The NFT market continued to show signs of recovery after two coveted pieces sold for over $1 million each. The first sale took place on Monday, February 6, when cryptopunk #5066 sold for 857 ETH, or $1.4 million at the time. The other, Bored Monkey Yacht Club #7090, sold for 800 ETH, $1.3 million, the next day.
The CryptoPunk belonged to Kevin Rose, co-founder of Proof Collective and a notable NFT collector. The buyer remains unknown, however, blockchain data indicates that the NFT was transferred to another wallet labeled bitshamed.eth after the transaction was completed. Rose notes that he had to make the sale to balance his portfolio after recently falling victim to a phishing attack that led to the loss of 40 high-value NFTs that cost around $1 million. He now believes that the amount raised through the sale of his CryptoPunk NFT will allow him to acquire more Art Block Squiggles NFT after losing 25 of those collectibles in the raid.
Punk 5066 bought for 857 ETH ($1,400,192.27 USD) for 0x26206c of 0x8721cf. https://t.co/Su6Cyohr8r #cryptopunks #ethereal pic.twitter.com/wwmKp9Dsjk
— Cryptopunks Bot (@cryptopunksbot) February 6, 2023
As for Bored Ape NFT, it belonged to Web3 creator and collector Jimmy McNelis. The buyer of this piece, which is ranked 62nd, is also unknown.North Dakota Rarest NFT of its kind. McNelis is also a well-known figure within the NFT space. He owns the NFTs behind Kingship, Universal Music Group’s virtual band Bored Ape, and also created the first Avastars project.
CryptoPunk and Bored Ape Lead NFT Market Resurgence
The sales come as confirmation of the revival of the NFT market, which has seen turbulent times over the past year. Since last November, sales volumes have been increasing. Last month, sales rose 38% to $947 million, according to DappRadar, while the number of NFTs sold during the same period increased 42% to 9.5 million.
Following these encouraging signs of the past few months, one can’t help but wonder if the bear market is over.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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