The world of non-fungible tokens (NFTs) has witnessed another remarkable sale, as a rare CryptoPunk NFT, Punk #635, changed hands for a staggering $12.5 million.
The sale, facilitated by high-value NFT brokerage firm Fountain, marks the third instance in the past two months where an “Alien Punk” from the iconic 10,000-piece Ethereum NFT collection has surpassed the $10 million mark.
TLDR
- A rare CryptoPunk NFT, Punk #635, has sold for over $12 million, making it one of the most expensive Punks in the collection.
- Punk #635 is among the nine rarest “Alien Punks” in the 10,000-piece CryptoPunk collection.
- The sale follows other high-profile CryptoPunk sales, with two other Punks, #3100 and #7804, selling for $16.03 and $16.42 million, respectively.
- Despite the high prices, these sales haven’t broken the record for the most expensive Punk or NFT ever sold.
- The sale comes amidst a decline in value for many popular NFT collections, such as Bored Ape Yacht Club and Azuki, while CryptoPunks remain valuable.
Punk #635 is one of only nine “Alien Punks” within the CryptoPunk collection, making it an exceptionally rare and sought-after digital asset.
The anonymous buyer’s willingness to part with 4,000 ETH (approximately $12.5 million) for this unique collectible underscores the enduring appeal and value of CryptoPunks within the NFT space.
This sale follows closely on the heels of two other notable CryptoPunk transactions. In early March, Punk #3100 fetched $16.03 million worth of ETH, while Punk #7804 sold for $16.42 million in ETH shortly after.
These high-profile sales demonstrate the continued dominance of CryptoPunks among NFT collectors, even as other collections experience fluctuations in value.
Despite the impressive figures, the sale of Punk #635 did not break the record for the most expensive CryptoPunk or NFT ever sold.
That distinction still belongs to Punk #5822, which changed hands for nearly $24 million in 2022. Additionally, the highest-priced NFT across the entire ecosystem remains Beeple’s digital artwork, which sold for $69.3 million in 2021.
The sale of Punk #635 comes at a time when the NFT market is experiencing a shift in collector preferences and overall market dynamics. While CryptoPunks continue to command high prices and maintain their status as a blue-chip collection, other once-popular NFT collections have struggled to retain their value.
The Bored Ape Yacht Club (BAYC), for example, has seen its floor price drop significantly from its peak in 2022.
The cheapest BAYC NFT, which once cost around 128 ETH (approximately $408,000) in October 2021, has now decreased to just 15.5 ETH (roughly $40,000), representing a 90% drop in value. Similarly, collections like Azuki and Doodles have experienced substantial declines in their lowest prices.
This trend is evident across various NFT collections, with total daily trading volumes decreasing by 99% from their record high in April 2022.
The market’s focus appears to be shifting towards rarer, more established collections like CryptoPunks, which have managed to maintain their value and desirability among collectors.
