A CryptoPunk from the Ape Punk collection sold for around $1.5 million as the broader non-fungible token market continued to struggle amid declining demand.
According to CryptoPunks Bot, CryptoPunk 6915, one of 24 rare Ape Punk, was acquired for 620 ETH (approximately $1.48 million) by an anonymous collector identified as ‘0x8bbccd’. The NFT is one of just 24 other Ape Punks released by Larva Labs on the Ethereum blockchain.
Bought Punk 6915 for 620 ETH ($1,480,870.00 USD) by 0x8bbccd from 0xe38ee2. https://t.co/3Ajq8n3ilN #cryptopunks #ethereum pic.twitter.com/YOT81UKI7n
— CryptoPunks Bot (@cryptopunksbot) September 5, 2024
Data from Cryptoslam indicates that the Punk 6195 was initially purchased in late December 2017 for just 3.5 ETH ($2455). The recent trade yields a profit of 59,390.10%. The seller, identified as “0xe38ee2”, also sold CryptoPunk 9479 for 35 ETH (approximately $82,466.39) shortly after the Ape Punk changed hands.
CryptoPunk 9368, one of the 88 Zombie Punks, was the second highest sale for the collection on September 5, selling for 310 ETH ($734,179). Interestingly, the Punk has already received an offer of 1500 ETH, but the deal has yet to close. If the selloff occurs, it would be the highest CryptoPunk selloff since March.
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CryptoPunks are currently the most valuable NFT collection, with a 24-hour sales volume of approximately $1.68 million. However, the recent sales are far from the most valuable NFT transaction for the top collection.
In March 2024, CryptoPunk 3100 was sold for $16.03 million worth of ETH, while CryptoPunk 7804 was sold for around $16.42 million just weeks later. However, these pale in comparison to CryptoPunk 5822, which sold for 8,000 ETH ($23.7 million) in February 2022.
The $1.48 million sale has sparked new optimism within the NFT community, with many influencers gleefully claiming that NFTs are making a powerful comeback.
CryptoPunk #6915 just sold for 620 ETH over $1.48 million
We’ll be right back 🔥 pic.twitter.com/m158mK19jn
— Lexi 🐱 (@Lexibtceth) September 5, 2024
Despite the recent uptick in activity, the NFT market has struggled over the past month, fueled by declining sales and an exodus of buyers. At the time of writing, cumulative NFT sales volume was down 42.15%. Furthermore, the total number of NFT transactions fell by 24.48% to 7.1 million, indicating that demand for these assets has weakened.
Adding to the woes, a sudden notice from Wells of the Securities and Exchange Commission targeting NFT marketplace OpenSea has further fueled the downturn, raising concerns within the community about the potential classification of NFTs as securities.
Read more: Hyperspace shuts down the NFT marketplace on Solana