CryptoPunk #5822 sells for a record high of $24M, doubling the previous record

Deepak Thapliyal, the CEO of the Chain, said that he bought the NFT with leverage, smashing the previous high Punk sale.

CryptoPunks predate the contemporary NFT frenzy by years, and the 2017 Ethereum profile image collection has become a legend in the sector thanks to its O.G. status.

Hundreds of CryptoPunks have sold for a million dollars or more in ETH, but one transaction of roughly $24 million today broke the collection's previous record.

CryptoPunk #5822 sold for 8,000 ETH on February 12, which was around $23.7 million at the time of sale.

The NFT was purchased straight from CryptoPunks developer Larva Labs' own online marketplace by Deepak Thapliyal, CEO of cloud blockchain infrastructure firm Chain.

Shalom Meckenzie, DraftKings' largest shareholder, purchased a CryptoPunk for $11.8 million at a Sotheby's auction in June 2021, setting the previous record for a CryptoPunk sale.

Meanwhile, the Larva Labs marketplace saw the greatest on-chain transaction in December, when the pseudonymous 4156 sold his named Punk for $10.26 million in ETH.

Thapliyal tweeted that he paid for the CryptoPunk using leverage via DeFi platform Compound Finance, informing Compound founder Robert Leshner, "Thanks to Compound Finance I am still able to [keep] ETH while buying this." ETH was basically long'd to punk-in."

Additionally, his new Punk includes the most uncommon avatar type: extraterrestrial. Aliens make up only nine CryptoPunks out of a total of 10,000 avatars.

This Punk was last sold in July 2017 for 8 ETH, or just over $1,600 at the time.