CryptoPunks NFT Sold for $1.2 Million

With a bid of 650 ETH, which equals 1.24 million dollars, a Cryptopunks NFT changed wallets. Punk 4156 is now the most expensive Cryptopunks NFT ever sold. According to data from Larva Labs the seller acquired the collectible three years ago for 645 dollars.

In the past hour several punks have sold for tens of thousands of dollars, but of course a sale of more than 1 million dollars stands out. The ape punk is the only assets in the new owner's wallet. However, the owner moved the ETH over from another wallet with more than $6 million in ETH on it, even though there are no other NFTs in their collection.

Cryptopunks has been making headlines recently. The $1.2 million Cryptopunks NFT seems to be one for the history books, even though this record is likely to be broken again soon. It's only been a few weeks since an alien punk sold for 762 thousand dollars.

Most valuable NFT transaction

With a price of 1.24 million dollars, punk 4156 clearly is a contender for the throne of most expensive NFT to date. There is an argument to be made here. However, it's important to note that two NFT transactions actually involved more money.

Gala Games sold a citadel for their online game Mirandus supposedly for $1.6 million dollars, however this purchase hasn't been made public yet. In addition an anonymous collector acquired 9 Genesis land parcels inside Axie Infinity for a total of $1.5 million. This was one transaction, one purchase, but ultimately is about nine assets.

Why are Cryptopunks so valuable?

CryptoPunks is a crypto art initiative that generated ten thousand different 24×24 punk-looking avatars. There are a few rares ones, like apes, zombies and an alien. Besides being a digital collectible, the project doesn’t offer any additional usage. However, Cryptopunks are often part of digital art galleries in virtual worlds like Cryptovoxels and Decentraland.

We can’t say that Cryptopunks are technically advanced non-fungible tokens. However, it’s the first collectible art project ever that used the Ethereum blockchain to mint collectibles. Because of their historical significance, Cryptopunks are valuable digital assets. There are only ten thousand punks on the market. Rarity and scarcity push up the value.