Overall NFT sales may be down significantly from the start of the year, but collectors are still taking advantage of the “crypto winter” and falling ETH prices to earn good deals on exclusive NFT artworks.
One of the most prominent examples is NFT CryptoPunks number 2924 which recently sold for nearly $4.5 million, or about 3,300 ETH. In Ether, this is the fourth largest sale in the history of CryptoPunks collection, although the redemption value is much lower in USD at the time of sale.
It is worth noting that NFT CryptoPunks number 2924 was last sold in November 2020 for only 150 ETH, which was $71,400 at the time. The work is one of 24 tailless monkeys in the CryptoPunks collection, including 10,000 unique NFTs and being considered by Rarity Tools as the 38th “rarest” NFT in the project based on NFT properties.
CryptoPunks is one of the most valuable and influential NFT brands to date, as it has laid the core foundation for NFT projects built on Ethereum. On the other hand, CryptoPunks also greatly influenced later “blue chip” NFT collections such as Bored Ape Yatch Club (BAYC). In terms of performance, CryptoPunks sales have brought in nearly $2.4 billion as of September 2022.
The project was launched by Larva Labs in 2017, an early precursor of the NFT market craze of the last two years. In March 2022, Larva Labs sold the intellectual property rights to Yuga Labs – the creator of BAYC and Apecoin (APE). Yuga Labs has since opened up commercial rights to all owners, allowing them to use CryptoPunks images for derivative projects and art.
However, since being taken off by Yuga Labs, CryptoPunks has gained some very strong momentum in the previous two months. The NFT CryptoPunks exchange price has returned to the $100,000 mark after dropping by 50% since May 18. Not only that but the project is also chosen by jewelry brand Tiffany & Co. as the theme to launch a unique physical NFT chain, which is the main reason for the spike in trading volume and sales of NFT CryptoPunks.
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