NFT Market Heats Up Again Number of Buyers Increased by 30%. A rare CryptoPunks NFT sells for 720 ETH, which is worth around $2.5 million. This is one of the biggest NFT sales in recent months.
Earlier this week, an anonymous buyer purchased CryptoPunks #1021 from the LarvaLabs marketplace. We got this information from the CryptoSlam.io website, which displays multi-blockchain NFT data.
This NFT is part of the CryptoPunks collection a digital image series that contains characters with 10,000 small pixels. This collection was launched by Larva Labs in 2021. It is now managed by the Infinite Node Foundation a nonprofit organization that works to keep the digital arts safe and educate people.
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Cryptopunks NFT Sells Activity Rises
Several expensive NFTs have been sold in the last few days. At the beginning of August, Bored Ape Yacht Club NFT #7940 was sold for 666 WETH, which was approximately 2.3 million dollars. Similarly, Otherdeed #67722 was also sold for 200 WETH, which was more than 7 lakh 67 thousand dollars.
Several other NFTs have also been sold this week, which were in the range of lakhs of rupees. Due to these sales, the NFT market has become active again.
According to CryptoSlam, in the last 7 days, the number of buyers purchasing NFTs has increased by almost 30% to 7 lakh 3 thousand. The number of sellers is also up by 16.5%, which has now become 3 lakh 92 thousand.
Total NFT transactions have increased by 4.29%, and now it has gone above 18 lakh. But the total NFT sale value has decreased by 22%. This means that more people are coming to the market, but they are mostly buying the cheaper NFTs. Expensive NFTs are still selling less.
Ethereum is still the largest blockchain where NFTs are traded. This week 55 million dollars worth of trade took place on Ethereum. Polygon and Bitcoin also performed well, with trade volumes of approximately $15 million and $13 million respectively.
Why This Matters
Recent NFT market data suggests that people are taking interest again, but investors are not spending much money yet. Perhaps this is such a time when the market is going to come out from the bottom and slowly go up.
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People Also Ask:
Are NFTs a good investment?
Sometimes there is profit, sometimes loss. It is important to do research first.
Why are CryptoPunks so expensive?
These are old, rare and famous NFTs. That is why there is a lot of demand for them.
What is NFT?
NFT is a digital thing that gives proof that it is yours like art or music.
How do NFTs work?
NFTs are on the blockchain. Every NFT is different and has proof of being real.
