The NFT market is going through a natural correction, with total sales volume dropping significantly. CryptoPunks, arguably the most famous of the NFT collections that now litter the Ethereum blockchain, has taken a heavy hit. CryptoPunks sales volume has tanked by 80.5% from last week. It currently has a floor price of $1.7 million and is now ranked sixth among top NFT collections. Even with this downturn, single sales from CryptoPunks continue to top the most expensive NFT transactions ever made.
Though total NFT sales volume is down 4.7% to $95.9 million, CryptoPunks drop-off is even steeper. This slump is a clear testament of changing market dynamics and investor sentiment towards the collection. In particular, sales volume has plummeted. At the same time, the number of unique buyers across all major blockchains has dropped too, further showing dwindling interest in CryptoPunks. Ethereum wash trading for CryptoPunks has fallen even further, down 23% to $2.1 million.
Notable CryptoPunks Sales
Even with the general decline, many CryptoPunks NFTs were still bringing in big bucks. This sale of CryptoPunk #3873 for 165 ETH ($259,514) shows that there is still strong demand for rare pieces.
The sale of CryptoPunk #1820 for 72.69 ETH ($118,299) beat out the sale of CryptoPunk #1999 at 65 ETH ($103,110). CryptoPunk #7163, which recently changed hands for 62.5 ETH ($99,167). These recent sales show that even as CryptoPunks collection-wide sales volume continues to drop, individual CryptoPunks are capable of holding big value.
Market Dynamics and Future Outlook
CryptoPunks’ sales volume recently plummeted by 99%. This shift reflects a wider market trend in the NFT ecosystem, as buyers have become increasingly price-sensitive and prefer newer collections. CryptoPunks is out of the top 5 highest-priced NFT sales. CryptoPunks continues to be one of the most successful NFT collections. A look at recent performance shows that it has been dethroned from its ruling perch.
This drop in sales volume can partially be explained by growing competition from other NFT projects. In order to do so, we’ve seen collectors diversifying their portfolios and looking for new opportunities within the NFT space. Only time will tell if CryptoPunks can return for the NFT market’s big league.
