The Unstoppable Rise Of CryptoPunks NFTs: Another Punk Sells For +$1.2M

General

The
global
non-fungible
token
market,
once
seen
as
a
revolutionary
investment,
is
now
seeing
significant
downturns,
leaving
many
non-fungible
token
holders
making
massive
losses.
Despite
the
recent
speculations
and
volatility
stirred
by
the
United
States
Securities
and
Exchange
Commission
along
with
other
factors,
the
CryptoPunks
have
broken
all
limitations
and
barriers
to
become
the
top-selling
NFT
collection.
A
few
hours
ago,
another
punk
sold
for
over
$1.2
million.

Last
month,
the
United
States
Securities
and
Exchange
Commission
(SEC)
issued
a
wells
notice
to
OpenSea,
one
of
the
largest
NFT
marketplaces
in
the
NFT
market,
claiming
that
many
of
the
NFT
collections
on
its
platform
are
securities.
This
regulatory
concern
has
stirred
some
fear,
uncertainty,
and
doubt
among
investors
in
the
NFT
market,
pushing
the
NFT
sales
volume
below
$100
million.
CryptoPunks
have
shown
strong
resilience
amid
the
recent
market
meltdowns.

Punks
#9368
Sells
For
$1.2
Million

Data
compiled
by
CryptoSlam.io,
an
on-chain
crypto
market
data
aggregator
and
a
non-fungible
token
explorer
backed
by
American
businessman
and
crypto
investor
Mark
Cuban,
indicates
that
the
CryptoPunks
#9368
sold
for
over
$1.2
million,
just
eight
hours
ago.
This
top
collectible
sale
has
fueled
daily
sales
volume
for
the
CryptoPunks
NFT
series
up
581%
to
over
$2.8
million.

Punk

This
noticeable
surge
in
the
CryptoPunks
NFT
sales
volume,
alongside
sales
from
other
non-fungible
token
collections
within
the
Ethereum
NFT
ecosystem,
has
pushed
the
Ethereum
NFT
sales
volume
up
120%
from
the
past
day.
In
the
past
24
hours,
Ethereum-based
NFT
collections
have
amassed
a
trading
sales
volume
of
$5.7
million,
pushing
the
total
daily
sales
up
41%
from
the
past
day.

Launched
in
June
2017,
CryptoPunks
is
a
non-fungible
token
collection
featuring
a
limited
set
of
10,000
pixilated
profile
pictures
exclusively
hosted
on
the
Ethereum
blockchain
network.
The
NFT
collection
was
initially
created
by
the
digital
asset
incubation
Larva
Labs.
But,
a
few
years
later,
the
intellectual
property
for
CryptoPunks
was
then
sold
to
Yuga
Labs,
developer
of
the
popular
Bored
Apes
Yacht
Club
and
Mutant
Ape
Yacht
Club
NFT
collections.

The
Unstoppable
Rise
Of
CryptoPunks
NFTs

The
CryptoPunks’
journey
to
glory
started
during
the
historic
2021-2022
market
Bull
Run,
which
left
many
NFTs
reaching
their
record
highs.
Since
then,
the
Punks
NFT
collection
has
rapidly
grown
to
become
the
premium
non-fungible
token
collection
in
the
NFT
market,
with
some
of
its
rare
tiers
even
trading
for
millions
of
dollars.
For
the
longest
time,
the
CryptoPunks’
NFT
floor
price
has
remained
above
20
ETH.

The
CryptoPunks
NFT
collection
went
global
after
some
of
its
NFTs
exploded
in
trading
sales
volume
and
started
selling
for
millions
of
dollars.
On
February
13,
2022,
CryptoPunks
#5822
broke
the
news
and
sold
for
$23
million.
Months
later,
another
punk
#7523
sold
over
$11
million.
Fast
forward
to
earlier
this
year,
another
CryptoPunk
#3100,
sold
for
4,500
ETH,
worth
over
$16
million
in
March
2024.

After
several
months
of
deep
slumber,
the
CryptoPunks
NFT
collection
has
become
lively
and
firely
again,
breaking
market
barriers
and
skyrocketing
in
trading
sales
volume.
In
recent
weeks,
we
have
seen
punks
selling
again
for
millions
of
dollars,
reviving
hope
in
the
NFT
market
that
a
bull
run
is
still
imminent
before
the
end
of
this
year.
Last
week,
several
CryptoPunks
sold
for
over
$1
million,
including
the
Punk#6915,
which
sold
for
over
$1.4
million
before
reselling
for
over
$1.5
million
hours
later.

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