An NFT investor bought a punk for $1.5 million – was that by accident or on purpose?

The non-fungible token market has seen positive growth today after a crypto investor purchased a cryptopunk NFT collection for over $1.5 million. The mega sales expanded the global non-fungible token market by 14% from the previous day.

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Punk #5363 NFT sells for $1.5 million The NFT market health check Related NFT news:

Punk #5363 NFT sells for $1.5 million

Data recorded by Cryptoslam.io, an on-chain data aggregator, confirms that CryptoPunk’s #5363 NFT collection has been sold on the secondary market. The massive sales have sent the global NFT market soaring, following the recent short-term downward trend in the NFT market.

Launched in June 2017, CryptoPunks is a non-fungible token collection formerly from digital asset incubation studio Larva Labs, but now owned by Bored Ape Yacht Clun maker Yuga Labs. CryptoPunks, an NFT collection with a limited supply of only 10,000 pixelated NFT hosted on the Ethereum blockchain network, is now one of the most successful NFT projects.

Based on sources familiar with the matter, the anonymous buyer may have accidentally placed a bid of 655 ETH for Punk #5363 instead of 65.5 ETH, and the previous owner simply happily accepted. The bid could have happened because the bidder conveniently had a balance of almost 655 ETH.

A bidder* accidentally placed a bid of 655E on this punk instead of 65.5E.

Owner just happily accepted. pic.twitter.com/QbCigmcfa1

— quit (????,????) (@0xQuit) January 31, 2024

Nevertheless, there are still speculations that the incident could be a wash trade. According to the description, wash trading is a form of market manipulation where crypto investors sell and buy the same NFT collections at the same time, creating a false impression of NFT market activity.

The NFT market health check

The non-fungible token market is looking bullish today after the recent massive punk sell-offs. Over the past 24 hours, the global NFT market has reached $34 million in trade sales volume, representing a 14% spike from the previous day. The number of NFT investors purchasing NFTs also increased slightly after the punk sell-off.

source: Cryptoslam.io, global NFT sales in the last 24 hours

Ethereum, the popular blockchain network for NFTs, is the most traded blockchain network in the NFT ecosystem, with a trading sales volume of $13.9 million. Ethereum-based NFTs, led by CryptoPunks, have increased Ethereum sales volume by 40% in the past 24 hours.