Rare Ape CryptoPunk sells for $1.5M amid market downturn

The CryptoPunks non-fungible token (NFT) collection made headlines when a rare Ape-themed CryptoPunk sold for over $1.5 million on Sept. 5.

CryptoPunk #6915 was sold for 620 Ether (ETH), equivalent to around $1.48 million. This particular NFT is one of only 24 Ape-themed CryptoPunks and features three distinct attributes: a cap, an earring, and an eye patch.

Although the NFT sold for over a million dollars, the owner had received higher offers for the piece earlier this year. According to CryptoPunks data, in March 2024, when monthly NFT sales volume was approximately $1.6 billion, offers for Punk #6915 ranged from $5 million to $6 million.

This means that the NFT’s value decreased by 78% since March. 

Community reacts to CryptoPunk sale

The crypto community noticed the sale and shared their thoughts on X. One community member found it “weird” that the owner refused higher offers earlier this year, while another X user said that $1.5 million on a CryptoPunk in 2024 is “crazy.” 

Meanwhile, one community member thinks that the owner conducted a wash sale. The X user believes that a huge percentage of NFT sales are “insiders trying to create some kind of hype.”

Wash trades are done to deceive market participants about an asset’s price or liquidity. It occurs when a trader buys and sells the same asset. In October 2021, CryptoPunk #9998 was sold for almost $500 million. However, data showed that the seller returned the ETH to the buyer to repay a flash loan. 

Related: Magic Eden dominates NFT trading volume, surpassing Blur and OpenSea: CoinGecko

CryptoPunks go down in value amid market slump

On Aug. 19, CryptoPunk #5822 changed owners. Its previous owner posted on X that it’s the “end of an era,” as onchain data shows that the NFT was transferred to a different wallet. The NFT investor did not disclose the sale details, leaving the community to assume it was sold at a loss. 

In August, NFTs had their lowest monthly sales performance in 2024, going below $400 million for the first time this year. NFT data showed that digital collectibles are down by 76% compared to its highest monthly sales volume record in 2024. 

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