77 Interactions, 4 Today
The trade volume of CryptoPunks is decreasing, but rare Punks continue to attract exorbitant prices.
Earlier this week, CryptoPunks sales volume briefly fell, and the Punk boom looked like it could be over.
Not so fast.
A single CryptoPunk Zombie (Punk 6275) was sold today for $3.9 million. Pranksy, a well-known NFT collector, purchased the Punk barely 8 hours after it was placed for sale. Earlier this week, Pranksy purchased a forgery of a Banksy NFT.
This was only the CryptoPunk’s fifth highest selling. The largest CryptoPunk sale is $11.8 million, which occurred in June at a Sotheby’s auction. Shalom Meckenzie, a member of the DraftKings board of directors, was the buyer.
CyptoPunks are one of the oldest collections of NFTs (non-fungible tokens), and their O.G. status adds value to them. The zombie Pranksy purchased today is one of just 88 Zombie Punks among the project’s 10,000 avatars. The avatar is one of 526 to sport a “shadow beard,” and only 428 others rock the same dark mohawk.
The NFT is so rare that an offer of 1,600 ETH, or $6.27 million, has been been placed on the zombie.
According to CryptoSlam, the sale represented to little under a third of CryptoPunk’s daily trading volume and was one of only 14 purchased today. Since then, only one CryptoPunk has been sold: a male wearing small sunglasses and a cap for $371,495.
Overall, Punks sales are declining. It is unclear whether this is due to people clinging to their CryptoPunks, which have since become a way to flaunt your money on social media sites such as Twitter, or if they have grown tired of the avatars.
Sales increased from $14 million on August 22 to $134 million on August 23, before falling back to $47 million on August 25. On August 28, trading volume reached a new high of $195 million, the biggest ever. Sales have now fallen to around $22 million each day, with the exception of a single surge over $40 million on September 1.
Instead, people are trading other NFT projects. Mutant Ape Yacht Club, a breeding initiative of The Bored Ape Yacht Club, has generated $220 million in the last week. Loot, a collection of randomly produced text images, has amassed a trade volume of $173 million.
CryptoPunks, once the most popular project on the block, has been relegated to the fifth position on CryptoSlam’s weekly sales leaderboard.