tl;dr
CryptoPunks, a 10,000-piece pixel-art NFT collection on Ethereum, has seen its floor price exceed $200,000 for the first time in over a year, rising 163% from 20.45 ETH in August to 53.98 ETH. This increase follows a large purchase of 45 CryptoPunks by an anonymous buyer and coincides with record Et...
CryptoPunks, the iconic 10,000-piece pixel-art NFT collection launched on Ethereum in 2017, has seen its floor price surge past $200,000 for the first time in over a year. Since August of last year, the minimum buy-in has risen from 20.45 ETH to 53.98 ETH, representing a 163% gain. With Ethereum’s price around $3,745, this pushes CryptoPunks’ floor value to just above $200,000, marking the highest point since March 8, 2024.
The recent rally follows a major “sweep” last week, where an anonymous buyer acquired 45 CryptoPunks at once, sparking renewed enthusiasm in the market. This surge coincided with the NFT market’s busiest trading days in months, including a record Ethereum NFT trading volume of $26 million on July 20 and $24.9 million on July 21. Over half of this volume was generated through CryptoPunks’ official marketplace, CryptoPunks.app.
Strategic purchases by major holders, including multimillion-dollar acquisitions and targeted buying of specific traits like “hoodie” punks, suggest a burgeoning interest in NFTs despite the sector still recovering from the heights of the last crypto bull run. Additionally, a weaker U.S. dollar amid volatile macroeconomic conditions has boosted the dollar value of Ethereum and Bitcoin, which, in turn, has elevated the dollar-denominated floor price of CryptoPunks.
Overall, the NFT market capitalization has rebounded significantly, climbing from $3.6 billion at the start of July to $6.8 billion. This resurgence aligns with historical trends where strong Ethereum performance positively impacts high-profile NFT collections built on its blockchain. CryptoPunks continue to demonstrate their value beyond trading, dominating the lending platform Gondi with over $21 million in active loans, confirming their status as some of the most trusted NFT collateral in the market.