Sotheby’s CryptoPunk NFT Sold for $66K, Signals Boom Phase Over

The recent sale of a CryptoPunk NFT at Sotheby’s for $66,000 is a stark indicator of the significant downturn in the NFT market. The CryptoPunk in question, dubbed Punk491.png, was auctioned during Sotheby’s Digital Art Day Sale, and its final price fell short of the estimated $80,000-$100,000 range, highlighting the sharp decline in NFT values since the peak of the boom.

This sale contrasts sharply with the heights reached during the NFT frenzy in 2021, when Sotheby’s sold CryptoPunk #7523—an alien-type Punk with blue-green skin and a medical mask—for a staggering $11.8 million. The dramatic difference between these two sales underscores the market's cooling off from the unprecedented highs of the previous cycle.

CryptoPunks, created by Larva Labs in 2017, are among the earliest and most iconic NFTs. Each of the 10,000 unique characters is a 24x24 pixel image, featuring human, zombie, ape, or alien figures, and is part of the Ethereum blockchain. Their early status and unique algorithmic generation contributed to their initial appeal and high valuations.

The broader NFT market has seen similar declines. Beeple, an artist who made headlines in March 2021 when his NFT "Everydays: The First 5000 Days" sold for $69.3 million at Christie’s, recently had another work, "Madonna – Mother of Evolution," sell for $84,000 at the same Digital Art Day Sale where Punk491.png was auctioned. These figures reflect the overall cooling of the market and suggest that the boom phase of NFTs may indeed be over.

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