CryptoPunk NFT Sales Volume Surges by 248% Despite Sluggish Market

CryptoPunk NFT Sales Volume Surges by 248% Despite Sluggish Market
  • The CryptoPunk collection has sold 1279 ETH, or around $2.16 million in last 24 hours.
  • CryptoPunks are a collection of 10,000 images tokenized as NFTs.

According to CryptoSlam statistics, the volume of CryptoPunks NFT sales has increased by over 248% in the previous 24 hours as a result of a unique offer from famed luxury jewelry and specialty shop Tiffany & Co. for CryptoPunks NFT holders.

NFTiffs, a collection of 250 digital passes supplied by Tiffany & Co. that CryptoPunk holders may mint for a personalized pendant and an NFT in the image of the holder’s CryptoPunk, prompted the offer to CryptoPunk holders.

NFT Sector on the Horizon

According to NFT’s color palette, 18k rose or yellow gold will be used for the CryptoPunk pendants. Tiffany estimates that the NFTiffs NFTs will be available for purchase for a starting price of 30 ETH apiece.

The CryptoPunk collection has sold 1279 ETH, or around $2.16 million, in the previous 24 hours, according to CryptoSlam. Compared to this, according to NFTPriceFloor, just 123 ETH worth around $200,000 were sold in the preceding 24 hours.

CryptoPunks are a collection of 10,000 images tokenized as NFTs on the Ethereum blockchain, created by Larva Labs, a development studio. An NFT is the equivalent of an ownership document for a digital or physical asset and has been adopted in various sectors globally.

According to CryptoSlam, the most recent sale of a CryptoPunk was for 78 ETH, or $131,000, which is on the low end of a market that saw a CryptoPunk NFT selling for 2691 ETH, or $3.3 million, last month. Yuga Labs, the company behind the Bored Ape Yacht Club, purchased the CryptoPunks IP earlier this year for an unknown sum.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.