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

CryptoPunks #5822 sold for an undisclosed amount to an unknown entity amid the NFT market downturn. The non-fungible asset was once the most expensive NFT in the CryptoPunks NFT collection after crypto investor Deepak Thapliyal acquired it for $24 million in 2022.

CryptoPunks #5822 emerged in the spotlight on Monday after retailing for an undisclosed amount to an unknown entity.

The digital asset shocked netizens in February 2022 after crypto investor and executive Deepak Thapliyal purchased it for 8,000 ETH, which was then worth close to $24 million. The sale made history as the fourth-most expensive NFT transaction in history.

Thapliyal offloads his CryptoPunks #5822 for an unspecified amount

End of an Era.

👋 #5822, Enjoy your new 🏡

— Deepak (@dt_nfts) August 19, 2024

Thapliyal announced the sale through a short farewell message stating that it was the “End of an Era” between him and the NFT. The crypto investor failed to disclose the amount he accepted in exchange for the NFT. On-chain data confirmed the sale since the NFT was transferred from Deepak Thapliyal’s address to a new unlabeled address with no digital assets besides the NFT.

Thapliyal’s sale announcement created a frenzy in the comment section since the executive failed to disclose if the transaction was a net profit or a staggering loss. Many speculated that the entrepreneur’s sale was completed at a loss.

One X user asked Deepak how much he had lost in the transaction. Another user asked him if the NFT was the worst hold of all time and all eternity. While most comments revolved around the potential loss realized from the sale, some users congratulated Thapliyal for completing the sale.

CryptoPunks’ official site depicts that only one out of the nine limited edition CryptoPunks NFTs is up for grabs. The NFT is listed for 5,000 ETH, currently worth approximately $13.36 million. An X user used this information to speculate that Thapliyal could have offloaded his NFT for around the same price. If the claim is true, the investor could have lost close to half of his investment in the sale.

CryptoPunks’ project price floor dips below $44,000

Social media speculations are backed by the declining sales volume of the NFT market, which has continuously depicted fading interest in NFTs. Data from CryptoSlam indicates that sales volume for digital art collectibles fell by 45% in the second quarter.

When Thapliyal made the multi-million dollar purchase in 2022, the NFT bull market was at its peak, and the cheapest CryptoPunks exchanged for a project’s price floor of $200,000. According to NFT Price Floor data, the price floor of CryptoPunks has since dipped to around $59,000 at the time of this publication.

Earlier this month, the popular NFT collection’s price floor dipped below $44,000, marking a dark milestone not reached since the NFL collection first ascended to unprecedented heights back in 2021.

In mid-August, a CryptoPunks NFT auction was organized by fine arts broker Sotheby’s to sell a CryptoPunks NFT and a Beeple piece. The NFTs recorded only one bid despite the event organizers marketing the auction as a “significant event” for blue-chip NFTs. Sotheby’s estimates that the NFT is worth $70,000 to $100,000, but the solo bidder is willing to purchase the NFT for only $45,000.