This week, the demand for CryptoPunk non-fungible tokens (NFTs) skyrocketed, with daily trading volumes in the tens of millions of dollars.
While some have dismissed NFTs as a passing fad, CryptoPunks fans are not among them. According to DappRadar data, prices for Larva Labs’ popular NFT collection increased by 50% in the last week due to a number of large sales. In addition to the increase in value, daily trading of the popular digital art increased by 195.54 percent at the same time. Even after a week on fire, it appears that the CryptoPunk hype is not abating. Since yesterday, CryptoPunk sales have increased by 64% and volume by 90%. Since Thursday, the total number of traders has increased by more than 50%. These figures represent approximately 10,720 transactions in the previous week. Almost 2,500 of those trades occurred in the last 24 hours.
The market is being influenced by large sales.
The surge in interest followed several sales of CryptoPunk NFTs in the millions on July 30. Snowfro’s CryptoPunk#5217 sold for $5.45 million to an unknown buyer. Meanwhile, CryptoPunk#2140 was sold for $3.76 million to Gary Vaynerchuck, an American entrepreneur. The two remain the collection’s third and fourth best-sellers to date. These two sales contributed to the best 24-hour period in terms of volume for CryptoPunk NFTs, reaching $46 million on Thursday, July 29.
In other NFT news, CryptoPunk NFTs can now be rented through the ReNFT platform. “CryptoPunk owners sign a special transaction,” according to the company’s website. This transaction adheres to the tenant rights protocol, which grants you sole permission to use the CryptoPunk as your Avatar for a set period of time, up to 99 days.”
This feature will allow CryptoPunk owners to profit in the long run by leasing out their valuable NFTs, thereby increasing their potential value. Individuals can display their rented NFTs on social media or an NFT Marketplace of their choice under the terms of the agreement. Owners are asked not to use the punk while the rights are being leased.
Axie Infinity is CryptoPunk’s closest competitor, according to DappRadar. While gaming-focused NFTs have far more traders, 61,000 more to be exact, the volume of sales lags by around $15 million.