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  5. CryptoPunk NFT Sells For $2.7 Million: Why These Rare Collectibles Are Making A Resurgence

CryptoPunk NFT Sells For $2.7 Million: Why These Rare Collectibles Are Making A Resurgence

CryptoPunk NFT Sells For $2.7 Million: Why These Rare Collectibles Are Making A Resurgence

CryptoPunks, despite their weird names, have become a status symbol and a highly valuable digital asset. CryptoPunks may be the most important NFT project ever produced, according to NFT collectors.

The crypto market has been in decline in recent months, and as a result, NFT prices and trading volume have plummeted. As market watchers witnessed last night, a desired NFT can still reach six-figure numbers, despite market weakness.

Non-fungible token sales are up more than 10% from the previous week, according to weekly sales data. This week’s trading volume was driven by Cryptopunk #4464, an NFT that sold for 2,500 ETH, or roughly $2.6 million at the time of trading.

The buyer was an NFT whale with the alias “zoomc”, whose collection now includes 24 CryptoPunks and 113 Meebits. This is the collection’s seventh highest sale since its inception in 2017.

Image: Mortgage Professional America

CryptoPunk #4464 retrieves six-digit digits

The 32nd rarest CryptoPunk, according to rarities ranking site Rarity.Tools, the monkey-feathered number 4464 was worth almost $2.7 million before the mind-boggling auction.

CryptoPunks is a collection of generative art and one of the first uses of NFT in digital art. Only 10,000 punks are known, and some of them are said to have been lost or destroyed.

The value of CryptoPunks is largely determined by the qualities of the NFT, with the beanie, hoodie, and helmet being the most sought after. Punk #4464 has an eye mask, a vaporizer, and a durag. Other punks (aliens, monkeys, and zombies) are also extremely rare, selling for millions of dollars.

NFT sales are booming this week

Over the past 60 days, weekly NFT trading volume has been significantly lower as NFT values ​​have matched bear market declines in the crypto industry. However, this week’s NFT sales were up almost 11% from the previous week, at $146 million compared to $132 million in revenue last week.

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 for CryptoPunk #7523 in June 2021 .

Total BTC Market Cap at $380 Billion on Daily Chart | Source: TradingView.com

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The frenzied offerings are the result of a summer revival for blue chip NFTs despite a slump in the larger cryptocurrency markets. The minimum price for the collection is currently 76 ETH (approximately $90,000), an increase of 60% from last month, and sales and interest in the collection have increased significantly since the beginning of June.

Meanwhile, according to SkyQuest Technology, the global NFT market was valued at $15.7 billion last year and is expected to reach the $122.43 billion mark by 2028, growing at a CAGR of 35% over the forecast period. 2022-28.

Watcher Guru Featured Image, Chart from TradingView.com

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