The sale volume of the global NFT market has grown by 23.77% in the past 7 days and has reached $214,303,020, and in the same frame, NFT buyers reached 314,120 with a massive growth of 135.21%.
According to the data from CryptoSlam(dot)io, the sale of CryptoPunks has surged by 44% in the weekly time frame, reaching $28,936,130.
Yet on the other hand, in the past 30 days, its sales have surged by 365% reaching $54,413,846, and in the same frame, sales reached 290, with a growth of 230%.
In the weekly frame, CryptoPunk #4668 became the most costly NFT traded for 250 Ethereum, followed by CryptoPunk #7674 was traded for $744,063, CryptoPunk #1484 was sold for $538,384, and CryptoPunk #1946 was traded for 145 ETH.
Did CryptoPunk sales grow following the ETH price spike?
As per the archives, CryptoPunks were developed by Larva Labs in 2017, making it one of the 1st NFTs developed using Ethereum ERC-722.
It is worth noting that CryptoPunks led the Ethereum NFT sale with $24.6 million in volume in a 7-day frame, making a massive growth of 416% compared to the previous week. The surge coincided with broader strength in the Ethereum NFT market, which mirrored sales of $157.6 million in a week.
The spike in sales seems to be primarily backed by NFT collections including CryptoPunks, Pudgy Penguins, and Bored Ape Yacht Club. However, the reignition in CryptoPunks sales aligns closely with the surging prices of Ether.
NFT prices, including CryptoPunks, tend to rise with the growing prices of Ethereum because NFTs are priced in ETH, and a higher ETH value in USD amplifies the dollar-denominated value of these products.
What else occurred in the NFT market?
Most recently, it has been reported that GameSquare Holdings, an esports and gaming company, has bought CryptoPunk #5577 for $5.15 million in preferred stock from Robert Leshner, the founder of Compound Labs.
It is said that the move to buy CryptoPunk came to strengthen marketing, community building, and potential licensing opportunities.
The information about the acquisition of CryptoPunk #5577 was confirmed by Borovik: “ A $125 million public company bought a cowboy ape, and is using an NFT as their logo.”
It not only bought CryptoPunk but also bolstered its Ether treasury with 2,742 Ethereum, valued at nearly $10 million, marking its commitment to Ethereum and its ecosystem.
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