Despite the enormous decline in the NFT market, CryptoPunk 4464’s price of $2.6 million indicates that top NFT projects are still attracting significant interest.
Despite a significant fall in trading volume in the nonfungible token (NFT) market as a whole, a single CryptoPunk was sold for a staggering 2,500 Ether (ETH), or well over $2.6 million.
The $2.6 million transaction makes the sale of CryptoPunk 4464, one of just 24 CryptoPunks with an ape theme, the biggest NFT sale on the whole market during the last 30 days.
When seen through the prism of Ether-denominated pricing, the sale makes this specific Punk the collection’s fourth most lucrative sale ever, however, the current decline in the price of ETH has resulted in a significant decline in the dollar worth of NFTs over time. It is the fifteenth most lucrative CryptoPunk sale in terms of US dollars.
In contrast to the pessimistic atmosphere surrounding NFTs, the floor prices of the leading collections have risen in recent weeks, with the CryptoPunk project’s floor price increasing by more than 65 percent in the previous 30 days. The average floor price of crypto’s most popular NFT project, Bored Ape Yacht Club (BAYC), has increased by 21 percent, while that of its partner project, Mutant Ape Yacht Club, has increased by 25 percent.
The record sale also demonstrates that despite the overall trading volume and average floor prices in the NFT market plunging to new annual lows, the most popular NFT projects continue to garner significant interest.
According to statistics from NFTGo, during the last three months, the market value of nonfungible tokens (NFTs) has decreased by 32 percent, while trade volume has decreased by over 70 percent.
The number of users on OpenSea, the biggest NFT marketplace by volume, has decreased by over 9 percent in the previous month, according to DappRadar. By the end of last month, the platform’s entire NFT trade volume had decreased by around 65 percent to $500 million.
While lower Ether prices have contributed to a decline in total volume, the number of first-time purchasers of NFTs on the Ethereum network has been relatively stable at roughly 5,000 users since March of this year, indicating that the market attraction of NFTs has been maintained.
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