The NFT market is picking up traction again, and CryptoPunks is faring particularly well.
The crypto winter of 2022 and early 2023 was brutal across the board, but one Web3 sector was particularly hard-hit: NFTs.
In September, reports declared that 95% of NFTs have no value, and the floor prices of some of the most prestigious NFT projects collapsed stunningly as investors felt the bite.
Today, however, many NFT collections are seeing a resurgence. Ethereum-native CryptoPunks has seen notably substantial gains, observing a 1519% increase in sales over the past 7 days.
Related: “Are we back?”: NFT sales surge, Ethereum leads the way
Floor prices are back on the rise
Data from NFT marketplace Blur shows that CryptoPunks, a collection of 10,000 generated NFTs on Ethereum, rebounded to a 60 ETH floor price today (approx. $122,796).
This gain marks a 27% increase over the past week, and more than 32% since last month.
The collection now holds a market cap of $1.2 billion.
CryptoSlam data shows that one Punk in particular – CryptoPunk7458 – sold for a whopping $1.14 million last week, driving up the overall sales volume.
Related: Tezos NFTs are coming to the Musée d’Orsay in upcoming Van Gogh exhibition
Bored Ape Yacht Club, one of the first and largest blue-chip Ethereum NFT collections, has also had a boost over the past few weeks, gaining 34% in sales volume.
The floor price of BAYC is currently at 31 ETH – roughly half that of CryptoPunks.
This bullish movement is in line with the wider crypto market, which has seen substantial gains over the past few weeks as investors anticipate a spot Bitcoin ETF hitting the market.
NFTs in particular have had a resurgence in popular consciousness through a recent Simpsons episode, which mockingly tapped into NFT culture.
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