CryptoPunk NFT sells for $ 2.7 million – which is why these rare collectibles reappear

CryptoPunks, despite their strange names, have become a kind of status symbol and part of a very valuable digital resource. CryptoPunks may be the most significant NFT project ever produced, according to NFT collectors.

The crypto market has been in decline in recent months, and as a result, NFT prices and trading volume have plummeted. As market trackers saw last night, a desired NFT may still have six-digit numbers, despite the weak market.

Sales of non-fungible tokens increased by more than 10 percent compared to last week, according to weekly sales data. This week’s sales volume was boosted by Cryptopunk # 4,464, an NFT that sold for 2,500 ETH or about $ 2.6 million at the time of the transaction.

The buyer was an NFT whale under the alias “zoomc”, whose collection now includes 24 CryptoPunks and 113 Meebits. This is the collection’s seventh highest sale since the start in 2017.

Image: Mortgage Professional America

CryptoPunk # 4464 Retrieves six-digit characters

The 32nd rarest CryptoPunken, according to Rarity rankings site Rarity.Tools, the monkey-drawn # 4464 was thought to be worth nearly $ 2.7 million before the eye-catching auction.

CryptoPunks is a collection of generative art and one of the earliest uses of NFTs in digital art. Only 10,000 punks are known to exist, and some of them are believed to have been lost or destroyed.

The value of CryptoPunks is largely determined by NFT’s qualities, with a hat, hoodie and helmet as the most sought after. Punk # 4,464 has an eye mask, a pen and a durag. Other punks (aliens, monkeys and zombies) are also extremely rare and sell for millions of dollars.

NFT sales are booming this week

In the last 60 days, the weekly NFT sales volume has been significantly lower, as NFT values ​​have matched the crypto industry’s bear market decline. However, this week’s NFT sales increased by almost 11% compared to last week, by $ 146 million compared to last week’s $ 132 million in revenue.

Chain Manager Deepak Thapliyal used 8000 ETH ($ 23.7 million) for CryptoPunk # 5822 in February 2022, breaking the previous record of $ 11.8 million paid for CryptoPunk # 7523 in June 2021.

BTC total market cap at $380 billion on the daily chart | Source: TradingView.com

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The frenetic bids are the result of a summer revival for blue-chip NFTs despite a downturn in the major cryptocurrency markets. The floor price of the collection is currently 76 ETH (about $ 90,000), an increase of 60 percent in the last month, with sales and interest in the collection increasing dramatically since the beginning of June.

Meanwhile, according to SkyQuest Technology, the global NFT market was valued at $ 15.70 billion last year, and is estimated to reach $ 122.43 billion by 2028, with a compound annual growth rate of 35% over the 2022-28 forecast period.

Featured image from Watcher Guru, chart from TradingView.com