The non-fungible token (nft) industry has predominantly seen a decline in trading activity since the beginning of the year, but the market appears to be currently undergoing a positive and notable transformation. According to on-chain data, one of the major collections that appears to be leading this recent surge is CryptoPunk non-fungible tokens.
CryptoPunks, a series of 10,000 unique pixel art characters on the ethereum blockchain, gained widespread recognition and ardent attention from collectors for a few years after its creation. However, interest in the collection has been relatively low in recent months, coinciding with the general slowdown of the nft market.
Increased trading volume from $200,000 to $3,000,000 in one week
In recent weeks, the CryptoPunks collection has been attracting the attention of investors and collectors. According nft/by-collections/0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb” target=”_blank” rel=”noopener nofollow”>data from blockchain analytics firm IntoTheBlockThere has been a substantial increase in the trading volume of the Cryptopunks nft collection, rising from $200,000 to over $3 million the previous week.
The trading volume of the Cryptopunks nft collection has increased significantly in the past week, from $200,000 to over $3 million!
https://t.co/S0YGJVdlD7 pic.twitter.com/ahBV646GKM– IntoTheBlock (@intotheblock) November 11, 2023
Trading volume is a crucial metric that helps measure market interest, market activity, and liquidity of a collection of non-fungible tokens. As such, high trading volumes often suggest increased liquidity and demand for NFTs in a collection.
Furthermore, the growing trading volume of the CryptoPunks collection has resulted in a drastic 1,000% increase in its sales volume. Based on data provided by CryptoSlamthe collection ranks as the highest ethereum-based nft collection by sales volume.
Another fact that points to the growing demand for CryptoPunks non-fungible tokens is the increasing minimum price. At the time of writing, the nft collection has a minimum price of 59.4 eth, reflecting an increase of approximately 27% in the last seven days.
nft Industry Witnesses Boom as crypto Bull Market Approaches
The recent interest in the CryptoPunks collection highlights the resurgence of the nft market in general. According nft” target=”_blank” rel=”noopener nofollow”>IntoTheBlock dataDaily trading volume for ethereum-based NFTs surpassed $30 million on Thursday, November 9, for the first time since early July.
Volume traded by NFTs on ethereum | Source: X/IntoTheBlock
Interestingly, the timing for this favorable momentum shift couldn’t be better, as the broader cryptocurrency market has also been experiencing a climate change in recent weeks. bitcoin, the main cryptocurrency fueling the current positive sentiment, is up 37% in the last month.
If the long-awaited bull market arrives, the nft industry could capture a considerable portion of the fresh money inflow as recent on-chain data points to a brewing bull run for most non-fungible tokens.
Cryptocurrency total market cap on the daily timeframe | Source: TOTAL chart on TradingView
Featured image from iStock, chart from TradingView
