During the recent Ethereum market resurgence, CryptoPunks have witnessed a comeback. A single Ethereum whale spent $6 million USD for one CryptoPunk NFT, causing the price of CryptoPunks to rise significantly.
From July 24 to August 1, 2021, the average price of a CryptoPunk went from $87,800 USD to $135,800 USD because of a significant rise in popularity. A $22 million USD buying frenzy for the CryptoPunk pieces began on July 29 and lasted throughout the weekend.
CryptoPunk Buying Mania
After purchasing a CryptoPunk for $3.7 million USD, Gary Vaynerchuk started the hysteria (1,600 ETH). On the same day, an unidentified investor who had bet a million dollars on Vaynerchuk’s 87 CryptoPunks outbid him and paid $7 million USD (2,700 ETH).
The investor was said to have bought over 100 of the NFTs, many of which are valued at hundreds of thousands of dollars.
Recently, the NFT market has been on fire, but it has since settled down. Despite that, CryptoPunks’ NFT project has monthly trading volumes of over $60 million USD. Trading volumes for the CruptoPunks have risen by 1,342% over the last week and 1,342% each day since then. OpenSea found that among the ten most costly CryptoPunks, almost half had been in trade circulation this past weekend.
CryptoPunks as the Top NFT Project
Non-fungible tokens (NFTs) verify asset ownership. NFT sales saw a huge increase in February, but since that time, the excitement surrounding them has died down.
A non-fungible token (NFT) is a data unit kept on a digital ledger known as a blockchain that certifies a digital asset as unique and therefore non-transferable. Photos, movies, music, and other kinds of digital data may all be represented using NFTs. The buyer of the NFT, on the other hand, has access to any duplicate of the original file.
While anybody may acquire copies of these digital goods, NFTs are recorded on blockchains to give the owner with a proof of ownership that is distinct from copyright.
In 2020, the market value of NFTs will have quadrupled, reaching more than $250 million. NFT sales surpassed $2 billion in the first quarter of 2021.
With almost $60 million in volume per week, CryptoPunks is now the most valued NFT project. An avatar of any of four species may be generated for any person who desires an avatar and inputs the various face characteristics and headgears that are needed. Only a very small number of these things will sell for millions of dollars.
As of July 24, 21 NFT sales were recorded, and on July 25, this figure rose to 303. Trading volume has increased by 1,342% after the 709 ETH level was reached. This represents a more than a tenfold increase to the level of 16,000 ETH (USD $41.5 million). Over the course of the last two days, half of the 10 most valuable CryptoPunks changed hands.