CryptoPunks: The Unstoppable Rise Of The NFT Market's Top-Selling Collection

The global non-fungible token market, once seen as a revolutionary investment, is now seeing significant downturns, leaving many non-fungible token holders

CryptoPunks #9368 Sold For $1.2M In Past 8 Hours: NFT Sales Volume Analysis

The global non-fungible token market, once touted as a revolutionary avenue for astronomical investment, has taken a downturn in recent times, leaving many NFT holders to count their massive losses. But, despite the recent speculations and volatility stirred by the United States Securities and Exchange Commission (SEC) and other factors, the CryptoPunks have broken all limitations and barriers to emerge as the top-selling NFT collection. A few hours ago, another punk sold for over $1.2 million.

Punk 9368 bought for 550 ETH ($1,265,786.46 USD) by 0x9045de from 0x0232d1. https://t.co/dHeRzV7vTY #cryptopunks #ethereum pic.twitter.com/MJfdn81GbC

— CryptoPunks Bot (@cryptopunksbot) September 9, 2024

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

?NEWS: The #SEC has issued a Wells notice to #Opensea, signaling potential enforcement action against the #NFT marketplace.#btc #eth #bnb #x9 #x9wallet #doge #wpepe #memecoin #cypto #news pic.twitter.com/xPnDpfujNF

— WALL ST news (@wallstpepetoken) August 29, 2024

Punks #9368 Sells For $1.2 Million

Data collated 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.

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

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