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Buyer of Most Expensive NFT Offloading Collection at a Discount


beincrypto.com 11 November 2022 09:06, UTC
Reading time: ~2 m

Cryptocurrencies are not the only thing going cheap at the moment. A big non-fungible token (NFT) investor is offloading his collection at a discount.

On Nov. 11, NFT collector Deepak Thapliyal announced that he is selling his collection. He will sell the lot to the highest bidder, he added.

Failing that, it will be placed in a fractional DAO where he will sell 80% of ownership to the community. The asking price is 8,000 ETH or roughly $10 million at the current Ethereum prices.

Blue-chip NFT Collection on Sale

The collector once bought CryptoPunk #5822, which was the world’s most expensive NFT at the time, according to Guinness World Records. The blue Alien Punk sold for 8,000 ETH or roughly $23.7 million in February.

Guinness World Records has classified the NFT as the world’s most expensive in the 2023 edition of the famous encyclopedia. However, it does not consider the Beeple NFT sale of “Everydays: the First 5000 Days,” which fetched almost $70 million in March 2021.

Deepak’s collection also includes Alien Tiffany Punk 5822 and nine other Tiffany Punks. Additionally, there is the Gold Ape 232, six more from the Bored Ape Yacht Club collection, and three Mutant Apes. There are also four Otherside virtual land plots and the ENS name helix.eth.

OpenSea shows the collection of 36 NFTs, with CryptoPunk #5822 still listed at 8,000 ETH. The second most expensive item in the collection is the laser eyes BAYC 9452, which is listed for 347 wETH.

With crypto and NFT markets currently in the depths of bear territory, finding a buyer may not be so simple. However, those with the conviction of a digital art comeback, and deep pockets, may not balk at the price.

Market Outlook

NFT trading activity has been on a downtrend all year. Sales figures and volumes have slumped in line with the broader crypto market, which is currently down 72% from its peak this time last year.

At the beginning of the year, daily sales were regularly over $150 million. Today, they have slumped to around $12 million, according to Nonfungible’s market tracker.

Nevertheless, BAYC remains the top-selling NFT collection on secondary markets, according to CryptoSlam. There have been $11.3 million in BAYC sales over the past week.

The only NFTs that have been up-trending in the past week are fan tokens. Volume for these fan tokens has increased by 74% over the past seven days.

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