Traders are diving back into the famous NFT collection, CryptoPunks. This excitement follows a positive trend in the wider cryptocurrency market. Other NFT collections are also feeling the boost. It seems CryptoPunks are really on the rise.
The prices for CryptoPunks, arguably the most popular NFT collection ever, have more than doubled recently. Right now, the cheapest CryptoPunks are going for around $112,000, according to NFT Price Floor data. That gives the entire collection a market value of at least $1.6 billion. Some rare CryptoPunks can sell for much higher prices.
This price surge suggests that collectors are still very much interested in NFTs, even after a long bear market. Nicolas Lallement, co-founder of NFT Price Floor, shared that many collectors were waiting for the right moment to buy. Now, they’re eager to jump in before prices go even higher.
NFTs, or non-fungible tokens, are unique digital assets. They often represent things like art, music, or collectibles. Because each NFT is one-of-a-kind, they can hold significant value. Lallement believes this surge could be just the beginning. Traders might be getting ready for a big market shift. However, the NFT market still has a long way to go to reach the highs seen during the last bull run. Back in November 2021, CryptoPunks hit a floor price of $417,000. Even with the recent gains, they’re still 73% off that record.
The demand for NFTs skyrocketed in late 2021 when Bitcoin surged by 1,140% the year before. Many who made money during that rally jumped into NFTs to show off their wealth. But as the market crashed in 2022, most NFT collections took a hit. Now that Bitcoin is hitting new all-time highs, it seems some of that wealth is flowing back into NFTs.
In fact, last week was the busiest trading week for CryptoPunks in years. Punks OTC, a well-known NFT trader, reported 189 CryptoPunks sold for a total of $23 million. That’s a 166% increase from the previous week!
Many NFT collections, including CryptoPunks, have a limited supply—usually around 10,000 tokens. Because of this scarcity, even small changes in demand can lead to big price swings. Punks OTC also noted that the CryptoPunks community on social media is growing faster than it has since 2021.
While CryptoPunks are seeing the biggest gains, they’re not alone. Other NFT collections are also benefiting from this price rise. Lallement pointed out that CryptoPunks often act as a leading indicator for other blue-chip NFTs.
The term "blue-chip" usually refers to the most reliable and valuable companies in the stock market. In the crypto world, it describes tokens or NFTs that have established value. For example, the generative art collection Chromie Squiggles has nearly doubled its floor price since November 11. Other well-regarded collections, like Pudgy Penguins and Milady Maker, have risen by 89% and 103%, respectively, over the past two weeks.