CryptoPunk #9998

Magic Eden

The CryptoPunks non-fungible token (NFT) collection made headlines when a rare Ape-themed CryptoPunk sold for over $1.5 million on Sept. 5.
CryptoPunk #6915 was sold for 620 Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>), equivalent to around $1.48 million. This particular NFT is one of only 24 Ape-themed CryptoPunks and features three distinct attributes: a cap, an earring, and an eye patch. <img alt="Rare Ape CryptoPunk sells for $1.5M amid market downturn" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191c6c9-50eb-7fbe-83ca-1b80d682c766">
Although the NFT sold for over a million dollars, the owner had received higher offers for the piece earlier this year. According to CryptoPunks <a data-ct-non-breakable="null" href="https://cryptopunks.app/cryptopunks/details/6915#" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cryptopunks.app/cryptopunks/details/6915#">data</a>, in March 2024, when monthly NFT sales volume was approximately $1.6 billion, offers for Punk #6915 ranged from $5 million to $6 million.
This means that the NFT’s value decreased by 78% since March.&nbsp;
<h2 id="community-reacts-to-cryptopunk-sale">Community reacts to CryptoPunk sale</h2>
The crypto community noticed the sale and shared their thoughts on X. One community member <a data-ct-non-breakable="null" href="https://x.com/jamesmarshall17/status/1831950345289003046" rel="noopener noreferrer nofollow" target="null" text="null" title="null">found</a> it “weird” that the owner refused higher offers earlier this year, while another X user <a data-ct-non-breakable="null" href="https://x.com/Ape_31/status/1831788564667101218" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> that $1.5 million on a CryptoPunk in 2024 is “crazy.”&nbsp;
<figure><img alt="Rare Ape CryptoPunk sells for $1.5M amid market downturn" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191c6c8-5bb9-7ee0-99aa-46e7a65f1faa">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/RoboBeanieApe/status/1831891618758324235" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/RoboBeanieApe/status/1831891618758324235">Robo Beanie</a>
 </figcaption>
</figure>
Meanwhile, one community member <a data-ct-non-breakable="null" href="https://x.com/illokXBT/status/1831796684734787995" rel="noopener noreferrer nofollow" target="null" text="null" title="null">thinks</a> that the owner conducted a wash sale. The X user <a data-ct-non-breakable="null" href="https://x.com/illokXBT/status/1831797196507017256" rel="noopener noreferrer nofollow" target="null" text="null" title="null">believes</a> that a huge percentage of NFT sales are “insiders trying to create some kind of hype.”
<a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-are-wash-trading-and-money-laundering-in-nfts" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Wash trades</a> are done to deceive market participants about an asset’s price or liquidity. It occurs when a trader buys and sells the same asset. In October 2021, CryptoPunk #9998 was sold for almost $500 million. However, data showed that the seller returned the ETH to the buyer to repay a flash loan.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/magic-eden-dominates-nft-market-august" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Magic Eden dominates NFT trading volume, surpassing Blur and OpenSea: CoinGecko</a>
<h2 id="cryptopunks-go-down-in-value-amid-market-slump">CryptoPunks go down in value amid market slump</h2>
On Aug. 19, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cryptopunk-transfer-amid-nft-market-decline" rel="noopener noreferrer nofollow" target="null" text="null" title="null">CryptoPunk #5822 changed owners</a>. Its previous owner posted on X that it's the “end of an era,” as onchain data shows that the NFT was transferred to a different wallet. The NFT investor did not disclose the sale details, leaving the community to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cryptopunk-nft-sale-market-decline" rel="noopener noreferrer nofollow" target="null" text="null" title="null">assume it was sold at a loss</a>.&nbsp;
In August, NFTs had their lowest monthly sales performance in 2024, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-sales-august-2024-decline" rel="noopener noreferrer nofollow" target="null" text="null" title="null">going below $400 million</a> for the first time this year. NFT data showed that digital collectibles are down by 76% compared to its highest monthly sales volume record in 2024.&nbsp;<iframe width="100%" height="315" src="https://www.youtube.com/embed/HpNl-1zRqxk" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/nft-collector-suzanne-pudgy-penguins-cryptopunks-fidenzas/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/magazine/nft-collector-suzanne-pudgy-penguins-cryptopunks-fidenzas/">‘Treat your first NFT purchase like a first date’ — NFT Collector Suzanne</a>

Rare Ape CryptoPunk sells for $1.5M amid market downturn

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