SNEAK PEEK
CryptoPunk 5822 resale underscores sharp decline in high-value NFT market prices.
CryptoPunk floor price drops from $200K to $59K amid declining market trends.
Auction failures highlight growing challenges in the “blue chip” NFT market.
The world of non-fungible tokens (NFTs) witnessed another significant transaction as CryptoPunk 5822, once sold for a record $24 million, was resold amid declining NFT prices. This transaction highlights the ongoing challenges facing the “blue chip” NFT market, as even high-value assets like CryptoPunks experience substantial drops in valuation.
CryptoPunk 5822, an ultra-rare Alien Punk, changed ownership on Monday. The sale price and buyer remain undisclosed, adding to the uncertainty surrounding the transaction. The previous owner, crypto executive Deepak Thapliyal, had purchased the Punk in February 2022 during the height of the NFT boom.
End of an Era.
#5822, Enjoy your new
— Deepak (@dt_nfts) August 19, 2024
On-chain data reveals that the Punk was transferred from Thapliyal’s wallet to an anonymous Ethereum address, with no other assets linked to it. Despite attempts to contact Thapliyal for details on the sale, no response has been received.
The sale comes at a time when the floor price for CryptoPunks has dropped significantly. In 2022, even the cheapest CryptoPunks were listed for over $200,000. However, recent data from NFT Price Floor shows a stark decrease, with the floor price currently hovering around $59,000. Earlier this month, the price floor dipped below $44,000, marking one of the lowest points since the initial surge in NFT popularity.
The change in the value of CryptoPunks has had an effect on the auctions as well. Even on the weekend, Sotheby’s concentrated on presenting a digital art auction in which two CryptoPunks participated. Still, both NFTs did not attract offers higher than the minimum price of $60,000 set for them. Subsequently, the reserve prices were brought down to $45,000 each and still the NFTs did not get bids.
Punk #491 feeling unloved with 0 bid.
Reserve at $60k not yet met https://t.co/0q8CiNesW2 pic.twitter.com/95wigyKBIQ
— Michael Bouhanna (@michaelbouhanna) August 17, 2024
However, recent sales have regressed, although three Alien Punks were purchased for substantial prices earlier this year, the top one being $16.42 million. This comparison shows how cyclical the NFT market is still, even for such popular items as CryptoPunks.
The post CryptoPunk 5822 Resold Amid Declining Ethereum NFT Prices appeared first on Today NFT News.
