tl;dr
The CryptoPunks NFT project saw a resurgence this week, with the floor price reaching over $100,000 for the first time since June. This increase was fueled by a significant rise in trading volume, with the collection experiencing a 730% jump in trading volume over the past week. The NFT market as a ...
The CryptoPunks NFT project has experienced a resurgence, with its floor price exceeding $100,000 for the first time since June. This surge was fueled by a significant rise in trading volume, with the collection witnessing a 730% increase in trading volume over the past week. The NFT market as a whole also saw a 95% week-over-week increase in trading volume, amounting to $163 million.
The growing unique owner count for CryptoPunks, now at an all-time high of 3,793, suggests new entrants are entering the ecosystem, potentially due to newfound wealth from the cryptocurrency market, which gained over $500 billion in total market cap in the last seven days. Notable figures, such as the pseudonymous Wheresrare on Twitter, have attributed their ability to purchase CryptoPunk #2965 for approximately $117,000 to gains from the cryptocurrency market.
CryptoPunks, known for its status as a digital luxury and celebrity endorsements, has influenced other NFT collections and remains a significant player in the NFT space. The rise in floor price has been buoyed by a sharp increase in trading volume, with the Ethereum NFT collection trading more than $14.5 million in the last week and registering more sales in the last four days than any other similar period in the last year.
The unique owner count for CryptoPunks has reached an all-time high of 3,793, potentially driven by new entrants seeking to level up their NFT status thanks to newfound wealth from the cryptocurrency market. Notable celebrities like Jay-Z and Steve Aoki have also contributed to the notoriety of CryptoPunks beyond the crypto world, utilizing them as profile pictures on social media. The traits of CryptoPunks have inspired those of many other NFT collections, including the Bored Ape Yacht Club, which has historically rivaled CryptoPunks for the most valuable NFT collection from the profile picture category.