What Bear Market? CryptoPunk Sells for $3.3 Million

[tokyohd]

A non-fungible token from the CryptoPunk collection has sold for a staggering 2,691 ETH ($3.3 million), defying the bear market.

This has marked one of the most valuable NFT sales of all time despite the fact that the industry is in the doldrums. The purchase has pushed the floor price of the CryptoPunk collection higher. The collection has seen a resurgence this summer despite the fact that sentiment toward NFTs has soured. Another rare CryptoPunk was bought for $2.6 million earlier this week. Last June, a CryptoPunk NFT was sold for a whopping $12 million worth of Ether.

Read more on U.Today
https://u.today/what-bear-market-cryptopunk-sells-for-33-million

[Pmalek]

There is so much market manipulation on the NFT marketplaces that it's impossible to know if that monkey NFT actually changed hands and went to a new owner or if the same person "sold" it to themselves in order to get a better chance of selling it in the future. You transfer $3.3 million from one of your accounts to a different one, and in a few weeks or months you put the same digital item up for sale with a nice discount and pocket whatever someone is willing to pay for that crap. 

[un_rank]

As the above user rightly said, it is difficult to know which sale is a money laundering scheme, which is a market manipulation and which is a legitimate sale.
Overall, I do not think it much matters. Huge price sales meant to draw in fomo should not affect one, if you have been in the crypto space for a while.

Even if there is someone willing to pay millions for a token or artwork and you do not see any value in it, then it is what $0, and you should not care about it.

[Saisher]

There is so much market manipulation on the NFT marketplaces that it's impossible to know if that monkey NFT actually changed hands and went to a new owner or if the same person "sold" it to themselves in order to get a better chance of selling it in the future. You transfer $3.3 million from one of your accounts to a different one, and in a few weeks or months you put the same digital item up for sale with a nice discount and pocket whatever someone is willing to pay for that crap.  

You are right on this one, there's no way to verify who bought what, in the NFT marketplace, NFT hype is not what it used to be and the only way sellers can sell on price where they can make a profit is they manipulate it to make it attractive, if you're a buyer and you don't know this manipulation, you are in big trouble, you will end up in an overpriced item.
Buyers should be aware of the consequences of holding an NFT for investment purposes.

[sbrys]

There is so much market manipulation on the NFT marketplaces that it's impossible to know if that monkey NFT actually changed hands and went to a new owner or if the same person "sold" it to themselves in order to get a better chance of selling it in the future. You transfer $3.3 million from one of your accounts to a different one, and in a few weeks or months you put the same digital item up for sale with a nice discount and pocket whatever someone is willing to pay for that crap. 

Isn’t there also a market place fee of 5% or so ? Would be an expensive paper sale if there was 😁

[btc_angela]

I guess it's all about the hype and not the condition of the market. Sure there are still a lot of whales in the market willing to buy those NFT at that staggering price. It's just the question if the money if the investment is worth or not?

So let's see, maybe in the next 4-5 years, we will have some answers, but for now, it seems that the NFT craze is still at it's peak during their bearish market.

[Jawhead999]

Do you mean the market condition are just because of the trading volume? Today the 24 hour Bitcoin volume is $23 Million and it's 8 times higher than this NFT, do you think $23 Million is a small number? why Bitcoin price doesn't increase if the volume is big? lol.

Actually most people sold their coins on bear market because they're fear if Bitcoin price could be lower in the future, if you look at the graph and trading volume on CMC, you will know.

[Pmalek]

Isn’t there also a market place fee of 5% or so ? Would be an expensive paper sale if there was 😁

I am sure the marketplace where the bidding takes place gets a cut. And there is also the Ethereum transaction fees that aren't exactly small. However, it's a small investment compared to what you can get back if you trick someone into purchasing your stupid monkey with sunglasses and a colorful hat.

