In summary
- The CryptoPunks collection reached a base price of $100,000 this week, driven by gains in Bitcoin and the Cryptocurrency market.
- CryptoPunks’ trading volume grew 730% in one week, reaching more than $14.5 million, according to CryptoSlam.
- CryptoPunks’ unique owner count hit an all-time high of 3,793, reflecting interest from new participants.
The CryptoPunks collection returned to a base price of $100,000 this week amid significant gains for Bitcoin and the broader cryptocurrency market, marking a resurgence for the prominent NFT project after months of diminished demand.
This marks the first time that CryptoPunks’ base price, also known as the price of the cheapest asset listed on an exchange, has been above $100,000 since June, according to data from NFT Floor Price.
The increase in base price has been driven by a sharp increase in trading volume for the Ethereum NFT collection, which has traded more than $14.5 million in the last week and has seen more sales in the last four days than in any other similar period in the last year as reported by the analyst known as Punk9059.
CryptoPunks trading volume increased by 730% in the last week compared to the previous period, according to data from CryptoSlam. Overall, the NFT market saw a 95% week-over-week increase in trading volume, reaching a value of $163 million.
A portion of that volume increase can be attributed to new participants entering the CryptoPunks ecosystem last week, raising the unique owner count to an all-time high of 3,793, according to on-chain data obtained from block explorer Etherscan.
The growing unique owner count bucks the trend of the collection, which was initially claimed for free by a small group of early Ethereum and NFT adopters, creating a concentrated distribution of owners.
Why would new entrants be interested in the Punks now? Some buyers may be looking to upgrade their NFT status thanks to the new wealth generated by the cryptocurrency market, which CoinGecko says has increased by more than $500 billion in total market capitalization in the last seven days.
An example of that phenomenon comes from Twitter pseudonym Wheresrare (aka
“I knew what I had to do,” they added, referring to the purchase of the so-called high-quality NFT, while also thanking fellow degens in the trenches of cryptocurrency trading.
CryptoPunks is one of the oldest and most notable NFT collections. The 10,000-piece collection was initially claimable for free on the Ethereum Blockchain in 2017, later growing to an all-time low price of over $400,000 in November 2021.
It is widely seen as a status symbol for the most ardent cryptocurrency users, and the eye-catching sales figures have helped boost its status as a digital luxury as well, with a total of five on-chain sales exceeding $10 million each, and more than 50 sales over $1 million historically.
CryptoPunks brands have gained notoriety beyond the world of cryptocurrencies, helped by prominent celebrities like Jay-Z and Steve Aoki using them as profile photos on social media. Even though NFT mania has subsided from 2021 highs, Jay-Z still represents Punk #6095 to his 2.9 million followers.
CryptoPunks’ traits inspired many other NFT collections, including the Bored Ape Yacht Club, which has historically rivaled CryptoPunks as the most valuable NFT collection in the profile picture (PFP) category. Bored Ape Yacht Club’s parent company, Yuga Labs, finally acquired the CryptoPunks collection from its creators in March 2022.
Edited by Andrew Hayward
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