An NFT sale took place, doubling the previous record sale of CryptoPunks of $11.8 million set last June. CryptoPunks NFT was sold for $23.7 million.

CryptoPunks predates the current NFT craze years ago. Launched by Larva Labs in June 2017, the collection resides on the Ethereum blockchain. Dozens of CryptoPunks were sold for more than a million dollars worth of ETH, but the previous record was broken with a sale of nearly $24 million on Saturday.

On Saturday, CryptoPunk #5822 was sold for 8,000 ETH (or approximately $23.7 million at the time of sale). Deepak Thapliyal, CEO of cloud blockchain infrastructure firm Chain, acquired NFT directly from CryptoPunks developer Larva Labs' own online marketplace.

The previous CryptoPunk sale was made by DraftKings largest shareholder Shalom Meckenzie for $11.8 million at a Sotheby's auction in June 2021. Thapliyal tweeted that he used leverage via the DeFi protocol Compound Finance to pay CryptoPunk, and used the following statements:

   “Thanks to Compound Finance, I can still hold ETH while purchasing this.”

Saturday's sale marked the fourth highest-priced NFT sale ever. Beeple's "Everydays: The First 5,000 Days" NFT still holds the NFT sales record with $69.3 million.

The new Punk sold has the rarest avatar type, the alien. Of the entire collection of 10,000 Avatars, only nine CryptoPunks are aliens. This particular punk was last sold for 8 ETH (just over $1,600 at the time) in July 2017.

CryptoPunks are collectible crypto artworks and are represented by NFTs on the Ethereum blockchain. It consists of 10,000 small, 8-bit style "punks", each with unique characteristics. Being one of the famous first NFT projects, it also inspired many crypto artists and even the development of the ERC-721 token standard for digital collectibles. The project became even more popular in 2021 after some of the CryptoPunks were sold for millions of dollars and became one of the most expensive NFTs.