The NFT art collection CryptoPunks made headlines once again with the sale of CryptoPunk 635 on the Ethereum blockchain for a record-breaking $12.38 million ETH. This particular piece is one of only nine alien punks in the collection, making it ultra-rare and highly sought after. Previously owned by Larva Labs, the parent company of CryptoPunks, and sold at a Christie’s auction in May 2021, the piece was purchased by an anonymous collector through a deal facilitated by high-value NFT broker, Fountain. This sale marks the fourth highest-value transaction in the entire CryptoPunks collection, solidifying the project’s popularity and significance in the NFT art world.
Launched in 2017 by Canadian software developers Matt Hall and John Watkinson, CryptoPunks is a collection of 10,000 uniquely generated digital depictions inspired by the cyberpunk movement. Each piece is one-of-a-kind and can be collected trustlessly by interacting with the Ethereum blockchain. While most of the collection consists of human depictions, there are limited edition pieces representing zombies, apes, and aliens. The recent sale of CryptoPunk 635 further highlights the value and appeal of these digital artworks, with other pieces fetching prices as high as $23.7 million in previous transactions.
In a move that further solidifies CryptoPunks’ place in the NFT art world, the collection was acquired by Yuga Labs, the parent company of the wildly successful NFT collection Bored Ape Yacht Club (BAYC), in March 2022. This acquisition demonstrates the recognition of CryptoPunks’ impact on the NFT and crypto world, with Yuga Labs expressing admiration for the project’s founders and their contributions to the industry. By giving full commercial rights to NFT holders, Yuga Labs aims to carry forward the legacy and brand of CryptoPunks into the future they are building at their company.
The sale of CryptoPunk 635 and other high-value transactions within the CryptoPunks collection may indicate a potential resurgence in the NFT art market. Despite a recent trend of decreasing monthly sale prices for NFT artworks, the popularity and value of pieces like CryptoPunks have remained strong. With the sale of CryptoPunk 5905, a similar alien punk currently on the market for $15.64 million, there is continued interest and demand for these digital collectibles. The involvement of high-profile buyers and brokers, as well as the acquisition by Yuga Labs, further solidify CryptoPunks’ place in the NFT art world. As the industry continues to evolve and grow, the staying power of NFTs in the art market appears to be on the rise.
