NFT Market Bounces Back: CryptoPunks and Other Ethereum NFTs Shine
The NFT market is making headlines again with a remarkable comeback. According to data from DappRadar, the complete sector’s market cap soared to $6.6 billion in July. This marks a major 94% jump from the previous month. Even more impressive, the weekly trading volume hit $136 million, climbing 51% from the previous week. This surge has been the strongest since February, following a protracted slump in quarterly trading volumes.
CryptoPunks Steal the Spotlight with Multi-Million Dollar Sales
At the forefront of this resurgence is the Ethereum-based NFT collection, CryptoPunks. DappRadar reports a striking 53% increase in CryptoPunk floor prices, maintaining its status as a frontrunner in NFT trades. As analyst Sara Gherghelas points out, owning a Punk is about greater than just profit; it’s a standing symbol within the Web3 world, and without delay, that clout is in vogue.
Monday saw a dramatic rise in floor prices for CryptoPunks, reaching 47.50 Ether (ETH), or nearly $180,000, inside just 24 hours. This was a notable 15.9% increase from the day’s starting floor price of 40.9 ETH. The day also saw 83 CryptoPunks snapped up by recent collectors.
Adding to the excitement, high-profile sales of CryptoPunks have captured attention. GameSquare Holdings announced on Thursday its purchase of Punk #5577, the enduring Cowboy Ape CryptoPunk, for a whopping $5.15 million in preferred stock. This Punk, previously owned by Robert Leshner of DeFi protocol Compound, adds a singular ape-themed piece to the gathering, only 24 of which exist. First claimed in 2017 for just $454, it once sold for a staggering $7.7 million in February 2022.
Ethereum NFTs Take the Lead
CryptoPunks aren’t the one stars within the Ethereum NFT scene. The Pudgy Penguins collection can also be making waves, briefly surpassing CryptoPunks in weekly trading volume with over $20 million. Although CryptoPunks regained the highest spot, Pudgy Penguins remain a powerful contender within the NFT rankings.
In a surprising twist, one other Ethereum-based collection saw a surge attributable to unexpected news. After the death of heavy metal icon Ozzy Osbourne, CryptoBatz NFTs skyrocketed by 400%, proving that even somber news can create ripples within the NFT market.
As the NFT space continues to evolve, these developments highlight the dynamic and sometimes unpredictable nature of digital collectibles. From high-profile sales to sudden market shifts, the NFT world is anything but dull.
Image Credit: cointelegraph.com
