SNEAK PEEK
CryptoPunk #5822’s quiet transfer fuels speculation amid a cooling NFT market.
Thapliyal’s undisclosed sale hints at possible losses as NFT values decline.
NFT market struggles continue with significant drops in sales volumes and auction interest.
CryptoPunk NFT, once hailed as one of the most expensive in the world, recently took place under the radar. As the market for non-fungible tokens (NFTs) continues to cool, the once-celebrated digital collectable was quietly transferred, raising questions about the future of high-value NFTs.
On August 19, 2024, CryptoPunk #5822, a rare alien punk adorned with a bandana, was transferred to a new, unidentified owner. The NFT, which was purchased in 2022 by investor Deepak Thapliyal for 8,000 Ether and was valued at $23.7 million at the time, now finds itself in new hands.
Thapliyal confirmed the transfer via a post on X (formerly Twitter), expressing a sentimental farewell to the digital asset. However, the sale price remains undisclosed, fueling speculation among community members that the NFT was sold at a loss.
End of an Era. #5822, Enjoy your new — Deepak (@dt_nfts) August 19, 2024
As the NFT market experiences a downturn, speculation about the sale price of CryptoPunk #5822 has grown. Some community members believe that, given the market’s current state, the sale price may have been significantly lower than its original purchase price.
This assumption seems plausible with only one alien CryptoPunk listed for sale at 5,000 Ether (approximately $13.36 million). If accurate, it would indicate a loss of nearly 44% for Thapliyal.
The speculation is further supported by recent market data showing a decline in NFT sales volumes. The second quarter of 2024 saw a 45% drop in sales compared to the previous quarter. Additionally, July recorded the lowest monthly sales volume since November 2023, highlighting the ongoing challenges in the NFT market.
Continuing the theme of the now slowing market, a recent auction at Sotheby’s that featured both a CryptoPunks NFT and a Beeple piece did not quite receive the attention it was hoping to get. However, the CryptoPunk NFT did not attract the hype that caused the auction house to tout the event as a live blue-chip digital art blitz in the current market environment.
The post CryptoPunk NFT Transfer Signals Waning Market Interest appeared first on Today NFT News.
