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  • Writer's pictureDavid Manion

"CryptoPunks NFT Drops 60% in 1 Week"


"CryptoPunks NFT Drops 60% in 1 Week"
"CryptoPunks NFT Drops 60% in 1 Week"

Non-fungible tokens (NFTs) continue to have a significant impact on the development of the Web3 ecosystem, even though the hype around them has subsided since its peak in 2021. These unique digital assets have played a crucial role in the transformation of the NFT space. While there are many NFT collections that have achieved great success, it's important to note that some have been affected by market pressures and are starting to lose their positions.


One such example is CryptoPunks, which CoinGecko found to have suffered the worst losses among the top 11 "blue chip" NFT projects. Blue chip NFTs are highly valuable and prestigious digital assets often associated with renowned artists, established businesses, or significant historical items.


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Source: CoinGecko
Source: CoinGecko

"CryptoPunks NFT Drops 60% in 1 Week" Digital assets such as CryptoPunks are highly sought after by collectors and investors due to their scarcity, historical relevance, and the reputation of the artist that determines their value. However, recent alarming statistics have raised concerns among NFT enthusiasts, sparking disputes and disagreements among investors and fans.


Source: NFT Floor Price
Source: NFT Floor Price

At the time of writing, the floor price for these NFT collections was set at 47.69 ETH. Data from NFT Floor Price shows that the collection’s value declined after reaching a high of 11,000ETH during the 2021 NFT bull market.


The volume and sales of CryptoPunks have significantly decreased during the past seven days, claims OpenSea. Sales were down 60%, while volume dropped sharply by 64%.


Bitcoin slightly above the  $29K level. Chart: TradingView.com
Bitcoin slightly above the $29K level. Chart: TradingView.com

CryptoPunks, a collection of NFTs developed by Larva Labs in 2017, are highly sought-after due to their unique and rare nature. These NFTs have been regarded as both art and collectibles and have generated significant profits for their owners. In fact, CryptoPunk #5822 was sold for a staggering $23 million in February of last year, making it the most expensive NFT ever sold.


However, CryptoPunks has seen a decrease of about 20% in the number of unique active wallets, and transactions have suffered as well, with a loss of over 32% of their value. Additionally, the monthly sales volume for CryptoPunks has declined significantly since March, with reported sales of $30.43 million for the month, dropping to less than $10 million by the end of June.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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