Buoyed by collector interest, CryptoPunks just broke a record that puts it just below Axie Infinity in terms of sales volume.
According to research, the NFT collection reached a total sales volume of 2.2 billion in April. This latest record places CryptoPunks at the table of the largest NFT projects in the market, including BAYC, MAYC, Art Blocks, NBA Top Shot, CloneX, Azuki and VeeFriends.
The origins of CryptoPunks’ success
Since January, CryptoPunks has seen a sharp increase in transaction volume. The NFT project has also seen an increase in its monthly user base, bringing it to 501 transactions and an estimated $6.1 million in sales volume.
In March, the trading volume of the NFT collection increased by 187% to about 1,400, or $98.5 million.
By August 2021, NFT had reached a record high of $679 million, with more than 2,500 trades.
Months in 2021 where CryptoPunks performed well in 2021 include July ($135 million), September ($217 million), October ($158 million), November ($135 million) and December ($172 million).
On Thursday, the NFT collection had a low price of about $175,000 (61.49 ETH). Gary Vaynerchuk, the founder of VeeFriends and CEO of VaynerMedia, also revealed during a podcast with Logan Paul that he owns 62 CryptoPunks, or more than $10 million in non-fungible tokens from the collection.
“There’s probably no other investment I trust as much as CryptoPunks,” he said. “VeeFriends [its own NFT collection] has to work perfectly for 15 years to reach the level of CryptoPunks. [They] are the forerunners of NFT art.”