What Bear Market? A Single CryptoPunk NFT Just Sold For $4.5 Million

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The NFT market has taken a good hit during the latest iteration of the crypto market bear run. But not all collections have lost favor in the eyes of investors, though. Notable collections such as CryptoPunks and Bored Ape Yacht Club continue to maintain their high floor prices. Even during the bear market, where the total NFT trading volume has declined by more than 90%, there are still large sales being recorded in the market.

CryptoPunk NFT Sells For $4.5 Million

On Wednesday, a single sale was recorded for CryptoPunk #2924. This sale brought in a total of 3,300 ETH, which translated to a dollar value of approximately $4.5 million. It is significant in the fact that the sale happened at a time when the NFT space was seeing a decline in interest.

Interestingly, the seller of the CryptoPunk NFT known as “seedphrase” had previously purchased it two years ago for around $72,000 (150 ETH). By selling the NFT for 3,300 ETH, the seller had made a significant 2,200% gain on their initial investment.

This sale is also one of the largest ETH NFT sales for the collection. CryptoPunk NFT collection has been known for the ridiculously large prices that they have sold for, and there have been some large sales in the past. Especially during the bull market where a single CryptoPunk NFT had been able to sell for 8,000 ETH, more than $23 million. 

CryptoPunk #2924 is one of the rarer NFTs from the entire 10,000 collection. The ape NFT had previously received higher bids over the course of 2022, the highest of which was 5,500 ETH ($17.06 million), none of which had been accepted and were later withdrawn.

Fending Off The Bear?

Even with large sales such as the CryptoPunk NFT, the space is still a long way from returning to its former glory. For example, daily NFT trading volume hit a total of $1.07 billion back in January. As of Wednesday, the total daily trading volume was less than $36 million.

Even now, the frequency of new NFT collections being put into the market has dwindled. Back in March, it had hit a peak of 1.24k new NFT collections launched in a single day, while this metric is now trending below 900 presently.

Likewise, the number of new wallets that are interacting with NFTs has dropped significantly. It came out to 9.1K compared to the over 30K that was recorded earlier in the month of September. 

Nevertheless, NFTs are still featuring heavily in the crypto market. The decline has not stopped the development of the space, with notable games such as Azra Games launching their own NFT collection this week.

Featured image from Alpha Blocs, chart from TradingView.com

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