• The trading volume on CryptoPunks has increased following the acquisition of Yuga Lab

  • The trade volume on CryptoPunks in the last 24 hours has reached $18.8 million, a significant rise over prior daily trading volumes.

    This comes after it was announced that Yuga Labs purchased the CryptoPunks intellectual property from Larva Labs for an undisclosed sum.

    As one of the first NFT collections, CryptoPunks has long been sought after by market aficionados; yet, its parent company’s refusal to offer holders sole rights to the tokens has been seen negatively by many in the community.

    Yuga Labs is the creator of the Bored Apes collection and is recognized for providing its holders exclusive access to its NFTs. The company has also stated that owners of CryptoPunks will be granted the same level of privilege, which has sparked increased interest in the collection.

    Blue chip NFTs have a high trading volume.

    According to CryptoSlam data, the trade volume for CryptoPunks jumped by over 1,000% in the last 24 hours compared to the prior day. The announcement also aided in raising the floor price for CryptoPunks, which is now 75 ETH (about $195,000).

    Interestingly, Yuga Labs also purchased the intellectual property for the Meebits collection, whose trade volume increased by 529 percent in the last 24 hours to almost $18 million.

    Meebits’ floor price increased by 32% to over 5.6 ETH (around $14,500).

    Aside from its recent acquisitions, its prior project, BAYC, has sold roughly $8 million in the last 24 hours, while Mutant Apes has sold around $5 million. The floor price of both NFT collections increased by 12% to 82 ETH and 9% to 18.5 ETH, respectively.

    Other connected projects, such as the V1 CryptoPunks Wrapped Collection, a community-made NFT based on the original CryptoPunk smart contract, had a 6,695 percent spike in trade volume in the last 24 hours, generating more than $1.6 million.

    All of this could provide the NFT space with a much-needed boost to initiate a new run following a significant decline in trading volume in February.

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