As per NFT aggregation site CryptoSlam.io, a 10,000-strong collection of Ethereum-based non-fungible token (NFT) CryptoPunks crossed $1 billion in sales. According to data from CryptoSlam, it took place when Visa bought one of the Punks rising the daily sales record to $101 million. It becomes the second NFT project to hit the billion-dollar mark.

In 2017 The CryptoPunks were created by a software company run by Brooklyn-based American developer  Matt Hall and John Watkinson Larva Labs. The Punks were initially intended to be used as part of a videogame but later was released as NFTs. Currently the platform has over 10,000 Punks, out of which males are 6,039 and 3,840 are females. There are 88 Zombie Punks, 24 Ape Punks, and 9 Alien Punks. Hall and Watkinson kept 1,000 of these Punks for themselves and then allowed the community to claim the rest. The community claimed the rest for free. Since then, Punks being one of the oldest collections of their kind were soared in value.

On August 8 NFT game Axie Infinity was the first to cross the mark which is only weeks before CryptoPunks mark $1-billion sale. Till now game has gather a total trading volume of $1.6 billion. From last month CryptoPunks’s daily volume up from $1.8 million to $41.5 million within a week. The project’s total trading volume increased by 716% in the past week. Since as of 5pm UTC Today sales have already hit $98 million.

According to data on CryptoSlam, In the last 24 hours CryptoPunks have made sales worth $25 million (roughly Rs. 180 crores). Only Art Blocks crossed the sales at $28 million (roughly Rs. 200 crores). Yesterday the floor price for a single CryptoPunk was $345,000. The cheapest Punks are being sold for $445,000. The figures in the last seven days also show the dominance of CryptoPunks in the NFT market, with chart-topping sales of over $408 million (roughly Rs. 2,990 crores). No two Punk are alike. Each Punk has its own attributes and commands different prices, depending on the uniqueness of their features. Some punks are rarer than others. The different attributes assigned to each Punk by the algorithm that generated the collection four years ago including smoke cigarettes, some are zombies and others are aliens.

NFT rally occurred due to the prices of cryptocurrency toward all-time-highs and willingness of crypto investors to diversify their assets without converting their wealth to fiat currencies. The users used hundreds of millions of dollars into an NFT project with fewer stakeholders than the currencies that that underlie them can make a lot of sense to those whose wealth is already over-indexed in crypto.

Indrani Bose

CBW - External Analyst

INDIA