Mysterious Buyer Splurges $4.5M on a CryptoPunk Amid Market Unease

Source: Nftplazas / Russell

Beneath the shiny veneer of colourful collectables and versatile assets there lurks a level of degen that all aspire to. For example, the kind of wilful deviant that would wake up a long dormant wallet to casually drop a cool $4.5 million on a CryptoPunk, all to the backdrop of the stagnating crypto industry and diminishing NFT sales.

Despite the sheer lunacy of the scenario, this is what met the denizens of NFT Twitter in the early hours of Thursday morning as a non-descript wallet dropped an incredible 3,300 ETH to acquire the services of CryptoPunk #2924. An asset ranked No38 in the CryptoPunk collection that last changed hands in 2020 for ‘just’ 150 ETH.

Following the purchase, several NFT sleuths spurred into action to find out more about the incredible sale. However, their digging appeared to yield more questions than answers. As such, users managed to trace the bulk of the funds (1,900 ETH) to a wallet that had remained dormant since 2017, back when the ETH price was just $250 and a crazy new project called CryptoPunks was doling out NFTs for free.

Speculation, theories and suggestions continue to buzz through the social media arena. However, a rock-solid motive for the purchase remains, for now, elusive.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.