CryptoPunk 4464’s $2.6 million price tag indicates that elite NFT projects are still able to draw some serious interest despite the severe fall in the NFT industry.
A single CryptoPunk has sold for a staggering 2,500 Ether (ETH), which translates to a price tag of well over $2.6 million, despite a significant fall in trading activity throughout the whole nonfungible token (NFT) market.
The sale of CryptoPunk 4464, one of just 24 ape-themed CryptoPunks, for $2.6 million makes it the highest NFT sale in the past 30 days throughout the whole market.
Although the ongoing downward pressure on the price of ETH means that the dollar worth of NFTs has significantly declined over time, the sale places this specific Punk the collection’s fourth most lucrative sale of all time when seen through the lens of Ether-denominated pricing. It ranks as the fifteenth-highest-value CryptoPunk sale to date in terms of US dollars.
In contrast to the pessimistic outlook for NFTs, the floor prices of the best collections have been rising lately, with the CryptoPunk project’s floor price rising by more than 65% over the past 30 days.
The average floor price of the most well-known NFT project in cryptocurrency, Bored Ape Yacht Club (BAYC), has increased by 21%, while Mutant Ape Yacht Club, a sister project, witnessed a floor price rise of 25%.
The record sale also demonstrates that the most well-liked NFT projects continue to draw significant interest even as overall trading volume and average floor prices in the NFT market have fallen to new annual lows.
Unfortunately for supporters of nonfungibles, data from NFTGo shows that over the past three months, the market value of NFT decreased by 32% while losing more than 70% of its trading volume.
The number of users on OpenSea, the largest NFT marketplace by volume, has decreased by about 9% during the previous month, according to DappRadar.
By the end of the previous month, the platform’s total NFT trading volume had decreased by almost 65% to $500 million.
The number of first-time NFT purchases has stayed reasonably stable at roughly 5,000 users since March of this year, despite the fact that decreased Ether prices have also reduced total volume, indicating that the market attractiveness for NFTs on the Ethereum network has persisted.