CryptoPunks, a popular non-fungible token (NFT) on the Ethereum blockchain, has achieved a record-breaking sale with one of its Alien Punks. The anonymous collector purchased CryptoPunks #7804 for 4,850 ETH, equivalent to $16.38 million. This sale is now the second-largest in CryptoPunks history, both in terms of ETH and USD value. The most expensive sale to date was CryptoPunks #5822, which sold for 8,000 ETH worth $23.7 million in February 2022. The recent sale also surpassed the sale of Punk NFT #3100, which was sold earlier this month for 4,500 ETH or $16 million.
The seller of CryptoPunks #7804 revealed on Twitter that they had purchased the NFT in 2021 for 4,200 ETH, which was equivalent to $7.57 million at the time. They had been searching for a potential buyer for over a year. Under the pseudonym Peruggia, the seller expressed that the sale marked “the end of an era.”
CryptoPunks was launched in June 2017 by the Larva Labs studio. The most expensive NFT sale to date is Beeple’s digital artwork collage titled “Everydays: The First 5000 Days,” which was auctioned for a staggering $69.3 million by Christie’s in March 2021.
The NFT market has experienced a slump in recent years, but the sale of CryptoPunk #7804 signifies the beginning of an NFT revival. According to data from Statista, NFT sales volumes in 2023 were lower than in 2022 and 2021. However, it is projected that revenue in the NFT market will reach $2,378 million in 2024. The data also suggests that the number of NFT users is expected to reach 16.35 million by 2028.
While the NFT market has been volatile, this recent sale could potentially inspire investors to reconsider the market. It may also motivate creators to pursue new projects, leading to an overall resurgence in the NFT industry.
