CryptoPunk sells for 8k ETH and becomes the most expensive in the collection
2 min read
NFTs continue to attract attention and break new records. After the Bored Ape Yatch Club (BAYC), now it’s the turn of the Crypto Punks. As per reports, Crypto Punk #5822 was acquired for 8k ETH.
By way of comparison, the most expensive Bored Ape sold to date cost $2.9 million. That is, almost ten times less than CryptoPunk.
Who acquired the work was Deepak Thapliyal, CEO of Chain Protocol. He confirmed the purchase on Twitter and said that the NFT was acquired through the Compound protocol.
Thanks to @CompoundFinance I am able to still HODL #ETH while buying this. Basically Long’d ETH to punk-in 👽. #DeFi FTW
— Deepak.eth ⛓ (@dt_chain) February 12, 2022
Buying via passive income
At first glance, Thapliyal used a passive income system to acquire Crypto Punk. This system allowed the purchase at the same time that the ETH remains in the possession of the executive.
In this sense, the CEO used a leverage system to borrow the 8 thousand ETH. In this way he was able to pay the NFT and keep his ETH in the long term. With the leverage system, Thapliyal will only need to honor the loan payment.
It’s worth noting that Thapliyal bought the rarest type of Crypto Punk, the alien type. Of the 10 thousand NFTs that make up the collection, only nine (0.09%) are of this type. This rarity explains the high price, which is now a new record for NFTs.
Not very famous but very rich
Developed in 2017, Crypto Punks are made up of 10,000 pixelated images, each representing a different type of Punk. Aliens are the rarest type; in fact, two of these Crypto Punks are on the list of the most expensive NFTs in history.
However, Crypto Punks don’t have the same media appeal as their BAYC rivals. That’s why these NFTs are not usually purchased by artists and other celebrities. But what they don’t have in marketing, they have in financial value.
The entire NFT industry has seen strong growth in the past year, which has resulted in purchases and sales that have reached into the millions of dollars.
