What bear market? A single CryptoPunk NFT just sold for $4.5 million
The NFT market has taken a good hit during the latest iteration of the crypto market bear run. But not all collections have lost favor in the eyes of investors. Notable gatherings like CryptoPunks and Bored Ape Yacht Club continue to maintain their high floor prices. Even during the bear market, where the total NFT trading volume has fallen by more than 90%, there is still a lot of selling in the market.
CryptoPunk NFT sold for $4.5 million
On Wednesday a single sale was recorded for CryptoPunk #2924. This sale brought in a total of 3,300 ETH, which equates to a dollar value of approximately $4.5 million. It is significant in the fact that the sale occurred at a time when the NFT space was seeing a decline in interest.
Interestingly, the seller of the CryptoPunk NFT known as “seedphrase” had previously purchased it two years ago for around $72,000 (150 ETH). By selling the NFT for 3300 ETH, the seller had made a significant profit of 2200% on the original investment.
This sale is also one of the largest ETH NFT sales for the collection. The CryptoPunk NFT collection has been known for the ridiculously large prices they have sold for, and there have been some big sales in the past. Especially during the bull market where a single CryptoPunk NFT had been able to sell for 8000 ETH, more than $23 million.
CryptoPunk #2924 is one of the rarer NFTs from the entire 10,000 collection. Apen NFT had previously received higher bids during 2022, the highest of which was 5,500 ETH ($17.06 million), none of which had been accepted and were later withdrawn.
Fend off the bear?
Even with major sales like CryptoPunk NFT, the space is still a long way from returning to its former glory. For example, daily NFT trading volume reached a total of $1.07 billion back in January. As of Wednesday, total daily trading volume was less than $36 million.
Even now, the frequency of new NFT collections being put on the market has decreased. Back in March, it had reached a peak of 1.24,000 new NFT collections launched in a single day, while this metric is now trending below 900 currently.
Likewise, the number of new wallets that interact with NFTs has dropped significantly. It came out to 9.1,000 compared to the more than 30,000 that were registered earlier in the month of September.
Nevertheless, NFTs are still heavy in the crypto market. The downturn hasn’t stopped the development of the space, with notable games like Azra Games launching their own NFT collection this week.
Featured image from Alpha Blocs, chart from TradingView.com
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