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In a landmark sale for the crypto art world, CryptoPunk #6915, a rare Ape-themed non-fungible token (NFT), was sold on September 5 for 620 Ether (ETH), equivalent to approximately $1.48 million. The sale of this coveted NFT highlights the enduring allure of CryptoPunks, even as the broader NFT market experiences a notable decline in value.
CryptoPunk #6915
CryptoPunk #6915 is a standout within the famed collection, being one of only 24 Ape-themed CryptoPunks. It further distinguishes itself by boasting three unique attributes: a cap, an earring, and an eye patch. This rarity contributed to its high valuation, despite a significant drop in its market price since earlier this year.
In March 2024, offers for the NFT ranged between $5 million and $6 million, amid a bullish NFT market when monthly sales volumes peaked at $1.6 billion. The sale at $1.48 million represents a 78% decline in value for the NFT, reflecting the broader market downturn seen throughout the year.
Decline in NFT Market Performance
The CryptoPunk sale comes during a difficult period for NFTs, as overall market activity continues to slide. CryptoPunk #5822 also changed hands on August 19, with the previous owner referring to it as the “end of an era.” No sale details were disclosed, but on-chain data suggests it may have been transferred at a loss.
In August 2024, NFT sales hit their lowest point for the year, falling below $400 million for the first time. Compared to its peak monthly sales, the market is down 76%, highlighting the volatility in the NFT space.
As the NFT market adjusts to new realities, high-profile sales like CryptoPunk #6915 remind investors of the potential for both substantial gains and significant losses.
Story: Tae Art Man
