CryptoPunks, one of Ethereum’s most decorated collections, is known for its exclusivity and history. Even in a bear market where most people opt to sit on capital rather than buy NFTs, the average 7-day price continues to top 90 ETH ($93,000). Besides the price, the average 7-day volume is 12,600 ETH – that is 7,300 ETH more than the latest face of web3, Bored Ape Yacht Club.
For the past two weeks, investors have been watching the CryptoPunks movement, wondering what’s causing the sudden surge. However, on July 12th, we witnessed one of CryptoPunks’ highest sales. After offers of more than $1 million on numerous Punks, CryptoPunk #4464 sold for 2500 ETH ($2.6 million). The token has a do-rag, eye mask, vape, and the ape trait. While the accessories are common, there are only 24 NFTs out of the 10k collection which possess the ape property.
To commemorate the groundbreaking sale, the former owner of Punk #4464 announced he was officially “the person formerly known as vapeape” on Twitter. Punk #4464 has broken into the top 10 most expensive CryptoPunks ever, flipping #7252 and sitting in 9th place just behind Punk #8888.
After the sale of the CryptoPunks collection to Yuga Labs, many expected the collection to fall by the wayside, with Bored Ape Yacht Club firmly establishing itself as the leading NFT project. However, after a slow few months, the collection has begun to pick up steam. Many cite blue-chip status and history as a factor, considering that CryptoPunks is one of Ethereum’s original collections.
