NFT Boom: CryptoPunks Collection Shines With 900% Trading Volume Increase

The non-fungible token (NFT) trade has predominantly skilled a decline in buying and selling exercise for the reason that starting of the yr, however the market seems to be at the moment present process a noteworthy and optimistic transformation. Based mostly on on-chain information, one of many main collections that appears to be main this latest surge is the CryptoPunk non-fungible tokens.

CryptoPunks, a collection of 10,000 distinctive pixel artwork characters on the Ethereum blockchain, gained widespread acclaim and fervent collector consideration for a couple of years after its inception. Nonetheless, curiosity within the assortment has been comparatively low previously few months, coinciding with the widespread downturn within the NFT market.

Buying and selling Quantity Surge From $200,000 To $3,000,000 In One Week

In latest weeks, the CryptoPunks assortment has been garnering the eye of traders and collectors. In keeping with information from blockchain analytics agency IntoTheBlock, there was a considerable surge within the buying and selling quantity of the Cryptopunks NFT assortment, escalating from $200,000 to properly over $3 million within the earlier week.

The Cryptopunks NFT assortment’s buying and selling quantity has elevated considerably previously week, from $200k to over $3M!🔗https://t.co/S0YGJVdlD7 pic.twitter.com/ahBV646GKM

— IntoTheBlock (@intotheblock) November 11, 2023

The buying and selling quantity is an important metric that helps measure market curiosity, market exercise, and liquidity of a non-fungible token assortment. As such, excessive buying and selling volumes usually counsel rising liquidity and growing demand for NFTs in a set.

Moreover, the surging buying and selling quantity of the CryptoPunks assortment has translated to a drastic 1,000% enhance in its gross sales quantity. Based mostly on information offered by CryptoSlam, the gathering ranks as the best Ethereum-based NFT assortment by gross sales quantity.

One other information level that factors to the rising demand for CryptoPunks’ non-fungible tokens is the rising ground value. As of this writing, the NFT assortment boasts a ground value of 59.4 ETH, reflecting a roughly 27% enhance previously seven days.

NFT Business Witnesses Increase As Crypto Bull Market Approaches

The latest curiosity within the CryptoPunks assortment highlights the resurgence of the broader NFT market. In keeping with information from IntoTheBlock, the each day buying and selling quantity of Ethereum-based NFTs crossed $30 million on Thursday, November 9, for the primary time since early July.

Quantity traded by NFTs on Ethereum | Supply: X/IntoTheBlock

Apparently, the timing for this favorable momentum shift couldn’t be any higher, because the broader cryptocurrency market has additionally been experiencing a local weather shift previously few weeks. Bitcoin, the premier cryptocurrency fueling the present optimistic sentiment, is up by 37% previously month.

If the highly-anticipated bull market does arrive, the NFT trade may seize a substantial chunk of the contemporary cash influx, as latest on-chain information are pointing to a brewing bullish run for many non-fungible tokens.