The recent surge in blue-chip nft sales has caught the attention of investors and industry observers alike. As traditional cryptocurrencies like bitcoin and ethereum experience a period of consolidation, the nft market is witnessing a significant uptick in activity.
According to data from CryptoSlam, the sales volume of NFTs has reached $92 million over the past week, marking a 13% increase. Notably, the number of buyers and sellers has surged by more than 75% during the same period.
Blue-chip nft collections, in particular, have seen a notable rise in sales volume. Leading the charge is the CryptoPunks collection, which recorded $7 million in sales last week, a remarkable 400% increase.
Surge in Blue-Chip nft Sales
Other prominent collections such as Bored Ape Yacht Club, Ordinals, Solana Monkey Business, MCSuperUser, and Mutant Ape Yacht Club have also experienced substantial growth in sales volume, ranging from 63% to 1,409%.
When it comes to blockchain activity, ethereum-based NFTs dominated the market with over $34 million in sales volume over the past week, representing a 40% increase. Solana-based NFTs followed closely with $18.5 million in sales volume, marking a 12% uptick.
Moreover, the floor prices of blue-chip nft collections have witnessed an increase recently. For instance, the floor price of CryptoPunks has surged to 28.15 ETH, a 29% rise over the past week. Similarly, the floor prices of Bored Ape Yacht, Pudgy Penguins, Azuki, and Mutant Ape have also seen growth ranging from 9% to 29%.
It is essential to note that the floor price of an nft represents the minimum value at which an nft in a specific collection can be acquired, reflecting the overall health of the market.
CryptoPunks nft Market Dynamics
Despite the recent uptick in blue-chip nft sales, some market dynamics are worth noting. Notably, a CryptoPunk nft that was originally sold for $23.2 million in 2022 was recently resold at an 80% discount, fetching 1,500 ETH (equivalent to around $3.9 million).
The original owner, Deepak Thapliyal, who purchased the nft for 8,000 ETH, parted ways with the token on social media platform X. The new buyer, VOMBATUS, characterized the purchase as akin to receiving a "free" token due to the substantial discount.
Following the sale, the nft, identified as CryptoPunk #5822, was relisted for 5,000 ETH, signaling a potential 45% loss for Thapliyal if sold at that price.
Furthermore, there has been a trend of companies disengaging from the nft space in recent months. For example, Starbucks terminated its nft rewards program earlier this year, while GameStop shuttered its nft marketplace after reducing its crypto services.
more recently, X, owned by Elon Musk, discontinued a feature that allowed premium users to utilize nft images as their profile pictures, signaling a shift in priorities within the nft ecosystem.
