Rare CryptoPunk Sells for $1.5 Million with a 78% ‘Paper’ Loss

On September 5, CryptoPunk #6915 changed hands for 620 ETH ($1.48 million). This NFT is one of 24 ape-themed CryptoPunks featuring three attributes: a hat, an earring, and an eye patch.

According to CryptoPunks data, in March 2024, when the monthly NFT sales volume was around $1.6 billion, offers for #6915 ranged from $5 million to $6 million. The token’s ‘paper’ price has since fallen by 78%.

The community found it “strange” to decline the deal in March and called the current sale price “madness.”

$1.5m on a punk in 2024 is crazy, GG seller

— APE (@Ape_31) September 5, 2024

There was also speculation that the transaction was fictitious, intended to alter market participants’ perception of the asset’s price or liquidity. Such deals occur when a trader buys and sells the same token.

Cointelegraph recalled that in October 2021, #9998 was sold for nearly $500 million. On-chain data indicates the previous owner of the CryptoPunk returned Ethereum to the buyer to repay a flash loan.

In August, the monthly NFT sales volume was the lowest since October 2023, according to CryptoSlam data. In the second quarter, the figure fell by 44% compared to January-March.

In March 2024, American comedian Kevin Hart’s BAYC #9258 was sold for 13.65 ETH—76% below the purchase price. Pop star Justin Bieber’s token from the same collection depreciated by nearly 95%.

In the same month, CryptoPunk #7804, one of the nine so-called “aliens,” was sold for 4850 ETH ($16.42 million).

In August, the owner of the most expensive CryptoPunk #5822, Deepak Thapliyal, who purchased the token for 8000 ETH ($23.7 million at the time) in 2022, disposed of the asset for 1500 ETH (~$3.9 million) with an 80% loss.