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Rare CryptoPunk Sells For $4.4M
By: yyctrader
Do we dare think the NFT bear market is behind us?
It’s tempting. While the NFT market as a whole continues to languish, discerning collectors are shelling out serious cash for projects with a pedigree.
On Sept. 28, 900 mint passes for Tyler Hobbs’ latest QQL NFT project were sold in a modified Dutch auction that raised 12,600 ETH ($17M) in just under 30 minutes.
The auction started at 50 ETH and eventually sold out at 14 ETH. Collectors who placed higher bids were refunded the difference, meaning that everyone who participated ended up paying the same price.
These passes will allow holders to mint custom NFTs using the QQL algorithm, which has been available to the public for some time now.
The QQL collection has seen brisk action on secondary markets, pushing it to number two on OpenSea’s leaderboard with over 3,300 ETH ($4.5M) in trading volume. The floor price of the collection stands at 20 ETH, up nearly 50% in just two days.
Hobbs’ inaugural Fidenza collection remains one of the most popular generative NFT projects. During the Art Blocks boom of 2021, a rare NFT from the collection, nicknamed ‘The Tulip’, sold for 1000 ETH ($3.3M at the time).
Investor appetite for NFT art and collectibles shows no signs of abating.
CryptoPunks have long been considered the ‘original’ profile picture (PFP) NFTs. Given away for free in 2017 by creators Larva Labs, Punks really came into their own in the NFT bull run of 2021 and inspired later projects like the popular Bored Ape Yacht Club (BAYC).
One of just 24 Ape Punks in the collection, CryptoPunk #2924 changed hands for 3,300 ETH ($4.45M) on Sept. 28.
The seller was prominent NFT collector Daniel Maegaard, who goes by seedphrase.
“I was running low on liquidity and NFT sales volume has taken a nosedive recently, so I knew it would take an exceptional grail to get some market movement,” he said to CoinDesk.
Secondary sales volumes continue their losing streak, with just $114M traded in the week ending September 26. Volume in dollar terms has now dropped for seven straight weeks.
There was an uptick in the number of transactions, however. 445,282 NFTs were traded, an increase of 14% over the previous week.
Seven-day performance data from nftpricefloor.
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