CryptoPunks NFT, previously bought for a record $24 million, sells for an undisclosed amount

CryptoPunks #5822, once purchased for a record $24 million by crypto investor Deepak Thapliyal, has been sold for an undisclosed amount amid a significant downturn in the NFT market. Thapliyal, who made headlines in February 2022 for acquiring the NFT with 8,000 ETH during the peak of the NFT bull market, announced the sale with a brief message, calling it the "End of an Era." However, he did not disclose whether the sale resulted in a profit or loss.

The sale of CryptoPunks #5822 has sparked widespread speculation on social media, with many believing that Thapliyal likely incurred a substantial loss given the current state of the NFT market. The price floor for CryptoPunks has dramatically dropped since Thapliyal's purchase, with the floor price now hovering around $59,000, compared to the $200,000 during the market's peak. Recent data shows a significant decline in NFT sales volume, which fell by 45% in the second quarter, reflecting waning interest in the digital art market.

Adding to the uncertainty, a recent auction by Sotheby’s for another CryptoPunk and a Beeple piece failed to generate significant interest, with only one bid received, well below the estimated value. This trend underscores the broader challenges facing the NFT market, as once highly sought-after assets struggle to maintain their previous valuations.

Thapliyal’s decision to sell during this downturn has left many questioning the long-term viability of NFTs as an investment, especially given the sharp decline in the market from its 2021-2022 highs.

#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR