CryptoPunks Ethereum NFT sold for $23.7 million
Credits: Optimisus

CryptoPunks Ethereum NFT sold for $23.7 million

Deepak Thapliya purchased Punk #5822, one of nine Aliens in the CryptoPunks NFT collection for 8,000 Ethereum. At a price of $23.7 million, Punk #5822 made a new record by breaking the earlier record for a CryptoPunk sale.

Confirmed by the CryptoPunks Twitter, the deal of CryptoPunk #5822 serves as the hugest CryptoPunks NFT sale in the past. The CEO of Chain, who goes by the name of Deepak.eth on the Ethereum blockchain. The enormous 8,000 ETH transaction breaks the previous record sale of the “COVID Alien” CryptoPunk #7523 at Sotheby’s “Natively Digital: A Curated NFT Sale” back in June 2021.

CryptoPunk #5822
Credits: BelenCrypto

Chain’s CEO illustrated that he was able to use leverage through Compound Finance to shop the digital art.

NFTs is continuously drawing in the attention for big agreements, as this time it was a CryptoPunk that broke its last record in terms of ETH and USD value.

Evolved in 2017, CryptoPunks are deemed one of the OGs in the non-fungible token space. They’re a compilation of 10,000 algorithmically developed 24*24, 8-bit-style tokenized and pixelated art images.

The evolution of the NFT business last year emerged in various CryptoPunks transactions worth millions of dollars. It contains several designs, such as humans, aliens, apes, zombies, and others.

Ethereum
Credits: Investopedia

Rare CryptoPunk NFTs like Punk #5822 is observed as gems in the NFT community owing to their shortage. More ordinary Punks aren’t very valuable, though they still hold a pretty hefty price: the most economical on the market sell for around 70 Ethereum, or just over $200,000, today.

Demand for CryptoPunks rose last year as NFT mania began to take grip in the crypto space and tried to pervade the mainstream. Around the time Beeple auctioned an NFT for $69.34 million at Christie’s, two Alien Punks traded for 4,200 Ethereum apiece, kickstarting the CryptoPunk bull market in earnest.

By the end of the summer, Visa had purchased its own CryptoPunk and celebrities like Jay-Z were jumping in the popular trend of using their CryptoPunk NFTs for their social media avatars.

As NFTs attracted more interest, CryptoPunks enhanced in value alongside other NFT collections like Bored Ape Yacht Club. Despite some recent controversy around Larva Labs and its hostile approach toward closing down ripoff collections, CryptoPunks has retained a cult-like status owing somewhat to their old importance and the “fair launch” process. Stay tuned with us to get all the tech related updates.