Key Developments in Web3: Notable News This Week

This week, the Web3 space has seen some notable developments. Among them, the fourth most expensive NFT sale ever took place, surprisingly without much fanfare. Former United States President Donald Trump made significant gains from his NFT collections, yet his involvement didn’t garner the expected attention at a CryptoPunk auction held by Sotheby’s. Here are three key developments that have made a mark on the Web3 space.

This NFT Sale Attracted Attention

The most expensive CryptoPunk ever, which was sold for $23.7 million in 2022, was transferred on August 19 for an undisclosed amount. Former owner Deepak Thapliyal posted a farewell message on X as the NFT was sent to a new, untagged address.

Although Thapliyal did not disclose the sale price, community members speculated that the NFT was sold at a loss. While there is only one alien CryptoPunk currently on the market, which sold for $13.36 million, a community member believes that the most expensive NFT was sold for a similar price.

Donald Trump’s Earnings Are Jaw-Dropping

Former U.S. President Donald Trump has revealed that he has earned more than $7 million from his NFT collections and owns up to $5 million in cryptocurrency. In a personal financial statement obtained by Citizens for Ethics, Trump disclosed that his Ethereum-based crypto-asset holdings range between $1 million and $5 million.

Trump also mentioned that he has earned over $7.15 million from his NFT collections, which include Mugshot NFTs and two other trading card collections. He is drawing attention from investors by incorporating a special feature related to the crypto space in his upcoming presidential election campaign this November.

CryptoPunk Auction Didn’t Get the Expected Attention

Fine art auction house Sotheby’s hosted a digital auction featuring Beeple and CryptoPunk NFTs. The online event began on August 15 and is set to conclude on August 22. The auction aimed to showcase high-quality works and appeal to a diverse group of collectors.

However, the CryptoPunk featured in the auction did not achieve the anticipated results. Despite the fine arts broker valuing the work between $70,000 and $100,000, there were only two bids for the piece, both under $50,000, at the time of writing.