CryptoPunk Non-Fungible Token Race (NFT) has exploded this week with daily trading volumes in the tens of millions of dollars.
While some have labeled NFTs a fad, CryptoPunk fans are not among them. Prices for the popular NFT collection produced by Larva Labs have increased by 50% in the last week thanks to a series of huge sales. according to the DappRadar numbers. In addition to the increase in value, the daily popular digital art trade increased by 195.54% at the same time. It seems that the CryptoPunk hype isn’t slowing down, even after a week of fire. CryptoPunk sales have increased by 64% and volume by 90% since yesterday. total number of merchants has also increased by more than 50% since Thursday. se numbers represent approximately 10,720 transactions in the last week. Almost 2,500 of these trades have been made in the last 24 hours.
Big sales are moving the market
interest surge came after CryptoPunk’s multi-million NFT sales on July 30. CryptoPunk # 5217 sold for $ 5.45 million by user Snowfro to an unknown buyer. Meanwhile, CryptoPunk # 2140 was sold for $ 3.76 million to an American businessman, Gary Vaynerchuck. two remain the third and fourth best-selling specimen in the collection to date. se two sales contributed to the best 24-hour period CryptoPunk’s NFTs have seen in terms of volume, reaching $ 46 million on Thursday, July 29.
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In NFT-related news, CryptoPunk’s NFTs are now available for rent through the ReNFT platform. According to the company’s website, “ owners of CryptoPunk sign a special transaction. This transaction follows the Tenant Rights Protocol, which gives you exclusive permission to view the CryptoPunk as your avatar for a fixed period of time, up to 99 days.
This feature will allow CryptoPunk owners to make a profit over time by renting out their valuable NFTs, thereby increasing the potential value. agreement allows individuals to display their rented NFTs on social media or in an NFT market of their choice. Owners are requested to refrain from using such punk when renting the rights.
CryptoPunk’s closest competitor according to DappRadar is Axie Infinity. While gaming-centric NFTs have a lot more carriers – 61,000 more to be more precise – the sales volume is lagging behind at around $ 15 million.
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