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As the price of big NFT brand flooring rises, CryptoPunk sells for $2.6M.

14-Jul-2022 By: Shikha Jha
As the price of big

As the price of big NFT brand flooring rises, CryptoPunk sells for $2.6M.

CryptoPunk 4464's $2.6 million price tag indicates that elite NFT projects are still able to draw some serious interest despite the severe fall in the NFT market.

Despite a significant drop in trading volume across the non-fungible token (NFT) market as a whole, one CryptoPunk has sold for a staggering 2,500 ETH, or well over $2.6 million.

The sale of CryptoPunk 4464, one of just 24 ape-themed CryptoPunks, for $2.6 million makes it the highest NFT sale in the past 30 days throughout the whole market.

Although the subsequent downward pressure on the price of ETH means that the dollar worth of NFTs has significantly declined over time, when viewed through the lens of ether (ETH) based pricing, the sale places this specific Punk the collection's fourth most valuable sale of all time. It ranks as the fifteenth-most lucrative CryptoPunk sale to date in terms of USD.

In contrast to the pessimistic outlook for NFTs, the floor prices of the best collections have been rising lately, with the CryptoPunk project's floor price rising by more than 65% over the past 30 days. The average floor price of the most well-known NFT project in cryptocurrency, Bored Ape Yacht Club (BAYC), has increased by 21%, while Mutant Ape Yacht Club, a sister project, witnessed a floor price increase of 25%.

The record sale also demonstrates that the most well-liked NFT projects continue to draw significant interest even as overall trading volume and average floor prices have fallen to new yearly lows.

Unfortunately, according to data from NFTGo, over the past three months, the market value of non-fungible tokens (NFT) fell by 32% while losing more than 70% of its trading volume.

The number of users on OpenSea, the largest NFT marketplace by volume, has decreased by over 9% during the past month, reports DappRadar. By the end of the previous month, the platform's total NFT trading volume had decreased by about 65% to $500 million.

The number of first-time NFT purchases has stayed reasonably stable at roughly 5,000 users since March of this year, despite the fact that decreased Ether prices have also reduced total volume, indicating that the market attractiveness for NFTs on the Ethereum network has persisted.

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