NFT Crypto Punk #635 Sells for $12.5 Million

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On Thursday, one of the nine Alien CryptoPunks was sold for 4,000 ETH, around $12.5 million in a transaction facilitated by Fountain, a brokerage high-value NFTs. This sale marks the third instance within two months where an Alien Punk from the collection has surpassed the $10 million mark.

Punk #635: A Rarity Among Rare

Punk #635, belonging to the exclusive group of nine Alien Punks within the 10,000-piece Ethereum NFT collection, commanded significant attention during its sale for 4,000 ETH. The brokerage Fountain facilitated this transaction, with the buyer remaining anonymous, adding an air of mystery to the already remarkable event.

The sale of Punk #635 follows closely on the heels of two other notable transactions involving Alien Punks. Notably, in early March, Punk #3100 fetched $16.03 million worth of ETH, followed by Punk #7804, which sold for $16.42 million in ETH. These transactions underscore the enduring appeal and value of CryptoPunks within the NFT space.

Punk #635: A Rarity Among Rare

Daily floor price for the CryptoPunks collection (NFT Price Floor)

Despite the early high sale volume, the value denominated as ETH of the CryptoPunks collection has significantly dropped since its peak, 2021. The cheapest CryptoPunk, which once cost 113.9 Ether (roughly around $408,000) on October 8, 2021, has now decreased to only 36.9 Ether (approximately $117,000), losing its 70% value. The “Bored Ape Yacht Club” aka BAYC also experienced a similar issue, its floor price dropping from 128 Ether last year, to just around 15.5 Ether – 90% drop in value. Its downward trend in value is observed across various NFT collections. While NFT trading volumes reached a record high on April 30, 2022, driven by Yuga Labs’ Otherside metaverse collection, exceeding 200,000 Ether trading volume in a first released day, they have since declined significantly. According to DefiLlama, total daily trading volume has decreased by 99% to just 1,700 Ether as of last Wednesday.

While CryptoPunks NFT protection has gained more value and importance, other once-popular NFT collections have struggled to stay on top. Take “The Bored Ape Yacht Club” for instance. Its asset worth has dropped a lot, with the lowest price now just above $40,000. That’s a big fall from its best point in 2022. Similarly, collections like “Azuki” and “Doodles” have also had big decreases in their lowest prices. This shows that the NFT world is changing.

Final Thoughts

In conclusion, the recent sale of Punk #635 for over $12 million underscores the enduring allure and value of CryptoPunks within the NFT market, cementing their position as highly desirable digital assets with considerable historical significance.

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