[MAAManda]

There is so much market manipulation on the NFT marketplaces that it's impossible to know if that monkey NFT actually changed hands and went to a new owner or if the same person "sold" it to themselves in order to get a better chance of selling it in the future. You transfer $3.3 million from one of your accounts to a different one, and in a few weeks or months you put the same digital item up for sale with a nice discount and pocket whatever someone is willing to pay for that crap. 

I have the same thoughts as you, the NFT market is an easier market to manipulate than the crypto market in general. We don't know whether the collection actually changed ownership or not.

The possibility is very high that the Cryptopunk NFT that the OP informed us is the NFT that their community is currently manipulating.

[sbrys]

Market manipulation also happens a lot in collectibles.

Videogames are the latest ‘victims’. Some of the record breaking sales of last 2 years have been proven market manipulation where ownership remains within the same group.

It really pushed the total market upwards so sadly it works…

[cryptoaddictchie]

Wow this ia a big sold of nft. Someone fund his another wallet and bought his losing value nft to regain the price action. I dont have evidence and hard to prove but my guts tells me that this is wash trading and his trying to pull the price from it slump over few months.

Everyone is right. This is clearly manipulation. Nft flipping is famous but so is manipulation underlying these expensive nfts.

[Jackl87]

A non-fungible token from the CryptoPunk collection has sold for a staggering 2,691 ETH ($3.3 million), defying the bear market.
This has marked one of the most valuable NFT sales of all time despite the fact that the industry is in the doldrums. The purchase has pushed the floor price of the CryptoPunk collection higher. The collection has seen a resurgence this summer despite the fact that sentiment toward NFTs has soured. Another rare CryptoPunk was bought for $2.6 million earlier this week. Last June, a CryptoPunk NFT was sold for a whopping $12 million worth of Ether.

Those are really absolutely crazy numbers 2M $, 3M $ or even 12M $ just for the ownership of a piece of virtual art that can be downloaded for free by anyone else is really crazy and also not really understanable for me. If you are collecting real physical pieces of art then of course it is totally different because then you are the only one owning that piece of art and you can touch it, but with NFT's millions of people can have the jpg of that NFT on their PC or whatever and the only thing that the owner has in comparison to those millions of people is a string of code withing a blockchain that is identifying him as the owner.
Also like others in this thread already mentioned, i also think that it is very likely that this was just a wash trade or something between two addresses of the same very rich guy or between two rich friends or something.

[coin-investor]

There is so much market manipulation on the NFT marketplaces that it's impossible to know if that monkey NFT actually changed hands and went to a new owner or if the same person "sold" it to themselves in order to get a better chance of selling it in the future. You transfer $3.3 million from one of your accounts to a different one, and in a few weeks or months you put the same digital item up for sale with a nice discount and pocket whatever someone is willing to pay for that crap. 

If you're a holder of an overpriced NFT and the market is not doing good you will create manipulation to make it appear that you're holding a valuable NFT, there's little transparency in the NFT industry and every holder should try to sell their NFT as soon as possible for profit, I'm not a big fan of NFT and many gets into NFT because of the hype and the potential profit that they are going to get, so I expect that kind of manipulation to exist, no one wants to be a bag holder.

[0verseer]

Search on how art pieces are being used in tax evasion. The NFTs look quite the same, especially how NFTs can sold for a ridiculous amount of money without any verification and so lack transparency on the buyer. It's like they could appraise or set any price for it, and donate it to a museum for the charitable deduction on the taxable amount of money they own.

[Sterbens]

What if this is just a trick to bring back the NFT market which is on the verge of sinking. In general, these NFTs are the only NFTs that are considered expensive and when the bear market comes, the hype will fade. The DNA of marketing techniques is reloaded to rise above the surface so that there is a drama of buying, even though behind the scenes it is just a series of plans to manipulate the NFT market alone. All could be possible due to the level of competition in the NFT market.

[zasad@]

With the purchase and sale of NFT tokens, it is possible to show the desired tax profit or the desired tax loss. In many countries, such illegal schemes are still in operation.
Interesting trading history
https://cryptopunks.app/cryptopunks/details/4156