CryptoPunk which is one of the most expensive NFT collections recently sold one of its cryptoPunks for $500K. Due to this NFT volume observed a surge of 17%. The market speculates that NFTs might be making a comeback this year.
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17% surge in NFT volume as CryptoPunk sells for $500K
In a noteworthy transaction, a CryptoPunk collectible, specifically CryptoPunk #6940, was successfully sold for 205 Ethereum (ETH), equivalent to an impressive $507,617. This sale took place amidst a noticeable upswing in the global non-fungible token (NFT) market, which witnessed a robust 17.72% surge in sales volume within the last 24 hours.
The surge in NFT sales volume propelled the market to achieve $38.28 million in total sales over the past day. Notably, the sale of CryptoPunk #6940 stands out as the most substantial single NFT transaction in both the past 24 hours and the last month.
The transaction occurred at 14:11 (UTC) yesterday, as indicated by Etherscan data. Examining historical transaction records reveals a remarkable appreciation in the collectible’s value over the past six years, having been initially minted in December 2017 for a mere $128.
This recent sale follows a previous transaction involving the same collectible in April 2023, valued at 215 ETH but with a lower USD equivalent of $397,924 due to Ethereum’s lower price at that time. The collector known as Atscrypto had held onto the CryptoPunk #6940 for eight months before the recent sale.
CryptoPunks Volume declined
Despite this significant transaction, the CryptoPunks collection experienced a 22% decline in volume within the last 24 hours, settling at $3.17 million. In contrast, the overall global NFT sales volume witnessed a substantial increase, reaching 325,804 total transactions.
This notable acquisition comes just over two months after another CryptoPunk collection made headlines with a remarkable sale of CryptoPunk #7458, fetching 600 ETH valued at $1.14 million at the time. This particular sale preceded a resurgence in NFT sales volume.
Conclusion
To conclude, NFT sales volume surged 17% as a CryptoPunk sells for $500K. These recent developments indicate a renewed interest in digital collectibles, despite the broader market downturn in recent weeks. Furthermore, institutional interest in NFTs has been on the rise recently as confirmed by many brands being actively involved in NFTs.
Note: It’s a research based article not a financial advice.
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