CryptoPunks NFT Sales Continue to Soar, Topping $100K Floor Price for the First Time Since May
The value of all of the leading "blue chip" Ethereum NFT collections has plummeted in recent months as a result of the broader crypto market meltdown, and CryptoPunks was no exception. However, following two multi-million-dollar sales in the collection, the price for even the cheapest NFTs from the project has risen significantly in the last week.
NFT Price Floor data shows that on Sunday, for the first time in two months, since May 18, the price floor for CryptoPunks—the least expensive NFT available on a secondary market—rose above $100,000 worth of ETH. The floor price for CryptoPunks is currently at 84.69 ETH, or around $132,100 at the time of this publication.
The cost of purchasing CryptoPunks has increased by roughly 31% in US dollars during the last week. That's partly because of the soaring price of Ethereum, which has increased by 42% over the past week, according to statistics from CoinGecko.
It is also important to mention that the CryptoPunks floor is still up about 12 percent over the past week and nearly 27 percent over the previous month when measured in terms of ETH. For high-value NFTs, however, it is not a market-wide trend.
For instance, the Bored Ape Yacht Club, which now has a floor price of 94 ETH, or around $146,640, has had its ETH price floor decline 5% in the last week. However, due to the increased value of ETH, the USD floor has climbed approximately 11% this week.
CryptoPunks NFT collection is considered one of the most popular initiatives in the space. The NFTs were initially minted for free when Larva Labs first introduced the collection in 2017. Since then, the project has subsequently evolved into a sort of status symbol. With a record sale of $23.7 million (8,000 ETH) in February, the collection has generated a trading activity totaling more than $2.3 billion to date.
Even with a current floor price of roughly $132,100, CryptoPunks have lost substantial value this year. On January 3, the floor reached a 2022 peak of more than $260,000, and it remained as high as $241,000 as recently as April 4. Prices for Cryptopunks and other popular NFT collections, however, plummeted when the cryptocurrency market crashed.