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Offer Of $9.5M Declined By CryptoPunk #6046 Holder. What Happened?

Tali Kon

Owner of Cryptopunk #6046 refused to sell his NFT for a record breaking sum of $9.5M, due to the NFT’s inseparable association with his brand and online persona.

As NFT marketplaces have gained mass momentum over the past year, barriers to entry have decreased and prices have become heftier, especially for those earlier NFT projects. Whilst CryptoPunks isn’t the earliest Ethereum based project, it is definitely the wildest. As CryptoPunk prices have surged drastically in 2021, owning a Punk of finite supply is now considered quite an achievement.

Just yesterday, a brave soul placed an astounding offer of $9.5M for CryptoPunk #6046. The NFT owner declined the offer.

Funnily enough, the bid was bravely placed after the owner of the CryptoPunk tweeted: “My punk is not for sale. It doesn’t matter what someone gives me.

The CryptoPunk NFT owner openly admitted that his NFT was nowhere near worth $9.5 million, as it is classified as a mid-level punk, with its 3D glasses characteristics. The owner raises eyebrows as to why one would offer 2500 ETH for it.

Had the owner accepted the bid, it would have arguably marked the priciest CryptoPunk NFT transaction to date, worth over 500 ETH. Moreover, it would break the previous record of $7.57M for CryptoPunks#7804, earlier this year. 

The owner explains the reason for his refusal: “My identity, with [the] the identity of other iconic punks, have value beyond the NFT itself. We have our own brands that are similar to all other brands and have value. Because I appreciate my personal brand and identity, it was an easy rejection for me.

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Created by Larva Labs, CryptoPunks is one of the earliest NFT projects. The collection consists of 10,000 randomly generated images. These images are themed around characters from popular movies such as Blade Runner and Neuromancer. 

CryptoPunks is an all-time leading project with a trading volume of 552,073 ETH. The priciest CryptoPunk deal until now was the sale of CryptoPunk #7804 for $7.57 million.

The value of a CryptoPunk is mostly determined by the uniqueness of the Punk’s features and characteristics. Punks with with more rare traits, like Aliens (0.09%), are usually worth more. Regarding Punk #6046, his 3D glasses trait ( which 3% of the collection possesses) would be worth considerably less than extremely rare traits.

The CryptoPunk craze or phase?

The average price for a CryptoPunk has escalated dramatically over the past year. Since the beginning of the year, there has been a 1300% increase in the average sale price. However,  despite these rapid price increases, the NFT sector is still in its infant years. Although all eyeballs are on the project, many are still unsure about exactly what they’re looking at and why exactly these avatar-themed images are worth so much money. Perhaps a more mainstream type of appreciation is necessary for the CryptoPunk craze to last.

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