$24M CryptoPunk NFT sold quietly as market interest fades

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.

Magazine: ‘Painful to think about’: NFT Creator Nate Alex on selling 70 CryptoPunks too early