CryptoPunks’ Sales Volume Plunges to 8-Month Low
CryptoPunks sank in sales volume last month, recording a 26% drop over Jan’s figure.
Feb proved to be a tough month for the entire crypto finance space and non-fungible tokens (NFTs) were no exception as sales plummeted.
CryptoPunks generated approximately $91.8 million in sales during the month of Feb, according to Be[In]Crypto research, the lowest volume since June last year, and $32.43 million down from Jan’s figure.
The total unique buyers in Feb was 157, which resulted in total transactions of 260. In Jan, unique buyers totaled 281, and transactions totaled 517.
At the peak of its sales in Aug, CryptoPunks saw total unique buyers of 1,215, and total transaction counts of 2,533. In Dec 2021, there were 314 unique buyers and 489 transactions.
At the time of writing, the total unique buyers in March (162) has surpassed that of February.
CryptoPunks was recently acquired by the creators of Bored Ape Yacht Club, Yuga Labs. And only time will tell if the acquisition can impact the sales volume of CryptoPunks positively in the remaining months of 2022.
According to Yuga Labs’ announcement, it will grant the same commercial rights to CryptoPunks holders as it does to BAYC owners. This means that NFT collectors can monetize their digital assets as they desire.
Yuga Labs said: “BAYC is as the center of the universe we are building at Yuga, and CryptoPunks as a historic collection.”
CryptoPunks and other collectibles have generated huge sales.
Digital collectibles garnered huge attention in 2021 which led to $17.4 billion in sales. According to a recent report, NFT sales rose 21,000% last year in comparison to 2020 with 2.5 million crypto wallets being involved in either trading or holding a token.
CryptoPunks are 10,000 unique collectible characters stored on the Ethereum blockchain with proof of ownership. That is, they are 24×24 pop art portraits of punky guys and girls generated algorithmically and tokenized.
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