Rare CryptoPunk NFT Sold for $4.4M

A rare Ape CryptoPunk was recently sold for $4.4M (3300 ETH), a positive sign for the market amidst an NFT downturn.

Rare CryptoPunk NFT Sold for $4.4M

DJ Seedphrase, real name Danny Maegaard, a well known Bitcoin and NFT investor, just sold his rare CryptoPunk 2924 for $4.4 Million, which is around 3,300 ETH. The Punk was one of only 24 Apes Punks and was sold to a buyer from a family office in Texas. DJ Seedphrase currently owns twenty other rare punks, including CryptoPunk 8348, recognizable with its top hat, big beard, shades and a cigarette.

Pulling off such a major sale during a time when crypto sales have taken a nosedive is a really big deal. He told the press that the reason he sold his Punk was for liquidity and to encourage movement in the market. He bought the CryptoPunk 2924 in November 2020 at $71,300 (150 ETH). Generally, CryptoPunks are known to fetch large sums of money in the market. In June 2021, CryptoPunk 7523, known as "Covid Alien,” was sold for $11.7 Million. This was the highest sale of a Punk ever recorded.

The NFT market has gone through a downturn since the beginning of the year, with overall sales volume and prices decreasing to the point where some critics are calling out the collapse of NFTs. While there are very legitimate challenges with the NFT market today, we are long term optimistic and seeing a CryptoPunk sell for $4.4M under poor market conditions is a sign of enthusiasm.