espite a sharp decline in trading activity across the broader non-fungible token market, a single digital asset has sold for an eye-popping 2,500 Ether (ETH) - equivalent to a price tag of just over $2.6 million.

The transaction is one of the 24 ape-themed CryptoPunks - the largest NFT sale across the entire market in the last 30 days.

#4464 was initially created back in 2017 and is one of the earliest and most coveted NFTs in existence. The recent sale price represents a massive return on investment for the original owner, who bought the digital asset for just 25 ETH back in October 2017.

The surge in demand for high-priced NFTs comes as the overall market begins to recover from a prolonged period of decline. After peaking in February, the total value locked fell sharply throughout March and April before stabilizing in May.

This trend has been driven largely by so-called "blue chips"- those that are rare and have a proven track record of holding their value over time.

Why CryptoPunks valuable?

These digital art collectibles are rare, with a total of 10,000 in existence. Each of which is unique and cannot be replicated. Also, they have their own set of characteristics.
They were among the first to gain mainstream attention and adoption and remain one of the most popular and well-known collections today.

Other notable sales include Beeple's "Everydays: The First 5,000 Days," which sold for $69 million, and a collection of digital artworks by artist Mike Winklemann, which sold for $3.5 million at Nifty Gateway. 

The sale signifies that investors are still willing to pay top dollar for high-quality digital assets. It also comes as the overall market is seeing renewed interest and activity, with sales volumes and prices rising in recent weeks.

So far this year, NFT sales have totaled $250 million, according to the data website NonFungible.com. That's more than double the $100 million sold in all of 2020.


Jul 14, 2022
Crypto News

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