5 million dollars. It was the largest single NFT sale in recent memory, and the fourth-largest all time for CryptoPunks in ETH.
CryptoPunk #2924 was sold by notable pseudonymous NFT collector seed, but the buyer is unknown at this time. This CryptoPunks NFT was last sold in November 2020 for 150 ETH, which was only $71,400 at the time.
It’s one of only 24 apes in the entire CryptoPunks collection, which includes 10,000 unique NFT profile pictures, and Rarity Tools ranks it as the 38th “rarest” NFT in the project based on its attributes.
The Ethereum collection established the core template for modern profile picture projects, making CryptoPunks one of the most valuable and influential NFT brands. It influenced subsequent hits such as the Bored Ape Yacht Club and Doodles, and CryptoPunks sales have generated nearly $2.4 billion in secondary trading volume to date.
Larva Labs launched the project in 2017, foreshadowing the NFT market craze of the last two years. In March of this year, Larva Labs sold the IP rights to Yuga Labs, the creators of Bored Apes. Yuga Labs has since granted all owners commercialization rights, allowing them to use their Punks imagery in derivative art and projects.
Deepak Thapliyal, CEO of cloud blockchain infrastructure startup Chain, set the all-time CryptoPunks sale record in February when he purchased Punk #5822 for 8,000 ETH—nearly $24 million at the time.