NFT Volume Increases 17% After CryptoPunk Sells for $500K.

A CryptoPunk collectible recently sold for 205 Ethereum (ETH), fetching an astounding $507,617. This was in the midst of a noticeable increase in sales of non-fungible tokens (NFTs) worldwide, with volume rising by 17.72% over the previous day.

In the past 24 hours, the market has reported sales of $38.28 million, following the spike in NFT sales volume. It’s interesting to note that, throughout the last month and over the last 24 hours, the CryptoPunk collectible has represented the largest single NFT sale.

According to Etherscan statistics, the transaction involving CryptoPunk #6940 happened yesterday at 14:11 (UTC). Data from earlier transactions attests to the collectible’s remarkable rise in value over the previous six years. Interestingly, the NFT was issued for $128 in December 2017.

In April 2023, the item was sold for a price of 215 ETH. However, because Ethereum was only worth $397,924 at the time, this sale was less valuable. Before the most recent sale, the collectible was owned for eight months by renowned NFT collector Atscrypto. The volume of the CryptoPunks collection has decreased by 22% in the past day to $3.17 million, despite the significant transaction. But while total transactions have increased to 325,804, the worldwide NFT sales volume has only increased significantly.

The most recent purchase was made more than two months after another CryptoPunk collection made news for an outstanding 600 ETH sale, which at the time was valued at $1.14 million. This transaction, which featured CryptoPunk #7458, came before a significant uptick in NFT sales volume.

The latest trend indicates that, in spite of the recent market-wide decline, interest in digital collectibles is on the up. With CoinGecko recently reporting that 21 of the top 50 global fashion businesses have NFT projects, institutional interest in NFTs has also increased.


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