Non-fungible tokens (NFTs) aren’t what they used to be.
At the peak of the NFT hype cycle, it appeared the whole world might be captured by digital artwork mania.
NFT collections such as CryptoPunks and Bored Apes captured the cultural zeitgeist, gaining traction through 2021 into 2022. Celebrities including Justin Bieber, LeBron James, Tony Hawk and Madonna acquired artworks, generating a string of headlines in mainstream media outlets.
Snoop Dogg and Eminem performed as Bored Ape Yacht Club avatars at the MTV Video Music Awards.
In January 2022, American socialite Paris Hilton spoke about her love of NFTs on the Tonight Show with Jimmy Fallon.
The market topped a few months later, in May 2022, with a market cap of $526 billion. Today, the total value of the market is closer to $18 billion, a 97% drop. So, how are those NFT investments looking today?
CryptoPunk #5822
CryptoPunks represent one of the largest and most recognizable series of NFTs ever sold. Launched on the Ethereum blockchain in 2017 by Larva Labs, the 10,000-strong collection of 24×24 pixelated “punk” characters helped to pioneer the crypto art movement.
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In 2021, Christie’s of London auctioned a lot of nine CryptoPunks for $16.9 million. According to Christie’s, the CryptoPunk collection is inspired by the London punk scene, Blade Runner and William Gibson’s 1984 cyberpunk novel Neuromancer.
This is not CryptoPunk #5822, it is only a JPEG. Source: CryptoPunks
On Feb. 12, 2022, CryptoPunk #5822 sold for 8,000 Ether (ETH) or $23.7 million. It was purchased by Deepak Thapliyal, CEO of the blockchain banking company Chain. Just one month later, Thapliyal turned down an offer of 10,000 ETH for his punk, which would have netted him a near-immediate profit of $2 million.
CryptoPunk #5822 is one of only nine alien CryptoPunks in existence. In April 2024, another alien CryptoPunk, #635, sold for 4,000 ETH or $12.4 million, and Alien CryptoPunk #3100 sold for 4,500 ETH in March…
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