Rare CryptoPunk NFT Breaks Records After Selling for More Than $23,700,000 in Ethereum (ETH)

A rare CryptoPunk non-fungible token (NFT) just shattered sale records after selling for tens of millions of dollars worth of Ethereum (ETH).

The CryptoPunks project is a collection of 10,000 unique, 8-bit-style pixel art images of punk-movement-inspired characters with unique traits and features.

The authenticity and originality of each item can be independently verified using the Ethereum blockchain.

Deepak Thapliyal, the chief executive of blockchain-based tech company Chain, bought Punk 5822 on Saturday for 8,000 Ethereum, according to CryptoPunks Bot.

Thapliyal says the used leverage on decentralized finance (DeFi) borrowing and lending protocol Compound (COMP) to purchase the rare NFT.

The 8,000 ETH was worth more than $23.7 million at the time of purchase.

Punk 5822 is an “Alien Punk,” the rarest type of CryptoPunk. There are only nine characters in the Alien Punk category.

The previous record for most expensive CryptoPunk was also set by one of the nine Alien Punks. In June, CryptoPunk 7523 sold at Sotheby’s London saleroom for $11.8 million.

Currently, the lowest-price CryptoPunk available is selling for 72.94 ETH, which is worth more than $220,000 at time of writing, according to Larva Labs. The average sale price of CryptoPunks in the past 12 months is 62.14 ETH, worth more than $187,500.

The project has more than $2.05 billion in Ethereum in total lifetime sales.

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Featured Image: Shutterstock/Maquette.pro/Natalia Siiatovskaia