The most expensive piece from the CryptoPunks non-fungible token (NFT) collection was transferred for an undisclosed amount as interest in digital collectibles wanes.
In 2022, NFT investor Deepak Thapliyal acquired CryptoPunk #5822, a rare alien punk wearing a bandana, for 8,000 Ether (ETH). The transaction, worth $23.7 million at the time, was hailed as the highest winning bid for a CryptoPunk NFT. Furthermore, the sale is considered the fourth most expensive NFT sale of all time.
Source: Deepak
On Aug. 19, Thapliyal posted a farewell message to the NFT on X, wishing it well in its new home. Blockchain data confirmed that the NFT was transferred to a new, un-labelled address. However, Thapliyal did not disclose how much CryptoPunk #5822 was sold for.
Community speculates NFT was sold at a loss
With NFTs declining, community members assumed that the CryptoPunk was sold at a loss. An X user asked Thapliyal if it was the “worst NFT hold of all time,” while another inquired how much the investor lost after buying the piece at a hefty price.
Rare alien CryptoPunks listed for sale. Source: CryptoPunks
According to the official CryptoPunks site, there is only one alien Punk for sale. The NFT is currently listed for 5,000 ETH worth $13.36 million. Because of this, an X user believes that CryptoPunk #5822 was purchased for a similar price. If true, it would represent a 43.6% loss for the investor.
The community’s assumptions may not be unfounded, as NFT data shows a decline in sales volumes. In the second quarter of 2024, NFTs faced a 45% quarter-on-quarter decline. In July, NFTs had their lowest monthly sales volume since November 2023.
Related: Yuga Labs halts CryptoPunks project after ‘woke’ community backlash
CryptoPunk NFT auction gets no action
On Aug. 15, fine arts broker Sotheby’s announced that it would auction a CryptoPunk NFT and a Beeple piece. The auction house touted it as a “significant event” that brings blue-chip pieces together. However, the CryptoPunk NFT did not attract much interest.
CryptoPunk #491 at Sotheby’s digital art sale. Source: Sotheby’s
At the time of writing, the NFT only attracted one bid. While Sotheby’s estimates that the NFT is worth $70,000 to $100,000, the NFT’s sole bidder is only willing to pay about $45,000. According to Sotheby’s, the auction will close at about 2:00 pm Eastern Time on Aug. 22.
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