CryptoPunk 2924 Sells for a Whopping $4.5 Million in ETH, Despite Bear Market Trends

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It’s the fourth-highest price ever for a CryptoPunk NFT and a major morale boost at a time when NFT sales have reached their lowest point.

While industry data point to a sharp fall in NFT sales, there are numerous individual ones that show the focus is shifting from volume to value when it comes to such assets.

One such sale took place on Thursday afternoon when CryptoPunk NFT #2924 sold for a whopping 3,300 ETH, or almost $4.5 million.

CryptoPunk NFT Sets Yet Another Price Claim

This is one of the greatest values since February 2022 when Punk #8522 was purchased for 8,000 ETH, which was equal to $24 million at the time. It was sold by an anonymous NFT collector speedphrase.

The hoodie ape punk that is being sold today is one of the 24 punk apes and the 38th most rare of the 10,000 that Larva Labs produced in 2017. It was last sold in November 2020 for 150 ETH, or approximately $71,400.

The intellectual properties of CryptoPunks were purchased from Larva Labs in March 2022 by Yuga Labs, the company behind the NFT collections Bored Apes Yacht Club (BYAC) and Mutant Apes Yacht Club (MAYC).

The floor price of Bored Ape Yacht Club NFTs thus increased by a staggering 25% in the 24 hours after the announcement on March 12.

Punk NFTs dominated the market throughout 2021 until Bored Apes, for the first time, edged them out in price in December.

The BAYC NFT collection’s floor price, which was 54 ETH, surpassed CryptoPunk’s 52.8 ETH on December 22 on OpenSea. BYAC’s trading volume doubled that of CryptoPunk in the seven days prior to January 27.

CryptoPunk 2924 Sells for a Whopping $4.5 Million in ETH, Despite Bear Market Trends

CryptoPunk NFTs have displayed impressive durability in withstanding the bear market. Punks’ trading volume increased by 25% between August 10 and August 11, with prices staying in the 75–100 ETH range and average selling prices of 100 ETH.

The NFT #8576, which sold for $340,000 in ETH, was the one that fetched the highest price during the trading flurry.

Selling QQL NFTs for $17 Million

A generative art project named QQL from Tyler Hobbs and Dandelion Wist sold NFTs valued at $17 million on September 28 in another remarkable sale overcoming the present bear market, according to media sources.

Numerous individual NFTs from Hobbs’ Art Block Fidneza project have sold for over $1 million in the most recent year.

Co-creator of the Archipelago Art platform, which pioneered these NFTs, is Dandelion Wist. 900 NFT mint passes totalling 14 ETH (about 18,600) each was auctioned, bringing in $16.7 million.

The auction featured a novel price strategy where the bidding started at 50 ETH and eventually decreased to 14 ETH. Refunds are available to those who purchased passes for more than 14 ETH.

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Mufasa
Mufasa
Mufasa is the lead writer at CryptoMufasa who likes to share all the latest info on the crypto world with you! Mufasa Enjoys enjoys a good read and recommendations so don't forget to comment on the posts and let him know.

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