A non-fungible token (NFT) from the CryptoPunks collection has sold for nearly $1.5 million, even as the broader NFT market continues to struggle.
The NFT — CryptoPunk #6915 — is one of the 24 Ape Punks, making it a rare piece within the collection. It features three attributes: Cap, Earring, and Eye Patch.
The transaction took place on September 5, with the NFT selling for 620 ETH, equivalent to $1.48 million at the time of the sale.
This same NFT was last sold in December 2017 for just 3.50 ETH, or about $2,447, marking a 60,382% increase in value over the years.
While it’s not unusual for CryptoPunks to fetch high prices, the timing of this sale has raised eyebrows. The NFT market is currently facing a significant downturn, with many questioning the legitimacy of such high sales during this period.
The skepticism was evident on X (Twitter), where several users speculated that the sale might not be what it seems.
One user commented, “$1.5m on a punk in 2024 is crazy, GG seller,” while another suggested, “Probably just sold to himself.”
Others hinted at insider trading, with one post stating, “A great percentage of NFT sales are basically insiders trying to create some kind of hype for FOMO to set in.”
Despite the doubts, data from CryptoSlam shows that other significant CryptoPunk sales followed shortly after. Punk #9368 sold for 475 ETH ($1.06 million), and Punk #2967 sold for 240 ETH ($569,000).
However, these sales are exceptions rather than the norm. Most NFTs from the CryptoPunks collection are currently selling for around $80,000, a far cry from the million-dollar transactions seen in previous years. Most of the largest sales in the CryptoPunks collection date back to the NFT boom of 2021 and 2022.
