CryptoPunk #5822 is now the highest-selling NFT from the collection after pulling 8000 ETH or around $23 Million! The OG collectible is undoubtedly among the most successful projects this date, thanks to its stature as one of the first NFT projects on Ethereum. So this jaw-dropping sale is the latest addition to its long list of achievements.
CryptoPunk #5822’s 8000 ETH Price Tag
The buyer of CryptoPunk #5822 is the CEO of blockchain-based technology company Chain, who uses the ENS address Deepak.eth. He posted a countdown before announcing his record-breaking purchase. His pinned tweet, along with a photo of #5822, has gone viral with over 17000 likes and 6000 retweets.
According to Larva Labs’ website, Punk #5822 is one of the 9 Alien Punks, so it has a high rarity ranking. In addition, this NFT is wearing a Bandana, a trait that 481 Punks have. CryptoPunks is a collectible featuring 10,000 unique digital art characters.
The collection really needed this wave of good news because it has been the subject of a huge controversy for the past few weeks. Larva Labs released V1 Punks in 2017. After the team sold all 10,000 Punks and the secondary market kicked off, they discovered an impactful bug in the smart contract. Then, they amended the contract and relaunched the CryptoPunks collection we know today.
The problem is that V1 Punks are making a comeback and gaining momentum. The project’s creator tried to snip it by proclaiming that the classic Punks are not Official CryptoPunks. Last week, giant NFT marketplace OpenSea delisted V1 CryptoPunks as the project is facing a court battle with Larva Labs.
So now there’s an ongoing debate whether which of the two versions is more valuable. This sale just reaffirms what V2 Punks can do thanks to the full support of Larva Labs and the community. As for the potential valuation and market performance of V1 Punks, only the market can dictate that. So far, it’s looking good because LooksRare allowed the listing of the V1 ClassicPunks.