Cryptocurrency News

Cryptopunk #5822 Sells For The Highest Price in ETH

Cryptopunk NFTs were created by Larva Labs Studios in June 2017. It is a collection of approximately 10,000 different non-fungible tokens. The collection consists of 6,039 male versions and 3,840 female versions of NFTs.

Larva Labs Studios has recorded a trading volume of $2.57 billion among 5,927 traders since June 2017. Out of all the NFTs sold, Cryptopunk #5822 is the one to smash the record of highest selling value.

Cryptopunk #5822 Smashes NFT Record

Cryptopunk #5822 smashed the record for being sold at the highest value after Deepak Thapliyal bought it for 8,000 ETH. The value of 8,000 ETH came to around $23.3 million at the time of purchase.

The overall value of ETH has come down in the past seven days. Its current trading value is $2,857.40, down by 7.07%. However, various optimistic experts estimate the value to reach $7,500 by the end of the year. Read more about ETH’s future price estimates and predictions.

Selling the NFT right now would be a sign of loss. This does not necessarily apply to Deepak Thapliyal, the Chief Executive Officer of a blockchain firm called Chain. He is known in the market as an avid collector of NFTs, and he will probably retain it safely with him.

Deepak Thapliyal currently holds 1,873 non-fungible tokens from 59 different collections. The total value of all his NFTs comes to approximately around $64.63 million at the time of writing.

As for Cryptopunk #5822, Deepak Thapliyal revealed that he bought it through compound finance.

Compound finance is where crypto investors can lend and borrow their respective digital assets. A purchase using Compound Finance eliminates the requirement for the buyer to let go of his or her ETH holdings.

In other words, Deepak Thapliyal used compound finance to purchase Cryptopunk #5822 while still holding his share of ETH.

The Floor Price for Cryptopunk #5822 was registered at $9.93 million, which roughly equals 3,397.89 ETH. This is a lot when compared to the Floor Price of the least expensive Cryptopunk NFT, which comes to around $209,000 or 71.52 ETH.

The two Cryptopunk NFTs that rank just below Cryptopunk #5822 include #7523 and #5577. They were sold for $11.8 million and #7.7 million, respectively.

Cryptopunk NFTs have seen a rise in selling value, especially in the last seven days. The total sales value has gone up by 69.35% to touch the mark of $50.7 million.

A lot of credit goes to Deepak Thapliyal. His purchase of Cryptopunk #5822 increased the value of weekly sales. The same took the selling value of Crypto Punk up by 1660.41% in the last 24 hours.

Deepak Thapliyal’s purchase of Cryptopunk #5822 via Compound Finance has brought the best alternative for purchasing a piece of NFT. An avid NFT collector can surely take a look at it as Compound Finance enables the buyer to hold the digital artwork while keeping his or her ETH intact.

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Kathleen Davis

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Kathleen Davis worked as a freelance writer. She loves writing on topics like forex and cryptocurrencies. She is a cryptocurrency analyst and works as a cryptonews writer for our team.
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