CryptoPunks’ turnover is certainly falling, but punks still command high prices
Earlier this week, the sales volume of Cryptopunks fell shortly, and the punk boom looked like it might end. However today, a single CryptoPunks Zombie sold for $3.9 million to Pranksy, a prominent NFT collector.
This is the eighth highest selling of a CryptoPunk. Larva Labs’ biggest selling record was set on March 11, when a Punk was sold for 4.2k ETH, worth $7.58 million at the time. The most expensive one sold for $11.8 million, but outside the Larva Labs ecosystem.
The zombie sold today is one of 88 Zombie Punks of the project’s 10,000 avatars. The avatar is one of 526 to see a “shaded beard” and only 428 others sport the same dark mohawk.
The sale amounts to just under a third of CryptoPunk’s daily trading volume, according to CryptoSlam, and one of just 14 that were bought today. Only one CryptoPunk has been sold since then: a man wearing sunglasses and a cap, for $371,495.
However, Punks’ sales are declining. It’s not clear if it’s because people are holding onto their CryptoPunks, which have since become a way to flex their wealth on social media sites like Twitter, or if they’re tired of avatars.
Sales rose from $14 million on August 22 to $134 million on August 23, then dropped to $47 million on August 25. A second peak occurred on Aug. 28, when turnover rose to $195 million, the highest ever.
Since then, sales have dropped to about $22 million a day, except for a single jump to $40 million on September 1st.
People are negotiating other different NFT projects. Last week, the Mutant Ape Yacht Club, a creation project of The Bored Ape Yacht Club, generated $220 million. Loot, a series of randomly generated text images, generated a turnover of $173 million.
CryptoPunks, which was once the most popular project on the block, has been demoted to fifth position in CryptoSlam’s weekly sales ranking.