- CryptoPunk #2924 sold for $4.5 million making it the fourth most expensive NFT in the collection.
- The CryptoPunk #2924 is one of 24 bodysuits in the collection and only has one attribute, a hoodie.
- The seller purchased the item for 150 ETH on November 13, 2020 for $71,403, making a profit on his initial investment of 2,200%.
Since Bitcoin reached its all-time high on November 10, 2021, the cryptocurrency market began a decline that has not found a floor at the moment. It even fell below its previous ATH, which was marked in 2017. It is currently trading in the $19,500 range and saw a low of $17,700.
However, despite all this reported scenario, the NFTs broke a record and the great protagonist was the collection cryptopunk, one of the most famous NFT collections on the market. Item #2924 sold for $4.5 million making it the fourth most expensive NFT in the collection. The lack of sellers exploded the price of the non-fungible token.
With 10,000 units, the CryptoPunk collection is one of the most important and every time an item is put up for sale, fans end up paying millions. That was what happened on Wednesday, September 28, when 3,300 ETH were paid, which at the maximum peak of the crypto would reach a total of almost $16 million dollars.
Why is this NFT so particular?
CryptoPunk #2924 is one of 24 bodysuits in the collection and only has one attribute, a hoodie. It is worth noting that its simplicity and uniqueness (there is no other like it) makes it very valuable.
The seller, called “Seedphrase”, as can be seen in the blockchain, bought the item for 150 ETH on November 13, 2020 for $71,403. His return on his initial investment was 2,200%. While it’s a great deal, it could have been bigger.
On March 12, 2021 he was tempted with 3,500 ETH but he gave up. On March 25, 2022, the largest offer was registered: 5,500 ETH. He didn’t accept either though. After receiving another four in September (4,210, 3,800, 3,480 and 3,300), he finally got rid of the piece.
Highly Traded CryptoPunks on the Market
Although this represents a historical mark in the bearish scenario, it does not mean the absolute record for an NFT of this collection because, as we mentioned before, three other Cryptopunks surpass it in value.
The No.1 spot is held by CryptoPunk #5822, which, on February 13, 2022, was sold for 8,000 ETH, more than $23.7 million at the time.
NFT market crash
Beyond what is registered by NFT Collections such as CryptoPunk, and at other times the BoredApe Yacht Club, the NFT market has suffered the decline of the rest of the ecosystem. Many collections are far from the maximum prices, such is the case of BTC, ETH and DOT, to name just three examples. According to the site Bitcoinisttotal NFT trading volume is down more than 90%.
The daily trading volume of NFT reached a total of $1.07 billion in January this year, while today the total daily trading volume was less than $36 million. You can also notice the loss of interest on the part of users. At the beginning of September 30,000 new wallets added NFT, while currently it is 9,100.
Fashion collections in the NFT world
Open Seathe most famous NFT market in the world, lists the most important collections of the moment and currently the one that leads the ranking is RENGA. This collection released in September was created by artist DirtyRobot and has a minimum price of 1.68 ETH. Its volume reaches 672 ETH and the creator takes a 5% commission.
Further back appear Cloudmachine, Boner (runs on Solana), Beep Boop Box and Bored & Dangerous. The top 10 is completed by: Corntown wtf, Strange Connections NFT, VaynerSports Pass VSP, facefatigueunion and The Art of Seasons.
Is this buying a sign that the markets are recovering? It seems difficult to give a forecast like this at the moment.
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