A CryptoPunk NFT bought for $74 resurfaced after four years and just sold for $2 million

• A CryptoPunk, which was bought for $74 four years ago, just sold for $2 million.
• The non-fungible token’s (NFT) return on investment comes up to more than 27,000 times the original value.
• Eight others, including CryptoPunk 8770, were sold for over $1 million in October 2021 — also examples of sizable returns.

CryptoPunk 1422 was bought four years ago for just $74. Today, on October 27, the owner sold it for a whopping $2 million — an increase of over 27,000 times in value. And, they’re not the only ones cashing in on non-fungible tokens (NFTs) catching the eye of investors this year.

Earlier during the day, CryptoPunk 8770, was sold for $1.4 million. The seller, who has a bunch of DeadFellaz NFTs in his wallet as well, picked up the NFT seven months ago for a little over $100,000. With the CryptoPunk’s sale, he has booked a 15x return on his investment.

It’s not just that the NFT market is booming, but that the CryptoPunk NFT project is the second biggest player in the game. With all-time sales worth $1.5 billion, the phenomenon is second only to Axie Infinity — a play-to-earn blockchain-based game that involves collecting Pokemon-type pets and getting them to battle against each other — in the NFT world.

In October alone, CryptoPunks sold nine NFTs that were priced at over $1 million.

Source: Cryptoslam.io

CryptoPunks have been riding the ‘Uptober’ high

CryptoPunks 1422 is far from the most expensive NFT the project has sold so far. Albeit, it’s one of the more interesting stories about how HODLers — long term investors — cash in big when they eventually liquidate.

The most valuable CryptoPunk is 7523. It sold for over $11.7 million when billionaire Shalom Meckenzie, the largest shareholder of DraftKings, purchased the work at Sotheby's auction in June.

According to Larva Labs, the Canadian company that started the project, number 3100 and 7804 sold for over $7 million each. The company lists a total of 50 NFTs which have hit the $1 million mark so far, including nine in October.

CryptoPunks isn’t the only NFT project that has made bank this year. According to nonfungible.com, NFT sales have grown by over 450% since June this year. OpenSea, Axie Infinity, CryptoPunks, Mochi Marketplace and NBA Top Shot were the five top platforms on the list.

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