CryptoPunk #5822, the most expensive piece from the CryptoPunks NFT collection, has changed hands, though the price remains a mystery. Acquired by NFT enthusiast Deepak Thapliyal in 2022 for a staggering 8,000 Ether (ETH), equivalent to $23.7 million at the time.
This alien punk wearing a bandana set a record as the highest bid for a CryptoPunk NFT and the fifth priciest NFT sale ever. On August 19, Thapliyal announced on X that he was bidding farewell to CryptoPunk #5822, sending it to an unlabelled wallet.
Despite his heartfelt farewell, the sale price of the NFT was not disclosed. This has led to speculation within the NFT community, with many assuming Thapliyal sold the punk at a loss.
Given the current downturn in the NFT market, with a 45% drop in sales volume in Q2 2024 and July’s lowest monthly sales since November 2023, the assumptions might hold water.
There is only one alien Punk listed for sale on the CryptoPunks and is priced at 5,000 ETH ($13.36 million), suggesting CryptoPunk #5822 might have been sold at a significantly lower price. If true, this would represent a minimum 43.6% loss for Thapliyal.
Adding to the uncertainty, an auction of CryptoPunk #491 held by Sotheby’s on August 15 failed to attract much interest. The auction, intended to highlight blue-chip digital art, saw only one bid for a CryptoPunk, significantly below Sotheby’s estimated value of $70,000 to $100,000.
As the NFT market continues to struggle, the fate of CryptoPunk #5822 and the tepid auction results underscore the challenges faced by digital collectibles in today’s economic climate.
