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CryptoPunk Sets Daily Sales Record for Highest Volume of NFTs Sold

UTC by Tolu Ajiboye · 3 min read
CryptoPunk Sets Daily Sales Record for Highest Volume of NFTs Sold
Photo: Larva Labs / Twitter

CryptoPunks set this new record following a purchase from payments giant, Visa. It also recently had two of its largest sales on Friday.

CryptoPunk has set a daily sales record above $69 million on August 23rd, shortly after Visa Inc (NYSE: V) bought one of its NFTs (non-fungible tokens). The leading financial services corporation procured the CryptoPunk NFT for roughly 50 ETH, which translates to about $150,000 at the time of purchase. Soon after this, the trading volume for CryptoPunk NFTs shot through the roof as a wave of buyers swooped in. As of press time, the cheapest CryptoPunk NFT listing is about 75 ETH, which is over $249,000. The average sale price for the CryptoPunk portfolio is just over $258,000 worth of ETH, up $44,000 from yesterday’s $214,000 mark, according to CryptoSlam. Only yesterday, more than a dozen CryptoPunks each sold for less than $170,000 worth of ETH.

Many believe Visa’s initial purchase of the NFT raised the entry-level price by a considerable amount. Also, from that point onwards, CryptoPunks sold over 260 NFTs. This is a significant leap because only 39 NFTs sold on Sunday.

As at press time, CryptoPunks had hit the $69 million record, with a $71 million current rolling 24-hour mark. This takes into account the $8.3 million sales in CryptoPunks throughput Sunday.

The overall trading volume of CryptoPunks sold for the month of August this year sits at $314 million so far. This figure represents the best month ever for sales of the NFTs. Before this recent development, July held that record with $135 million in sales. It was also the first month that saw over $100 million in sales from transaction volume for CryptoPunks. Since its inception in June 2017, CryptoPunks’ total trading volume is now over $815 million.

CryptoPunk Sales Record Benefits from a Larger Lucrative NFT Marketplace

The broader NFT market is currently in an upswing – and for several weeks too. CryptoPunks’ lowest NFT price topped $100,000 in sales on August 5th. Only a few days later, it surpassed $150,000.

On Friday, CryptoPunks had one of its largest individual sales. CryptoPunk #5217 sold for 2,259 ETH, which was about $5.45 million. CryptoPunk #2410 also sold on that day for 1,600 ETH, about $3.76 million. Both sales are the third and fourth-largest in the collection’s history.

Sales of non-fungible tokens from the worlds of sports and entertainment are also doing big numbers. Since the beginning of the year, the NFT marketplace has generated $2.5 billion in transaction volume. Everyone from Dapper Labs to Katy Perry is taking advantage of the momentum and offering their own NFTs to followers. Furthermore, peer-to-peer NFT marketplace, OpenSea has processed over $1.5 billion in Ethereum trading volume for August. This figure is almost five times the trading volume processed in July. Before this month, July represented OpenSea’s best date of doing business at $325 million.

An NFT grants its holder a deed of ownership over rare digital items and can be transferable. Such properties include video clips, images and interactive video game items. CryptoPunks is one of the first collections of NFTs to launch on the Ethereum blockchain with about 10,000 items.

Business News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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