CryptoPunk 2924 just sold for US$ 4.5 million in ETH amid bear market

CryptoPunk NFT #2924 sold for a whopping 3,300 ETH, equivalent to nearly US$ 4.5 million on Sept. 29. 

This NFT is the fourth most expensive sale for a CryptoPunk and was sold at a time when industry data suggest a bear NFT market. The seller of CryptoPunk #2924 notable pseudonymous NFT collector seedphrase, marking the highest prices since February 2022 when Punk #8522 was sold for 8,000 ETH, equivalent to $24 million at that time. 

The seller had made a significant 2,200% gain on their initial investment through the latest sale.

CryptoPunk #2924 is one of the 24 punk apes and considered by Rarity tools, adthe 38th rarest out (based on its attributes) of an entire 10,000 collection. 

CryptoPunk NFTs were created in 2017 by Larva Labs and dominated the market throughout 2021 until December when Bored Ape Yacht Club (BAYC) surpassed them in price.

On  December 22,  the floor price of the BAYC NFT collection hit 54 ETH, and overtook CryptoPunk’s 52.8 ETH on OpenSea. In the week leading up to January 27, BYAC’s trading volume doubled that of CryptoPunk. 

In the midst of the bear market, CryptoPunk NFT prices have maintained their price within 74ETH and recorded an increase of 25% in trading volume between August 10 and 11. 

Photo: CryptoPunk 2924, Yuga Labs