Bear Market? This NFT Coin Goes For Crazy Prices!

An NFT coin from the CryptoPunk collection has seen a surprising sell-off challenging the bear market.

This NFT coin sold for millions in the middle of the bear market

An NFT coin from the CryptoPunk collection was sold for $3.3 million, challenging the bear market. The new owner sacrificed 2,691 ETH for this.

CryptoPunk is a 10,000 piece image collection featuring randomly designed special unique characters. There are 6,039 male Punks and 3,840 female Punks in his collection. One of these NFTs, “Punk 4156,” arrived at its new owner yesterday for $3.3 million. The transaction, which came in the middle of the current bear market, made the headlines minutes later.

Announcing CryptoPunk sales on Twitter, CryptoPunks Bot has this to say about why the buyer did this:

The $3.2 million is a joke for that monkey, but for its owner, it might be tempting to accept it. A +169ETH win is nothing here, but he bought that monkey for $10.26 million while ETH was $4111. Accepting this offer would result in a loss of $7 million.

With the market in recession, this sale is one of the most valuable NFT transactions in recent times. The acquisition further raised the base price of the CryptoPunk collection. The collection has seen a resurgence this summer, although sentiment towards NFTs has cooled. Another rare CryptoPunk was purchased for $2.6 million earlier this week. Last June, a CryptoPunk NFT traded to its new buyer for $12 million in Ethereum.

Who is behind CryptoPunks?

The NFT project bears the signature of the American Larva Labs studio. Larva Labs is a company founded by Canadian software developers Matt Hall and John Watkinson. Meanwhile, CryptoPunks was inspired by Punk London, a cyberpunk community that included this project’s Neuronmancer novel by William Gibson, the movie Blade Runner, and musical artist Daft Punk.

Due to the massive sales above, it makes one wonder why CryptoPunk NFTs are so popular. One of the key factors driving the popularity of CryptoPunk is that it was one of the first projects on the Ethereum network. In short, the project is the pioneer of the NFT coin market. It has also been the inspiration for many similar artworks by BYAC, PudgyPenguins, and more. Additionally, another reason that makes the CryptoPunks collection valuable is its uniqueness as the Alien Avatar, which has become the rarest and most expensive CryptoPunk NFT ever sold.

AmkNews.comAs you’ve followed on , one more NFT of your CryptoPunk collection recently received a million dollar bid.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.