The NFT market has taken an unfavorable blow during the most recent crypto market sell-off. Even though not all coins have lost favor in the eyes of investors, however, distinctive offshoots like CryptoPunks and Bored Ape Yacht Club are still sought-after by their monetary values.
Even during the slump and while the total NFT trading volume has taken a severe hit, we can still see some major sales every now and then.
CryptoPunks NFT #2924 sold yesterday by pseudonymous NFT collector seedphrase for nearly $4.5 million dollars worth of Ethereum (ETH), making it one the largest NFT sales in recent memory.
PUNKS NFT #2924 is CONSIDERED as ONE of the highest nft sales WORTH OVER 4.5 MILLION DOLLARS AT THE TIME OF TRANSACTION!
At the time of sale, the NFT worth 3,300 ETH is ranked the 4th in terms of largest sales value for the CryptoPunks NFT collection.
According to data provided by Dune Analytics, the weekly trading volume of non-fungible tokens (NFTs) in the blockchain industry has dropped to over $114 million.
According to Cointelegraph, the $114 million in NFT trading volume represents a fall of 98% from the $6.2 billion figure recorded at the end of January compared to the peak value attained of $146.3 billion in early April and then declined following the start of the crypto bear market around May.
According to Verified Market Research (VMR), a business intelligence and market research firm, the NFT market is projected to grow to $231 billion by 2030.
Earlier to this NFT sale, in the month of February 2022, another NFT known as Punk #8522 has been the highest one sold so far for a whooping 8,000 ETH, that is an equivalence of 24 million bucks at the time of the sale transaction.
NFT #2924 sold yesterday is one of the 24 apes NFT collection and the 38th in terms of rarity that belongs to a larger collection of 10,000 CryptoPunks.
Built on the Ethereum blockchain, Larva Labs Studio has created and launched the CryptoPunks NFT collection in year 2017.
Some of the most famous celebrities have since then endorsed the brand by acquiring various NFTs from the collection. The likes of Jay-Z, Snoop Dogg, Odell Beckham Jr., and Serena Williams.
Other prominent NFT collections include The Bored Ape Yacht Club which is a collection of 10000 unique Bored Ape NFTs. Many more exist, and it seems this market is inclined to grow even further in the coming months and years.