Collectors of non-fungible tokens (NFTs) are taking advantage of the slowing market momentum and buying in large quantities. Numbered #2924, an NFT from the popular CryptoPunks series, recently sold for a whopping 3,300 ETH or $4.5 million (Rs. 36 crore approx). The development sparked excitement among members of the NFT community after a significant decline in NFT sales earlier this year. The sale is the largest acquisition of any digital archive in recent memory.
CryptoPunks NFT number 2924 shows a pixelated, animated image of a brown monkey with gray shading.
Although the identity of the buyer has not been revealed, it belongs to the wallet address 0x9045de with the pseudonym ‘seedphrase’. CryptoPunks website revealed
Out of a total of 10,000 CryptoPunks NFTs, only 24 ape NFTs exist with the number 2924.
According to Rare toolsThis particular NFT is considered to be the 38th rarest piece of the project.
Based on Ethereum, CryptoPunks NFT Collection was launched in June 2017 by Larva Labs Studio. Since last year, celebrities like Jay-Z, Snoop Dogg, Odell Beckham Jr., and Serena Williams have held CryptoPunks NFTs.
According to NFTPriceFloorThe current price (cheapest price) of CryptoPunks is ETH 65.9 or $88,414 (Rs. 70 lakh approx).
Interest in NFTs increased significantly throughout the summer of 2021. After a year, the trading volume of the NFT market fell in July this year.
With the lowest trading volume in a year and the growing epidemic of NFT hacks, interest in NFTs, along with the overall cryptocurrency market, declined.
Data from top NFT trading marketplaces such as OpenC shows that trading volume has fallen from a high in recent months, reaching its lowest level around July 2021.
The month of June witnessed the most significant month-on-month decline in the exchange’s history as trading volume fell by a whopping 74 percent to $826 million (roughly Rs. 6,600 crore). Extending the slide, OpenSea has seen $456.9 million (approx. Rs. 3,600 crore).
A Independent analysis through[In]The crypto also recently revealed that Solna’s NFT volume fell to $91.52 million (roughly Rs. 730 crore) in June, down 64 percent from $261.07 million (roughly Rs. 2,100 crore) in May 2022.
