Tuesday, September 19, 2023
HomeNFTCryptoPunk NFT Sells For $2.7 Million - Why These Rare Collectibles Are...

CryptoPunk NFT Sells For $2.7 Million – Why These Rare Collectibles Are Resurging

Despite its strange name, CryptoPunks has become a status symbol of some sort and has become part of a very valuable digital asset. According to NFT collectors, CryptoPunks could be the most important NFT project ever created.

The crypto market has fallen in the last few months, resulting in a sharp drop in NFT prices and trading volumes. As the market tracker witnessed last night, despite the market downturn, the desired NFT could still show 6-digit numbers.

According to weekly sales data, sales of non-fungible tokens increased by more than 10% compared to the previous week. This week’s sales volume was boosted by Cryptopunk # 4,464, an NFT that sold for 2,500 ETH or about $ 2.6 million at the time of trading.

The buyer is an NFT whale, also known as “zoomc”, whose collection currently includes 24 CryptoPunks and 113 Meebits. This is the seventh highest sales since the start of 2017.

Image: Mortgage Professional America

CryptoPunk # 4464 gets a 6 digit number

According to Rarity ranking site Rarity.Tools, according to the 32nd rarest CryptoPunk, # 4464 with ape traits is considered worth nearly $ 2.7 million before a spectacular auction. I did.

CryptoPunks is a collection of generative art and one of the earliest uses of NFTs in digital art. Only 10,000 punctures are known to exist, some of which are believed to have been lost or destroyed.

The value of CryptoPunks is largely determined by the quality of the NFT, with beanies, hoodies and helmets being the most popular. Punk # 4,464 has an eye mask, an arc pen, and a durag. Other punks (aliens, apes, zombies) are also very rare and sell for millions of dollars.

Fast-growing NFT sales this week

Over the last 60 days, weekly NFT sales have fallen sharply as NFT values ​​have matched the decline in the crypto industry bear market. However, this week’s NFT sales were up nearly 11% compared to the previous week, to $ 146 million compared to last week’s $ 132 million revenue.

Chain CEO Deepak Thapliyal spent 8,000 ETH ($ 23.7 million) on CryptoPunk # 5822 in February 2022, breaking the previous record of $ 11.8 million paid to CryptoPunk # 7523 in June 2021.

BTC total market cap at $380 billion on the daily chart | Source: TradingView.com

Recommended reading | Bitcoin will reach ATH in the next 24 months, Coinshares CSO predicts

Enthusiastic bids are the result of a good NFT summer revival, despite the decline of the larger crypto market. The minimum price for the collection is currently 76 ETH (about $ 90,000), up 60% from last month, and collection sales and interest have increased dramatically since the beginning of June.

Meanwhile, according to SkyQuest Technology, the global NFT market was valued at $ 15.70 billion last year and is projected to reach $ 122.43 billion by 2028, with a compound annual growth rate of 35 for the 2022-28 forecast period. %is.

Featured image from Watcher Guru, chart from TradingView.com

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