Crypto Punk NFT Sells for 1155 ETH, $1.38M: Market Rally Inbound?

• A Crypto Punk NFT was sold for six times the amount it was bought, for 1155 ETH.
• Crypto Punks displaced other collections to the apex of the market sales volume in 2021 and first quarter of 2022.
• In the past 24 hours, Crypto Punks registered a 154% uptick in sales amounting to $2.60 million.

Crypto Punk NFTs have become a hot commodity in the digital asset market, with investors eager to get their hands on the rare assets. Recently, a Crypto Punk NFT sold for six times the amount it was bought, with the collector selling it for 1155 ETH.

The Crypto Punk NFT, #2066, was bought for 175 ETH – around $210,000 – and sold for an impressive $1.38 million. This rare asset is one of 88 Zombie Punks, and the sale sparked interest from many investors, with the collector receiving numerous offers until 28 December.

The sale of Crypto Punk NFTs has seen a huge surge in the past few months, with the collection becoming one of the top three across all blockchains, with hundreds of millions of dollars in sales. This performance has pushed the momentum into the first quarter (Q1) of 2022.

Unfortunately, the dip in crypto prices and a series of uneventful incidents have caused a massive decline in floor prices and traders‘ interests. However, the market has started to rebound, with Crypto Punks registering a 154% uptick in sales in the last 24 hours. The trades amounted to $2.60 million, involving 11 sellers and buyers in 15 transactions.

Yuga Labs-owned Mutant Ape Yacht Club [MAYC] and Bored Ape Yacht Club [BAYC] have also seen a rise in sales, with the two collections registering a combined sale of $12.3 million worth of digital assets.

It appears that the NFT market year may end in a turnaround and investors may not be too far from the truth. Despite a rally on the horizon, investors should not expect an all-round recovery, but the recent trade from a blue-chip Ethereum [ETH] collection could set things in motion.

With the market showing signs of recovery, investors are hopeful that the NFT market will make a comeback in 2023. For the market to sustain a revival, the crypto prices would need to recover first.