CryptoPunk and BAYC NFTs Hit $1 Million Each

The NFT market continued to show signs of recovery after two coveted pieces sold for over $1 million each. The first sale took place on Monday, February 6, when CryptoPunk #5066 sold for 857 ETH, or $1.4 million at the time. The other, Bored Ape Yacht Club #7090, sold for 800 ETH, $1.3 million, the following day.

The CryptoPunk belonged to Kevin Rose, co-founder of the Proof Collective, and a notable NFT collector. The buyer remains unknown, however, blockchain data indicates that the NFT was transferred to another wallet labeled bitshamed.eth after the transaction was completed. Rose notes that he had to make the sale to balance his portfolio after recently falling victim to a phishing attack that led to the loss of 40 high-value NFTs that cost about $1 million. Now he believes the amount raised through the sale of his CryptoPunk NFT will allow him to acquire more Art Block Squiggles NFTs after losing 25 such collectibles in the attack.

Punk 5066 bought for 857 ETH ($1,400,192.27 USD) by 0x26206c from 0x8721cf. https://t.co/Su6Cyohr8r #cryptopunks #ethereum pic.twitter.com/wwmKp9Dsjk

— CryptoPunks Bot (@cryptopunksbot) February 6, 2023

As for the Bored Ape NFT, it belonged to Web3 creator and collector Jimmy McNelis. The buyer also remains unknown for this piece, which is ranked the 62^nd rarest NFT of its kind. McNelis is also a well-known figure within the NFT space. He owns the NFTs behind Kingship, the Bored Ape virtual band by Universal Music Group, and has also created the early Avastars project.

CryptoPunk And Bored Ape Lead NFT Market Ressurgence

The sales come as confirmation of the resurgence of the NFT market, which has experienced turbulent times over the past year. Since last November, sales volumes have been on the up. Last month saw sales rise by 38% to reach $947 million, according to DappRadar, while the number of NFTs sold during the same period rose by 42% to 9.5 million.

Following these encouraging signs over the past few months, one can’t help but wonder if the bear market is over.

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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.