CryptoPunks floor price tops $100,000 in Ethereum for the first time in two months

In short

  • The cheapest CryptoPunks NFT available is now listed above $100,000, surpassing that mark for the first time in two months.
  • The Punks’ price hike follows a pair of high-value sales last week, at $2.6 million and $3.3 million respectively.

All major blue chips Ethereum NFT collections have taken a huge hit in value over the past two months amid the broader crypto market crashand CryptoPunks was no exception. But next a pair of multi-million dollar sales in the collection, the price even for the cheapest NFT of the project has increased significantly over the past week.

On Sunday, the floor price of CryptoPunks, i.e. the cheapest available NFT listed on a secondary market, exceeded $100,000 of ETH for the first time in two months, since May 18, according to the data of NFT floor price. As of this writing, the floor price of CryptoPunks stands at 84.85 ETH, or around $113,500.

Measured in US dollars, the entry-level price of CryptoPunks has jumped nearly 31% over the past week. This is partly due to rising value of Ethereumwhich itself has risen 27% in the past seven days, according to data from CoinGecko.

But that’s not the whole story here. Measured in terms of ETH, the CryptoPunks floor is still up nearly 12% over the past week and nearly 27% over the past month. However, this is not a market-wide trend for high-value NFTs.

For example, the Bored Ape Yacht Club– which has a floor price of 94 ETH right now, or around $125,750 – has seen its ETH floor price drop by 5% over the past week. But thanks to the rise in the value of ETH, the floor of the USD rose by almost 11% this week.

An NFT is a blockchain token that serves as proof of ownership of an item, often digital assets like profile pictures, as in this case, as well as artwork, collectibles, and video game items. The NFT market hit $25 billion value of trade volume in 2021, with about $20 billion more added to that tally so far in 2022.

CryptoPunks is one of the most successful projects in the space. Larva Labs launched the collection in 2017 and initially distributed the NFTs for free. The project has since become something of a status symbol for those in the crypto industry. To date, the collection has generated over $2.3 billion in trade volume, including a record sale of $23.7 million (8,000 ETH) in February.

This week’s price surge follows a pair of multimillion-dollar CryptoPunks selloffs. A sold for over $2.6 million (2,500 ETH) on July 13, while another sold for $3.3 million (2,691 ETH) two days later. Both are rare monkey avatars in the collection of 10,000 profile pictures, and both sales rank among the top five on-chain CryptoPunks sales when measured in ETH.

Even at a current floor price of around $113,500, CryptoPunks have still lost significant value this year. The floor hit a 2022 high of over $260,000 on January 3 and has remained as high as $241,000 as recently as April 4. But like the Bored Apes and other popular NFT collections, prices crashed as the cryptocurrency market crashed.

CryptoPunks was long considered the most valuable NFT profile picture project until last December, when the Bored Ape Yacht Club has exceeded its floor price. According CryptoSlamthe two projects are neck and neck in all-time secondary transaction volume, with approximately $2.33 billion for each collection.

In March, Yuga Labs, creator of Bored Ape bought IP rights from CryptoPunks from original creator Larva Labs, bringing the two popular projects together under one roof. Yuga Labs has since allowed CryptoPunk holders to market their own images, as with the Bored Apesremedy a long-standing point of contention for some Punk owners.

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