<img fetchpriority="high" decoding="async" class="alignnone wp-image-137215 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/04/NFT-Crypto-Punk-635-sells-for-125-million.png" alt="nft crypto Punk #635 sells for $12.5 million” width=”1080″ height=”540″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/NFT-Crypto-Punk-635-sells-for-125-million.png 1080w, https://nftevening.com/wp-content/uploads/2024/04/image1-7-300×150.png 300w, https://nftevening.com/wp-content/uploads/2024/04/image1-7-1024×512.png 1024w, https://nftevening.com/wp-content/uploads/2024/04/image1-7-768×384.png 768w, https://nftevening.com/wp-content/uploads/2024/04/image1-7-112×56.png 112w, https://nftevening.com/wp-content/uploads/2024/04/image1-7-150×75.png 150w, https://nftevening.com/wp-content/uploads/2024/04/image1-7-450×225.png 450w” sizes=”(max-width: 1080px) 100vw, 1080px”/>
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 high-value nft brokerage. This sale marks the third instance in two months in which an Alien Punk from the collection surpasses the $10 million mark.
Punk #635: A rarity among rarities
#635, belonging to the exclusive group of nine Alien Punks within the 10,000-piece ethereum nft collection, garnered significant attention during its sale for 4,000 eth. The Fountain brokerage facilitated this transaction, maintaining the anonymity of the buyer, adding an air of mystery to the already notable event.
The sale of Punk #635 closely follows two other notable transactions involving Alien Punks. Notably, in early March, Punk #3100 fetched $16.03 million in 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.
Daily Minimum Price for CryptoPunks Collection (nft Minimum Price)
Despite the initial high sales volume, the eth denominated value of the CryptoPunks collection has decreased significantly since its peak, 2021. The cheapest CryptoPunk, which once cost 113.9 Ether (approximately around $408,000) on 8 October 2021, it has now decreased to just 36.9 Ether (approximately $117,000), losing its value by 70%. The “Bored Ape Yacht Club”, also known as BAYC, also experienced a similar problem: its minimum price fell from 128 Ether last year to around 15.5 Ether – a 90% drop in its value. Its downward trend in value is seen in several nft collections. While nft trading volumes hit a record high on April 30, 2022, driven by Yuga Labs' Otherside metaverse collection, surpassing the trading volume of 200,000 Ether on a first published day, they have since declined significantly. According to DefiLlama, the 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 example. The value of its assets has fallen greatly, with the lowest price now just above $40,000. That's a big drop from its peak in 2022. Similarly, collections like “Azuki” and “Doodles” have also seen big drops to 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 appeal and value of CryptoPunks within the nft market, cementing their position as highly desirable digital assets with considerable historical significance.
All financial/investment opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
