Connect with us
Active Currencies 14317
Market Cap $2,549,099,322,197.20
Bitcoin Share 51.65%
24h Market Cap Change $2.64

Crypto Punks gets lifeline as NFT sales pick up

2min Read

Despite being a top earner on Ethereum, Crypto Punks did not have the best volume and sales in the broader NFT market. But is the bull run closer than we realize?

Crypto Punks gets lifeline as NFT sales pick up

Share this article

  • Crypto Punks’ trading volume jumped 15x, leaving BAYC behind.
  • The average floor price increased from 49.85 ETH to 59.40 ETH.

The Crypto Punks NFT collection was handed a boost in the last seven days as its trading volume skyrocketed from $200,000 to $3 million. 

In the NFT market, trading volume is an indicator of the health of a collection. Low trading volumes imply a drop in interest and a substantial decrease in liquidity. On the flip side, high trading volumes suggest increasing liquidity and solid demand for assets in a collection.

Punks are no longer unwanted

Therefore, the surge in Crypto Punks’ volume meant that there was an increase in demand for the collection. As a result, the rotation of ownership hit a point that it hadn’t neared in months.

Furthermore, the hike in the volume made it the collection with the highest sales on the Ethereum [ETH] blockchain. According to CryptoSlam, Crypto Punks’ sales in the last seven days amounted to $20.26 million.

This value represented a 924% increase when compared to the previous seven days.

However, being the top earner on Ethereum did not mean that Punks had the highest volume and sales in the broader NFT market.

AMBCrypto’s analysis of the market activity showed that $SATS BRC-20 NFTs, a collection operating via the Bitcoin Ordinals network, had the highest transactions and sales.

NFT sales and transactions

Source: CryptoSlam

Ordinals top, but Punks thump BAYC

At the time of writing, the sales for $SATS BRC-20 NFTs were over $32 million. The surge is a testament to the renewed interest in Bitcoin Ordinals after a period of downturn. For Crypto Punks, it was a similar situation. 

This was because, four months ago, AMBCrypto made an in-depth report of the NFT winter. An NFT winter is described as a period when prices, market cap, and volumes of collections decrease at a faster rate than normal.

At that time, the floor price of Crypto Punks plunged by 60%. This nosedive brought up discussions, with many saying that the collection may be unable to revive. With the recent increase in trading, it seemed that Punks were no longer programmed to fail.

A look at data showed that the trading volume of Crypto Punks was not the only metric positively affected. At press time, the floor price of the collection was 59.40 ETH.

As of the 5th of November, the average value was 49.85 ETH, indicating how valuable the asset has become in just a few days.

Crypto Punks floor price

Realistic or not, here’s ETH’s market cap in BTC’s terms

AMBCrypto also found out that Punks exchanged ownership 163 times in the last seven days. When compared with Bored Ape Yacht Club [BAYC], Crypto Punks were far ahead, as BAYC sales were $7 million less than its blue-chip counterpart.

While the surge indicates returning optimism to the NFT market, it may be dicey to say if this is one step ahead in the bull market direction. For now, traders can only watch and observe how things unfold.


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.