What moved Deepak Thapliyal to purchase a Cryptopunk for $24 million?

cryptopunks $23 million deepak

Cryptopunks are notoriously known for leading the ‘most expensive’ NFTs leaderboard and now, thanks to a somewhat loyal community, the price goes up again, touching a cool $24 million! Soon after the purchase the new owner of the Cryptopunk surfaced and it turned out to be Deepak Thapliyal, the CEO of Chain. 

Now, increasing the value of Cryptopunks is great but we decided to find out what moves Thapliyal, to make such, in some regard outrageous acquisitions. After all, he is known for owning a whole set of Space Bored Apes, but is this just an attempt to go viral, or a well thought out move?

Why are Cryptopunks so valuable?

Brought to life by a company called Larva Labs, Cryptopunks are considered to be the OGs of the NFT movement. However, many industry specialists may argue that the real original project began life as early as 2015, which is no match for Cryptopunks and its release in June 2017. 

Given all this, Cryptopunks still deserve credit, since it is one of the projects that really took the NFT name global. This is also supported by $2 billion traded volume, achieved by the project on the secondary markets, which is no match for any NFT competitor. Not even Bored Ape Yacht Club

The NFTandGameFi team has recently conducted a thorough evaluation of how value of NFTs is formed. Cryptopunks wise, it is believed to primarily hold on the resell value that these NFTs hold.

Spending $24 million on an NFT

To better understand why Thapliyal was drawn to Cryptopunk #5822, we decided to consult with his social media accounts. We were after hints, but it turned out that the question was already answered by the bearer himself. 

Thapliyal, being quite active on Twitter, explained in detail what pushed him to purchase a BAYC NFT for $5.8 million and below are the key takeaways…

Related news: Bieber pays $1.3 Million for Bored Apes Yacht Club NFT art

How crazy is a cheque for $24 million?

Regardless of how outrageous such purchases may seem, there is always logic behind such moves and surely, for Thapliyal, the perks greatly overweigh the costs. Be it the media coverage the Chain’ CEO is after, the profits or both, let’s hope he knows what he is doing. Once thing we are confident in though, is that it is this kind of market activity, that makes NFTs global.

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