CryptoPunks NFT project has set another record for itself, this time worth $24 million

• CryptoPunk #5822 has been sold for 8,000 ETH, worth around $23.7 million at the time of sale.
• The CryptoPunk NFT project has recorded $2.61 billion in lifetime trades so far.
• The previous record for the highest selling CryptoPunk was at around $11 million, in June 2021.

The CryptoPunks NFT project has set another record for itself. On February 12, CryptoPunk #5822 became the highest-selling CryptoPunk to date when it was sold for 8000 ETH, worth close to $23.7 million at the time.

The punk was bought by Deepal Thapliyal, the chief executive officer of blockchain startup Chain, who collects non-fungible tokens (NFTs) like this. He had also bought a rare Mutant Ape Yacht Club NFT for $5.8 million in January, earlier this year. CryptoPunk #5822, on the other hand, is one amongst 333 artworks in the NFT project that wears a bandana. There are only nine others like it in the entire collection.

The previous record was held by CryptoPunk #7523, which sold for $11.8 million through British auctioneers Sotheby’s in June 2021 —CryptoPunk $5822 sold for double that amount.

Keeping busy

These aren’t the only two CryptoPunk NFTs that have made a mark in recent times. The CryptoPunks project has routinely featured in some of the most expensive NFTs that have been sold till date.

CryptoPunk #4156 was sold for around $10.56 million in December 2021, while CryptoPunk #3100 and CryptoPunk #7804 have been sold for $7.58 million and $7.57 million, respectively. Both of these, like CryptoPunk $7523 belong to the ‘Alien Punk’ line and are amongst the 378 punks that use pipes, and the 254 that wear caps.

According to blockchain tracking firm DappRadar, the CryptoPunk project has racked up $2.61 billion in trading volumes in its lifetime. About $163.07 million of that has come in the last 30 days alone.

Why CryptoPunks?

On the face of it, the CryptoPunks project is simply a bunch of 8-bit artworks that don’t really make sense. In fact, many believe that it is still an internet fad that will soon die out. But projects like CryptoPunks, Bored Ape Yacht Club and more have a larger relevance in the overall metaverse space.

They signify avatars that companies like Facebook and Microsoft think we will own when we interact in virtual worlds in future. The blockchain platforms being used to signify ownership of these punks is the same one that will signify ownership of avatars in the metaverse and keep different people’s avatars from looking the same, or even being stolen. Metaverse identity theft, anyone?

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