NFTs go wild as CryptoPunks hits $1 billion in lifetime sales

CryptoSlate

Just when you thought NFTs had died a death, a revival in Bitcoin has coincided with non-fungibles also coming back to life. This is all the more evident considering the buoyancy of major NFT collections of late, especially the CryptoPunks range.

As reported by Tech Crunch, data from NFT industry aggregator CryptoSlam shows CryptoPunks’ lifetime sales have hit a staggering $1.1 billion. With $637 million of that coming in the last four weeks.

How To Get Free Crypto  

This puts the average sale price of a Punk at 35.13 ETH ($111,853). Not bad, considering creators Larvalabs were giving these out for free back in June 2017 when they launched.

All of this begs the question of whether CryptoPunks and NFTs, in general, are caught in a bubble. But with no sign of a slowdown either in digital art or the wider crypto market, how might this affect the rest of the industry?

What are CryptoPunks NFTs?

CryptoPunks is a collection of 10,000 collectible characters stored on the Ethereum chain. Each is a 24×24 8-bit styled pixel art image that is algorithmically generated to be unique.

Most are described as “punky-looking” people, but rarer types also exist, including apes, zombies, and aliens.

“The CryptoPunks are 10,000 uniquely generated characters. No two are exactly alike, and each one of them can be officially owned by a single person on the Ethereum blockchain.”

As one of the first examples of NFTs, many consider them somewhat pioneering in terms of paving the way for blockchain digital art.

Coinbase Banner  

The most expensive recent sale came on August 24, when #7252, described as a zombie with chinstrap, earings, and crazy hair, sold for 1,600 ETH ($5.33 million).

Source: larvalabs.com

The resurgence of cryptocurrency prices, coupled with a desire by the crypto wealthy to diversify their holdings without turning to fiat, has propelled, not just CryptoPunks skywards, but NFTs, in general, are also experiencing a boom in valuations.

According to @fintechfrank, the price of NFTs continues to surge, with a current average selling price of $63,700.

Source: @fintechfrank on Twitter.com

Ethereum gas fees are becoming a problem once more

While many platforms offer NFTs, including Theta, Tezos, and Axie Infinity, Ethereum still remains the most dominant platform for non-fungible tokens.

Unfortunately, surging NFT activity is clogging the Ethereum network, leading to the return of high gas prices.

Since finding a local bottom of 40.4 gwei on August 21, gas prices on the Ethereum network have soared peaking at a 14-week high of 121 gwei last Friday.

FreeBitcoin Banner  

Source: ycharts.com

While that’s still a way away from the peaks of 500 gwei seen during last year’s “summer of DeFi,” the overriding thought is that we could be heading back to those prices.

With Cardano nearing smart contract rollout and promising cheaper fees to transact, might NFTs be the straw that broke Ethereum’s back?

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Samuel Wan


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.