CryptoPunks is now struggling in the rankings of NFTs by all-time sales volume at $2.3 billion, currently trailing Bored Ape Yacht Club and Axie Infinity. According to reports, the NFT collection earned $41.5 million last June. Just like any other NFTs in June 2022, CryptoPunks had monthly sales that remained below volume highs in January 2022.
Several Factors that Affected NFTs
Much like every asset in the market today, NFTs got hit by inflation and speculated recession since the beginning of the year. What was marked as the “peak” season for NFTs last year till January triggered a massive decline in sales volumes.
However, compared to Axie Infinity, MAYC, and NBA Top Shot, CryptoPunks performed better with $30.78 million in sales last May. That’s a 34% increase since then.
However, in the following month, the trend of NFTs – in line with the current market conditions – started plummeting.
The decrease in sale value was reflected in slow transaction accounts: 293 unique buyers and 477 total transactions. That leads to $87,007 in average sale value.
Summary of CryptoPunks
Cryptopunks are digital collectibles created by Larva Labs. There are 10,000 cryptopunks in total, each of which is a unique, animated character with its own set of characteristics and attributes. Cryptopunks can be bought, sold, or traded on secondary markets like Ethereum’s decentralized exchange (DEX).
Cryptopunks is one of the earliest examples of non-fungible tokens (NFTs), which are digital assets that cannot be interchanged or substituted. NFTs are unique and have been growing in popularity due to their usefulness in representing ownership of digital assets, like art, music, and in-game items.
The value of a CryptoPunk is determined by its rarity and the amount of interest from buyers. The rarest and sought-after CryptoPunks can sell for thousands of dollars.