By
Chimamanda U. Martha
April 17th, 2024
As mainstream adoption of crypto and NFTs increased in 2021, so did the demand for CryptoPunks.
Rare CryptoPunk #5822 smashed all records to become the highest valued NFT in the CryptoPunk collection. Before the sale, insight from DappRadar put the value of the CryptoPunk at 3398ETH. However, the CEO of Chain Deepak Thapliyal, made the purchase for 8000 ETH and about $23.7 million at current prices.
Deepak revealed that he made the purchase using Compound Finance meaning he can still HODL his ether. Following the purchase, the NFT collector now boasts about 1873 NFTs from 59 collections according to DappRadar. His entire collection is valued at $64.63 million.
Rare CryptoPunk Is the Most Expensive in the Collection
The CryptoPunks Bot confirmed the sale CryptoPunk #5822 on Twitter. Reports suggest the sale eclipsed the previous record set by ‘Covid Alien NFT’ when it sold for $11.8 million at Sotheby’s auction in June 2021. Consequently, the two are now the most expensive NFTs in the CryptoPunk series. Following closely in the third position is CryptoPunk #3100 which sold for 4200 ETH.
There are suggestions that the rarity of some items in the collections has contributed to its soaring value. For example, the ultra-rare alien avatars in the collection are among the most expensive. Other more common NFTs like the Zombies do not command the same kind of prices.
As mainstream adoption increased in 2021, so did the demand for CryptoPunks. Consequently, CryptoPunks began a bull market with Beeple selling an NFT for $69 million. Visa also purchased a CryptoPunk alongside Jay-Z.
Whatever the case, the NFT craze that started in 2021 does not seem to be letting off anytime soon. While many cryptocurrencies started the year on a low, NFTs provided an alternative investment option for people looking to jump in on the trend.
Larva Labs Studios may have been under fire since last year but the company’s NFT collection, CryptoPunks remains sought after. Not even the controversy around Larva Labs handling of the rip off collection has been able to affect the sales of the NFT which seems to have achieved a cult-like status.
Since the fair launch of the collection in 2017, its all-time sales are about $2.57 billion. Just this week, total sales volume is up by about 69.35% to $50.7 million according to data from Cryptoslam. Other NFT collections which have seen steady growth in sales are the Bored Apes Yacht Collection and Azuki. In January, the BAYC crossed the $1 billion mark in total sales volume. Last week, Azuki also topped the list with a sales volume of $84.1 million.