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Main Hall - July 14, 2022

Rare CryptoPunk Sells for $2.7M as Blue-Chip NFTs Resurge

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CryptoPunk #4464 with the rare ape-trait sold for 2,500 ETH on July 12 as blue-chip NFTs see a summer revival.

The CryptoPunk was bought by a pseudonymous collector of CryptoPunks and another NFT collection, Meebits, for approximately $2.7 million, in the fifth largest CryptoPunk sale since the collection launched in 2017. CryptoPunk #4464 had an estimated value of roughly $2.7 million before the sale and is the 32nd-rarest CryptoPunk according to Rarity ranking site Rarity.Tools.

The most expensive CryptoPunk was CryptoPunk #5822,¬†purchased by¬†Chain CEO Deepak Thapliyal in February 2022 for 8,000 ETH, worth about $23.7 million at the time shattering the previous record of $11.8 million paid for #7523 in June 2021. The three most expensive CryptoPunks each have the ‚ÄúAlien‚ÄĚ trait, unique to nine CryptoPunks. An unaccepted¬†bid¬†was made on punk #9280 for $2.72 million at press time.

Blue-chip NFTs seeing a mini-revival

The¬†buyer¬†of CryptoPunk #4464 was ‚Äúzoomc,‚ÄĚ who owns 25 punks and spent a whopping $3.9 million buying the 24√ó24 algorithmically-generated 8-bit images. CryptoPunk #4464 was¬†one of 22 punks¬†purchased in the last 24 hours, and the most expensive NFT over the previous seven days, according to crypto sales tracker¬†nonfungible.com. The cheapest punk in the previous 24 hours was #3761 for 77ETH (about $80,000). Zoomc is currently¬†selling¬†three punks, #2586, #6679, and #8662.

So-called blue-chip NFT collections have seen a notable uptick in sales volume in the last 30 days. In the last five days, two NFTs from the Bored Ape Yacht Club collection were sold for over $1 million apiece. Seven CryptoPunks ranging from $336,000 to $874,000 round off the top 10. This despite a yearly trough in NFT sales in June 2022, totaling just over $1 billion, according to Chainalysis.

Digital art NFTs have taken a nosedive

NFT sales in the broader scheme of things¬†have cooled. Only a handful of digital-art NFTs made the cut at a Christie‚Äôs auction earlier this year. Mike Winkelmann, more commonly known as Beeple, whose famous ‚ÄėEverydays: The First 5,000 Day‚Äô sold for $69.3 million in 2021,¬†sold¬†a digital landscape artwork for $252,000 at the auction house on June 28, 2022.

The renowned art auction house said that sales from NFTs had totaled only $4.6 million this year, compared to last year’s sales of $150 million. Focus is shifting, said Nicole Sales, head of digital art sales at Christie’s, from speculation in 2021 to art in 2022.

NFT sales totaled $40 billion last year and enjoyed a  peak of $12.6 billion in January. Sales in 2022 so far have totaled $42 billion.