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All major “blue-chip” Ethereum NFT collection have suffered a significant drop in value during the wider cryptocurrency market crash. CryptoPunks is no exception. However, after two multi-million-dollar sales of the collection, the price of even the cheapest -NFTs has risen substantially over the past week.
According to NFT price floor data, CryptoPunks’ price floor, which is the lowest available NFT on a secondary market, rose above $100,000 for the first time since May 18th. At the time of writing, CryptoPunks’ floor price is 84.85ETH or approximately $113,000.
The CryptoPunks entry-level price has risen by nearly 31% in U.S. Dollars over the last week. This is partly due to the increasing value of Ethereum. It has risen 27% in the past seven days according to data from coinGecko.
However, this is only part of the story. CryptoPunks’ floor has risen by nearly 12% in ETH over the past week and almost 27% over last month. This is not a market-wide trend in high-value NFTs.
The Bored Ape Yacht Club, which has a floor price at 94 Ethereum right now (or about $125,750), has seen its ETH price floor drop 5% in the past week. The USD floor has risen almost 11% thanks to the increasing value of ETH.
An NFT is a token on blockchain that proves ownership of an item. It can be artwork, collectibles and video games, as well as digital goods such as profile pictures. In 2021, the NFT market reached $25 billion in trading volume. has added approximately $20 billion to this total in 2022.
CryptoPunks is one the most popular projects in this space. Larva Labs created the collection in 2017. They initially gave away the NFTs free of charge. Since then, the project has become a status symbol in crypto industry. The collection has generated more than $2.3 billion in trading volume to date. This includes a record sales of $23.7million (8,000 Ethereum) in February.
This week’s price rise follows two multi-million-dollar CryptoPunks sale. On July 13, one was sold for more than $2.6 million (2,500 Ethereum) and another for $3.3million (2.691 ETH), two days later. These are both rare avatars of apes from the 10,000-plus profile pictures. Both sales rank amongst the top five on chain CryptoPunks sales, measured in Ethereum.
CryptoPunks are still losing significant value despite a floor price of $113,500. On January 3, the floor reached a peak price of $260,000 and was still at $241,000 in April 4. However, prices plummeted as the cryptocurrency market crashed.
CryptoPunks had been long considered the most valuable NFT profile photo project, until December when the Bored Ape Yacht Club outperformed its floor price. CryptoSlam states that the two projects are neck and neck in terms of all-time secondary trading volume with each collection averaging $2.33 billion.
Bored Ape creator Yuga Labs bought the IP rights to CryptoPunks, originally created by Larva Labs. This brought both projects under one roof. Yuga Labs now allows CryptoPunks holders to sell their own images, just like with the Bored Apes . This has resolved an old point of contention.