KEY POINTS
The CryptoPunks non-fungible token (NFT) collection continues to captivate the digital art market, evidenced by a recent transaction where an NFT from the collection was purchased for over $16 million.
According to records on the CryptoPunks website, the transaction took place on March 4, involving the sale of CryptoPunks #3100 — a rare “Alien Punk” characterized by its Headband attribute. The sale amounted to 4,500 ETH, equivalent to approximately $16.2 million at the time of the transaction.
The identity of the buyer remains undisclosed, but the transaction has already garnered significant attention as it now stands as the second-largest sale in CryptoPunks’ history. Notably, it follows the sale of CryptoPunks #5822 in February 2022, which fetched 8,000 ETH, equivalent to $23.7 million at the time.
Nonetheless, today’s transaction stands out as the most significant sale recorded in 2024, as other notable sales from the collection trace back to 2021 and 2022. The most recent high-profile transaction took place in September 2022, involving the CryptoPunks #2924 NFT that sold for 3,300 ETH, amounting to approximately $4.45 million.
This year appears to be witnessing a revival for NFTs at large. Last month, the Ethereum NFT market experienced a substantial resurgence, with sales witnessing an uptick of nearly 97% during the second week of February compared to the previous week.
Launched in 2017, CryptoPunks comprises 10,000 algorithmically generated 24×24 pixel portraits, each featuring unique attributes such as hats or smoking pipes. The collection has garnered significant popularity, holding the 9th position among NFT collections based on all-time sales volume.
In December, Yuga Labs, the company that acquired CryptoPunks in 2022, introduced innovations to the NFTs, including a new wrapper designed to streamline market access. This enhancement offers improved functionality, eliminates royalties, and simplifies transactions for CryptoPunks enthusiasts.
Looking back to October 2023, CryptoPunks collaborated with Avant Arte, providing NFT holders a limited 48-hour window to convert their digital assets into exclusive physical art prints. Furthermore, in 2022, the collaboration with Tiffany & Co resulted in “NFTiff,” a collection of 250 NFT passes allowing CryptoPunks holders to mint and redeem for a custom-designed pendant and NFT digital artwork.
