- The most expensive CryptoPunk #5822 has been sold
- Deepak Thapliyal bought it for $24M in 2022
- He didn’t disclose the price and buyer, and NFT was received by an anonymous wallet
The most expensive CryptoPunk #5822 that Chain CEO, Deepak Thapliyal bought in February 2022 for a record $24 million – sold it to an unknown buyer for an undisclosed amount.
Its sale comes amidst the ongoing price decline in the NFTs market, which is already far from its phenomenal performance just a few years ago.
Features of CryptoPunk #5822 Sale
CryptoPunk #5822 is one of nine exclusive Alien Punks that was expensive even against the rest of the collection where the minimum value of an asset started at $200,000 at the peak of its hype.
Then in 2022, it was bought by Deepak Thapliyal for $24 million setting a record for the entire CryptoPunks NFT collection.
However, he announced the sale of his CryptoPunk NFT, while choosing not to disclose the details of the deal like the sale price and the name of the buyer, sending the NFT to an anonymous wallet.
All of this comes amidst a precipitous drop in the price of the entire NFT sector and the CryptoPunks collection in particular, falling to a record 44,000 this year and now with an average value of up to $59,000.
NFT Hype Is Going Away Altogether. Or Is It?
The hype around NFT as well as the prices have undoubtedly dropped and can’t compare to the million-dollar sales we saw in 2021.
Yes, there are examples of this decline having some momentum that doesn’t allow you to call it a crash, such as the three CryptoPunks sold this spring for at least $12 million apiece.
However, the falling hype around CryptoPunks and the decline in its price may have affected the perception of the value of this entire asset class, and are increasingly in less demand, even in the art field.
On Monday, Michael Bouhanna, head of digital art at Sotheby’s announced that two CryptoPunk pieces received zero bids even after a price cut of $45,000 apiece, while originally bidding for $60,000.
Conclusions
We see a clear downward dynamic, but with some fluctuations, and we do not see a complete collapse in the value of this asset as a class.
Moreover, the flagship collections that made a lot of noise when they heralded the release of new technology but were not attached to specific practical tasks, are struggling.
On the other hand, we are seeing NFT technology continue to evolve and be adopted by major players like Sony for use in their ecosystem and products, where it has a logical place and real utility.
The price of this asset class will likely be driven by real-world applications, and we should not worry about a price decline, which is more likely to come to an actual rather than falling.
However, there is a chance that NFTs will also turn out to be cyclical, have an isolated value in the market, and now someone will also buy a pizza at the moment of the bear cycle.
One thing is for sure, this technology can do the job and should find its application, so this will have an impact on its value, the other factors, if any, are yet to be tested for the first time.
