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One of the earliest examples of an NFT collection on the Ethereum blockchain, CryptoPunks have grown to be among the most valuable collections in the world. They are a set of 10,000 unique, algorithmically-generated “Punk” characters that, according to their creators Larva Labs, served as the inspiration for the ERC-721 standard, an interface that now powers that majority of Ethereum-based NFTs. A CryptoPunk’s value is determined by the rarity of its attributes: the rarer the attributes, the more valuable the NFT.

CryptoPunk #5822 is one of the rarest of all, which explains its incredible selling price. Firstly, it has just one attribute, a feature that only 2% of the collection shares. That single attribute is a bandana, which is rare in itself, as only 5% of the collection sport one. The Punk’s skin type is alien, which is the biggest factor in pushing up this NFT’s value, as only 0.09% of the collection share this skin, a total of 9 NFTs out of a collection of 10,000. Punk #5822 was bought by Deepak Thapliyal, CEO of blockchain tech company Chain, for 8,000 ETH, roughly $23.7 million USD at the time of sale.