CryptoPunks’ trading volume surged 900% within a week, reviving the NFT market.

CryptoPunks' Trading Volume Skyrockets 900% in One Week, Sparking Revival in NFT Market

Compiled by: Blockchain Knight

Since the beginning of this year, the trading activity in the non-fungible token (NFT) industry has been on a downward trend, but currently the market seems to be undergoing a noteworthy positive shift. According to on-chain data, one of the main series leading this wave recently is the CryptoPunks NFT.

CryptoPunks is an NFT series on the Ethereum blockchain consisting of 10,000 unique pixel art characters that have gained widespread acclaim and keen attention from collectors since their inception. However, over the past few months, as the NFT market has generally been sluggish, interest in this series has been relatively low.

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In recent weeks, the CryptoPunks series has once again been sought after by investors and collectors. According to data from blockchain analytics company IntoTheBlock, the trading volume of the Cryptopunks NFT series has surged from $200,000 to over $3 million within a week.

Trading volume is an important indicator that can help measure market interest, activity, and liquidity of an NFT series. Therefore, high trading volume usually indicates increased liquidity and demand for an NFT series.

Moreover, the spike in trading volume for the CryptoPunks series has also led to a 1000% increase in its sales volume. According to data provided by CryptoSlam, this series is the top-selling Ethereum-based NFT series.

Another data point indicating the rising demand for CryptoPunks NFTs is the continuous increase in its floor price, which has risen by approximately 27% over the past seven days.

Recent interest in the CryptoPunks series highlights the recovery of the broader NFT market. According to IntoTheBlock’s data, on November 9th (Thursday), daily trading volume for Ethereum-based NFTs exceeded $30 million, marking the first breakthrough since early July.

Interestingly, in the past few weeks, the broader crypto market has also experienced a shift. BTC, being the primary crypto asset fueling the current positive sentiment, has risen by 37% in the past month.

If the anticipated bull market truly arrives, the NFT industry may benefit from the influx of new funds, as recent on-chain data shows that most NFTs are brewing a “bullish trend”.

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