Defying Bear Market Trends, CryptoPunk 2924 Sells for $4.5 Million in ETH Defying Bear Market Trends, CryptoPunk #2924 Sells for $4.5 Million in ETH
While industry data suggest a steep decline in NFT sales, there are quite a few individual ones that indicate the interest in such assets is shifting away from volume to value.
In one such sale, CryptoPunk NFT #2924 went for a whopping 3,300 ETH, equivalent to nearly $4.5 million, Thursday afternoon.
CryptoPunk NFT Claims Another Best Price
Sold by pseudonymous NFT collector speedphrase, this is one of the highest prices since February 2022 when Punk #8522 was bought for 8,000 ETH, equivalent to $24 million at that time, the highest so far for a punk.
The hoodie ape punk sold today is one of the 24 punk apes and the 38th rarest out of a total of 10,000 created in 2017 by Larva Labs. Last time, it sold for 150 ETH, equivalent to nearly $71,400, in November 2020.
In March 2022, Yuga Labs, the creator of Bored Apes Yacht Club (BYAC) and Mutant Apes Yacht Club (MAYC) NFT collections, bought the intellectual properties of CryptoPunks from Larva Labs. As a consequence, the floor price of Bored Ape Yacht Club NFTs recorded a whopping 25% rise in the 24 hours since the announcement on March 12.
Punk NFTs ruled the market throughout 2021 until December, when Bored Apes, for the first time, pipped them in price. The floor price of the BAYC NFT collection reached 54 ETH surpassing CryptoPunk’s 52.8 ETH on December 22 on OpenSea. In the seven days to January 27, BYAC’s trading volume doubled that of CryptoPunk.
CryptoPunk NFTs have withered the bear market with remarkable resilience. Maintaining their prices in the range of 75 ETH and selling for an average of 100 ETH, punks’ trading volume recorded a 25% increase between August 10 and 11. The NFT that received the best price during the surge in trading was #8576, which sold for $340,000 in ETH.
QQL NFTs sell for $17 Million
In another notable sale defying the current bear market, a generative art project called QQL from Tyler Hobbs and Dandelion Wist sold NFTs worth $17 million on September 28, media reports said.
Hobbs’s Art Block Fidneza project has several individual NFTs that sold for over $1 million in the last year. Dandelion Wist is the co-founder of the Archipelago Art platform that launched these NFTs. A total of 900 NFT mint passes at 14 ETH (approx. 18,600) each was auctioned, and that yielded $16.7 million.
The auction used an innovative pricing model where the auction started at 50 ETH and gradually dropped to 14 ETH. Those who’ve paid more than 14 ETH for a pass can claim a refund.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.