No, a CryptoPunks NFT Didn’t Just Sell for $56 Million

No, a CryptoPunks NFT Didn’t Just Sell for $56 Million
While the eye-popping price caught some by surprise, the devil is in the details of this massive CryptoPunks transaction.

Did a CryptoPunks NFT on Ethereum really sell for a record $56.3 million as the broader NFT market continues its long, slow decline? No. Here's why.

While it’s true that CryptoPunk 1563 was transacted this afternoon, and that 24,000 ETH—or $56.3 million worth at the time—was "paid" for the asset, there were both surface-level and behind-the-scenes red flags that quickly cast doubt on the legitimacy of the purchase.

First off, this particular CryptoPunk was last purchased for about $69,000 worth of ETH in September. It doesn’t have any particularly rare attributes, which means it typically sells near the entry-level (or floor) price for the collection. It’s a “floor Punk.” There’s no obvious reason why it would jump in value by 81,000% in a matter of weeks.

Punk 1563 bought for 24,000 ETH ($56,292,000.00 USD) by 0x9cbb3d from 0xba1349. https://t.co/FqDvGZvg05 #cryptopunks #ethereum pic.twitter.com/hWimHKYb0x