$24M CryptoPunk NFT sold quietly as market interest fades

The actual sale amount was not disclosed, leading community members to speculate that the NFT was sold at a loss.

The most expensive piece from the CryptoPunks non-fungible token (NFT) collection was transferred for an undisclosed amount as interest in digital collectibles wanes.

In 2022, NFT investor Deepak Thapliyal acquired CryptoPunk #5822, a rare alien punk wearing a bandana, for 8,000 Ether (ETH). The transaction, worth $23.7 million at the time, was hailed as the highest winning bid for a CryptoPunk NFT. Furthermore, the sale is considered the fourth most expensive NFT sale of all time. 

On Aug. 19, Thapliyal posted a farewell message to the NFT on X, wishing it well in its new home. Blockchain data confirmed that the NFT was transferred to a new, un-labelled address. However, Thapliyal did not disclose how much CryptoPunk #5822 was sold for. 

Community speculates NFT was sold at a loss

With NFTs declining, community members assumed that the CryptoPunk was sold at a loss. An X user asked Thapliyal if it was the “worst NFT hold of all time,” while another inquired how much the investor lost after buying the piece at a hefty price. 

According to the official CryptoPunks site, there is only one alien Punk for sale. The NFT is currently listed for 5,000 ETH worth $13.36 million. Because of this, an X user believes that CryptoPunk #5822 was purchased for a similar price. If true, it would represent a 43.6% loss for the investor. 

The community’s assumptions may not be unfounded, as NFT data shows a decline in sales volumes. In the second quarter of 2024, NFTs faced a 45% quarter-on-quarter decline. In July, NFTs had their lowest monthly sales volume since November 2023.

Related: Yuga Labs halts CryptoPunks project after ‘woke’ community backlash

CryptoPunk NFT auction gets no action

On Aug. 15, fine arts broker Sotheby’s announced that it would auction a CryptoPunk NFT and a Beeple piece. The auction house touted it as a “significant event” that brings blue-chip pieces together. However, the CryptoPunk NFT did not attract much interest. 

At the time of writing, the NFT only attracted one bid. While Sotheby’s estimates that the NFT is worth $70,000 to $100,000, the NFT’s sole bidder is only willing to pay about $45,000. According to Sotheby’s, the auction will close at about 2:00 pm Eastern Time on Aug. 22.

Magazine: ‘Painful to think about’: NFT Creator Nate Alex on selling 70 CryptoPunks too early