Despite the ongoing downturn in the non-fungible token (NFT) market, a CryptoPunk from the Ape Punk collection has sold for $1.5 million.

According to CryptoPunks Bot, CryptoPunk 6915, one of 24 rare Ape Punks, was purchased for 620 ETH (around $1.48 million) by an anonymous collector known as "0x8bbccd." The NFT is one of 24 Ape Punks minted on the Ethereum blockchain by Larva Labs.

Cryptoslam data shows that Punk 6195 was originally purchased for 3.5 ETH ($2,455) in late December 2017. The recent transaction has earned the seller a profit of 59,390.10%. The seller, known as “0xe38ee2,” also sold CryptoPunk 9479 for 35 ETH (approximately $82,466.39) immediately after Ape Punk changed hands.

CryptoPunk 9368, one of 88 Zombie Punks, was the second-largest sale in the collection on September 5, selling for 310 ETH ($734,179). Interestingly, the Punk has already received an offer of 1,500 ETH, but the deal has not yet been finalized. If the sale goes through, it would be the highest-priced CryptoPunk sale since March.

CryptoPunks is currently the most expensive NFT collection, with daily sales of around $1.68 million. However, recent sales are far from the most expensive NFT transactions for this collection.

In March 2024, CryptoPunk 3100 sold for $16.03 million in ETH, and CryptoPunk 7804 sold for $16.42 million just a few weeks later. However, these sales pale in comparison to CryptoPunk 5822, which sold for 8,000 ETH ($23.7 million) in February 2022.

The $1.48 million sale has sparked renewed optimism in the NFT community, with many influencers enthusiastically declaring that NFTs are making a comeback.

Despite the recent surge in activity, the NFT market has been struggling over the past month, with sales declining and buyers churn. At the time of writing, total NFT sales have declined by 42.15%. Additionally, the total number of NFT transactions has dropped by 24.48% to 7.1 million, indicating weaker demand for these assets.

Adding to the problems, a sudden warning from the Securities and Exchange Commission (SEC) against NFT marketplace OpenSea further fueled the downturn by raising concerns in the community about the possible classification of NFTs as securities.

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