The demand for non-fungible tokens (NFTs) skyrocketed in 2021 and, contrary to popular belief, is still on the rise.
In the last six months, the sale of NFTs has skyrocketed. From digital art selling for tens of millions of dollars at a traditional auction house to historical documents being auctioned off with NFTs attached to digital collectibles, the industry has been on an upward trajectory.
As summer approaches in the United States, the rush to enter the NFT world continues unabated. Several notable NFT sales occurred this week in the worlds of art, sports, and entertainment.
CryptoPunk NFTs continue to be in high demand.
Larva Labs’ CryptoPunk NFT line has been at the forefront of NFT art since its inception in 2017. Larva Labs has produced 10,000 of the 2424 pixelated headshots since then. In addition, CryptoPunk has six of the top ten most profitable NFT sales in history. This week, CryptoPunk made history again by selling a pair of NFTs for $5.45 million and $3.76 million, respectively. Entrepreneur Gary Vaynerchuk purchased the latter, titled CryptoPunk#2140.
This weekend, CryptoPunk’s daily sales surpassed $45 million due to the surge in popularity of these digital avatars. However, that figure could be surpassed soon, as a listing for CryptoPunk#3100 with a price of $90.5 million was recently posted.
The Stoner Cats NFT collection is gone in 35 minutes.
An upcoming television show called “Stoner Cats,” a Mila Kunis project, sold 10,420 NFTs to help fund production and hype the show’s debut. The collection drew so much attention that it caused issues on the Ethereum network, slowing transactions, and skyrocketing gas prices. Prices for quick transactions soared above 700 Gwei, or around $33, one of the highest figures ever recorded.
Despite the problems, the sale netted the show about $8 million, and plans for an additional 4000 NFTs were announced. The resale market is already flooded with Stoner Cats, with some selling for as much as $1 million.
Axie Infinity reaches an all-time high
This month, Axie Infinity’s NFT project has been on fire, becoming the most popular NFT space in terms of all-time volume. Furthermore, Axie Infinity’s transaction volume reached an all-time high last week. According to DappRadar, Axie Infinity has amassed $571 million in volume over the last month, which is more than double the volume of Axie’s closest competitor, OpenSea. Last week, nearly $27 million in volume was seen in 24 hours, more than three times what OpenSea managed during the same period. According to DappRadar, four of the top fifteen selling NFTs in the last month were Axies.