Categories: Crypto News

What Bear Market? CryptoPunk NFT Sold for 3300 ETH

As the bear market trends continue to envelop the entire crypto ecosystem, some users have seized the opportunity to gather assets for themselves. The latest of such acts is the sale of the CryptoPunk #2924 NFT, which traded for 3300 ETH (approximately $4.4 million) on the secondary market.

CryptoPunk #2924 is one among 10,000 digital artworks, which was created by the Larva Labs studio in June 2017.

CryptoPunk #2924

CryptoPunk #2924 Sells for 3300 ETH

On Wednesday, DANNYSECURE, an OpenSea verified user, sold the CryptoPunk #2924 non-fungible token (NFT) to a user with the name, 9045DE.

Note that DANNYSECURE received the NFT earlier in November 2020 through a transfer. The last recorded sale of the artwork was a day earlier when the asset got sold for 150 ETH. At the time, Ether traded at $476, indicating that the NFT was sold at $71,530. With the current sale, the seller now pockets around a $4.3 million gain.

The sale of CryptoPunk #2924 has rubbed off on the entire daily record of the collection, as the CryptoPunks collection, which currently holds the position of the second largest NFT collection by market capitalization, recorded a daily traded volume of 4321.6 ETH, as revealed on the NFT tracking platform NFT Price Floor.

Recall that the NFT collection saw a 900% jump in sales volume last month. The sudden demand was tied to the rollout of NFTiff, an NFT collection belonging to the luxury brand Tiffany & Co.

Not the First

The latest sale, however, is not the first time a CryptoPunk NFT has been sold at a large amount. In February, CryptoPunk #5822, another member of the collection, was sold for 8000 ETH worth over $23 million at the time. The sale placed the asset as the most expensive CryptoPunk sold yet.

Other NFT collections have also recorded large sales despite the ongoing bear market. A recent example is a sale of Pudgy Penguin #6873, which was sold for 400 ETH, worth around $630,000. 

In April, a three numeric Ethereum Name Service (ENS) domain called 555.eth was bought by a Chinese collector for $160,000.

Recent Posts

Solana-based DEX Serum Becomes “Defunct” Amid FTX Collapse

Serum, a decentralized exchange (DEX) built on the Solana mainnet, announced Tuesday that it has…

13 mins ago

India to Commence Pilot Program for Its Retail Digital Rupee on December 1

The Reserve Bank of India (RBI), the nation's central bank, announced today it will be…

17 mins ago

Blockchain-Focused Startups Raised $879M From VCs in Q3: Report

Blockchain-based startups received the most funding in the crypto sector from venture capitalists (VC) during…

17 mins ago

Troubled Crypto Lender BlockFi Sues SBF Over Robinhood Shares

On Monday, the crypto lending firm BlockFi filed for Chapter 11 bankruptcy. A few hours…

2 hours ago

Huobi Partners With Tron and DMC Labs to Launch First National Token

Leading cryptocurrency exchange Huobi has partnered with the Tron network and DMC Labs to launch…

2 hours ago

Using Automated Features to get the Best Trading Opportunities

Automation seems to be making its way into most aspects of our lives. From gas…

2 hours ago