NFT
According to NonFungible data CryptoPunks is one of the most popular non-fungible tokens (NFTs) collections. There has been a significant increase in sales in the past month. Today, there were 58 sales, which amounted to a staggering $5.7million.
This is a substantial increase compared with the daily sales of 10-30, worth $0.5million to $2 million, reported over the past three-months.Photo courtesy of NonFungible.com
Three-Month CryptoPunks sales chart. | Courtesy of NonFungible.com
CryptoPunks achieved a monthly record of 89 sales on March 17, which was worth $10.5 million. Although this is a significant increase in sales, it is far from the record-breaking August 2, 2022 high of 254 transactions worth $6.5million.
Non-fungible tokens can be digital assets that are unique items or pieces of content. Blockchain networks store NFTs, which allow for a transparent and decentralized record of ownership and provenance. This technology guarantees that digital assets can’t be duplicated or copied, which makes NFTs especially valuable for collectors as well as creators.
CryptoPunks is a collection of 10,000 unique, 24×24 pixel art characters generated algorithmically. CryptoPunks was created by Matt Hall and John Watkinson in 2017. It is the foundation of the modern NFT market. Each CryptoPunk character can be purchased, sold or traded in the same way as traditional art and collectibles.
CryptoPunks use the ERC721 token standards and are built on the Ethereum blockchain. ERC721, a free standard that outlines how to make non-fungible tokens on ethereum’s blockchain, is an open and free standard. It allows smart contracts to manage, trade, and own unique tokens. It has been widely accepted across the entire blockchain ecosystem and is the basis for many NFT projects.
A recent spike in CryptoPunks sales may indicate a growing interest and demand in the NFT market, especially for iconic early projects. It remains to be seen if this trend will continue, or if there will be a new wave digital collectibles that will attract the attention of buyers.
The report is based on recent news about CryptoPunks, which was discovered to have made its way onto the bitcoin network using the controversial Bitcoin Ordinals.