At one point, CryptoPunks occupied a massive share of the market. Larva Labs released 10,000 avatars back in 2017. These avatars were crown jewels to the NFT craze that continued till 2021.
Some of those tokens received as high as $56 million in terms of ETH. It is thrilling that the top 5 most expensive NFTs are from that CryptoPunk community. The data received from the NFT analytics platform CryptoSlam proves the same. However, it seems that the owners are finally taking their money away.
On Friday, CryptoPunks #3100 sold their collection for 4000ETH. It is deemed the third-highest NFT sale ever. But the sale marks a depreciation in valuation. Why?
ETH has gone down by 60% in the last 1 year. As a result, the $10 million valuation means a value equivalent to 3500ETH, if you compare the contemporary prices of ETH with the current prices.
The Real Deal
The price for CryptoPunk is still higher and better than the minimum floor price of the collection. The minimum asking rate of the collection had been 42 ETH or about $65,000, as CoinGecko reports.
But why is #3100 so popular?
Firstly, its rarity is a big value driver. Meanwhile, it is deemed an “alien” for the hairband (406 of 9742 punks).
Anyone closely observing the market would know that NFTs’ trading volume has been receding since 2021. There have been some occasional frenzies, spiking the prices.
But the rest of the period since 2021 has been mundane. In all, the sales reduced a meagre $58 million, as recorded on Apr 7th. It is the same as the 2021 low levels.
Primary Takeaways:
1. CryptoPunk sold for a record $56 million last year. But the latest sales acquire much less value
2. The third most popular and valuable NFT sale, CryptoPunk #3100, was sold for 4000 ETH, marking a loss
3. Tokens like #3100 still claim significant prices.
