The crypto market is currently at the stage where liquidity is down more than 50% from its All Time High, while some are buying the dip, some consider to buy something else which are known to be more risky. This is something we saw when a person purchased a crypto punk NFT which is considered to be rare. I will consider the buyer very brave, because they are buying an NFT for $2.6 Million during the time where people are being careful with the crypto market.
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The sold cryptopunk is rare because it’s a cryptopunk ape. The first time I saw the image I felt it was a crypto punk rip off, because I had never seen an ape crypto punk. Turns out there are only 24 apes from the 10,000 cryptopunk collection. If you are looking at it from the NFT value point of view it’s quite rare and just may be worth the price. This ape has a vape, wears a durag, looking like a cryptopunk ape trying to keep up with the pop culture trend, and yeah, it has an eye mask.
I believed that this sale is supposed to considered one of the most expensive crypto punk NFT sales, because of the dip. The value of ETH has really tanked from its $4,000+ all time high, if we are using the all time high value of ETH to estimate the value of this NFT during all time high, this NFT should be over $10 Million. Which we have seen some crypto punks get sold for the same ETH value, although I must have exaggerated a little about some crypto punks getting sold for that amount of ETH. It’s only been about 3, the highest most sold crypto punk in ETH was sold for 8,000 ETH. That is a lot of money for an NFT.
While some people are looking for money to buy the dip, like me, some people are buying the NFT dip. One beautiful reason for buying an NFT or rather making NFT investments, is that you are investing your ETH in digital asset with the potential of making more ETH instead of more USD. When you get more ETH value in an NFT, this means that when the price of ETH is above the price NFT got bought, you win bigger. You win both in ETH quantity and ETH value.
To the buyer of the crypto punk, I am going to consider it one of the baddest move made in crypto. Dropping g the same of $2.6 Million on an NFT during a bear season which is considered crypto winter is a bad one.