NFT sales continue to rack up, as the latest CryptoPunk from the Ape Collection, CryptoPunk#4156, sells for over $10M, making it the largest CryptoPunk on-chain purchase.
A rare Ape CryptoPunk recently sold for 2500 ETH, making it the largest on-chain sale for Larva Labs, the creators of Cryptopunks. The CryptoPunk was sold by @punk4156 (0xf476cd75be8fdd197ae0b466a2ec2ae44da41897) to address 0x4c1194386e121566b79d1f1dac9ef282348f04f3 for the dollar amount of approximately $10.2M
The NFT is rare, being one of 24 ape CryptoPunks. Other rare collections include the Alien collection consisting of nine NFTs, and Zombies collection, consisting of 88 NFTs. The seller, @punk4156, paid 650 ETH for the NFT on Feb 18, 2021, Since then, there have been bids ranging from <0.01ETH to the 2500 ETH sale. CryptoPunk #4156 is now being offered at 4160 ETH ($16.8M), with no bids at the time of writing. The seller has owned six NFTs, the cheapest of which was purchased for 44 ETH on May 4, 2021.
The rarity of the NFT drives up the price, and the most expensive NFT ever was CryptoPunk #7523, which sold at a Sotheby’s auction in June for $11.75M. Rumors were circulating of CryptoPunk #9998 selling for $532m in late October, but this was an incidence of an owner selling and buying back the same NFT using a flash loan, similar to how a wash sale would be carried out.
A case of love lost
The previous owner of CP4156 was reportedly disappointed with CryptoPunks’ creators, Larva Labs, regarding the lack of clarity surrounding the ownership and intellectual property rights held by those who have purchased CryptoPunks. Cryptopunk sales have totaled $1.7B to date, according to CryptoSlam.
One of the Canadian developers of CryptoPunks, John Watkinson, apparently wrote in the CryptoPunks Discord channel that they would adopt the NFT License used by Dapper Labs for Cryptokitties. However, no evidence of this appeared on the Terms and Conditions of Larva Labs’ website. The License permits the display of the NFT and the commercial use thereof to revenue of $100000. When @punk4156 tweeted for further clarity from Watkinson, he was unfollowed and ignored.
NFTs garner high profile attention
Non-fungible tokens are immutable certificates of authenticity that tie a holder to a unique item in the digital world or the physical world. The purchase of an NFT is recorded on the public blockchain. Non-fungible tokens, specifically CryptoPunks, have garnered interest from many influential individuals, including rapper Jay-Z, who holds CryptoPunk #6095; rapper Snoop Dogg who owns eight CryptoPunks; and 23-time grand slam winner player Serena Williams, who has Punk #2950. Twitter user @Beaniemaxi is known on Twitter for his NFT collection, and holds 233 CryptoPunks. BeInCrypto has written an explainer on CryptoPunks, which can be found here.
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