CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%

nft non fungible token hard surface motherboard crypto currency 3d rendering scaled

The drop came in sync with the overall crypto market decline in recent sessions.

The minimum cost to buy a CryptoPunks nonfungible token (NFT) from secondary marketplaces dropped below 80 Ether (ETH) on Sept. 14.

Larva Labs reported that the so-called “CryptoPunk 1417,” a pixelated avatar of one of 3840 women created by digital artists Matt Hall and John Watkinson, is listed for sale at 79.99 ETH (almost $266,168).

A quick look into the history of transactions involving #1417 showed that its owner sold it for as low as 0.9 ETH (~$159) in January 2020. The new possessors kept raising their ask price for the NFT in the later months. As of Aug. 31, its floor rates had topped near 118.99 ETH (~$407,165).

But no bids came for #1417, forcing the auctioneer to reduce the NFT’s floor price to 93.99 ETH ($368,539) by Sept. 7. A flurry of bargains later, the owner listed the digital collectible for 79.99 ETH and received an offer for 70 ETH ($230,089).

CryptoPunk 1417 bargain history. Source: Larvis Labs

But the bidder later withdrew their offer, raising possibilities that the #1417’s owner might drop their floor price further.

The price trajectory of one of the CryptoPunks’ 10,000 NFT artworks came as a part of a recent decline in floor rates across the digital collectibles space. At one point this week, the average price floor for all NFTs had dropped to 0.37 ETH from the top of 1.02 ETH, as per Ethereum ecosystem tracker Dune Analytics.

Custom NFT floor tracker. Source: Dune Analytics

Nonetheless, on Sept. 14, the average price shot up to a new record high of 1.10 ETH. It is worth noting that price floors could rise due to new NFT projects debuting with higher ask rates. But for top players in the space, such as CryptoPunks, the price floor remained lower.

Meanwhile, many of the high-priced CryptoPunks NFT sales in the past seven days also occurred. For instance, on Sept. 12, Zombie “CryptoPunk 8857” received a 2,000 ETH bid worth $6.62 million. Similarly, last week, a Clown-nosed “CryptoPunk 5169” got sold for 205 ETH (around $755,935).

Top five NFT collectibles sales in the past seven days. Source: CryptoSlam

Payment processing giant Visa also bought a CryptoPunk for nearly $150,000 in Ether.

NFT sales volumes plunge

At the same time, the high-priced CryptoPunk purchases have done little in maintaining its record-breaking August sales volumes.

In detail, the NFT marketplaces witnessed $86.55 million worth of transactions after peaking toward the end of August, all involving the sales of CryptoPunks avatars. The trend sustained further through the first two days of September, only to witness a sharp decline in the next sessions.

CryptoPunks trade volume throughout its history. Source: CryptoSlam

CryptoSlam reported a 53.3% decline in the CryptoPunks sales volumes in the past seven days via only 66 transactions involving 55 buyers. Similarly, other top NFT projects, including Axie Infinity, Art Blocks, and Bored Ape Yacht Club, also reported double-digit percentage drops. 

Nonfungible reported similar drops in trading volumes across leading NFT marketplaces after Aug. 29. On that day, the NFT projects had raked in $1.02 billion. But as of Sept. 14, the sales had dropped to $151.31 million.

NFT sales volumes. Source: Nonfungible

Meanwhile, the number of active NFT wallets fell from 59,255 to 21,908 in the same period. Additionally, the total number of NFT sales dropped to 36,014 from 138,109, signaling a declining interest in the digital collectibles space.

Related: NFT sales and floor prices plummet as demand wanes and gas prices soar

The drop largely matched steps with bearish price moves across the cryptocurrency market last week as top coins Bitcoin and Ethereum suffered a large correction. On the whole, the crypto market cap declined by 15.52% after topping out near $2.43 trillion on Sept. 7.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 66,471.81
ethereum
Ethereum (ETH) $ 3,187.19
tether
Tether (USDT) $ 0.999868
bnb
BNB (BNB) $ 573.30
solana
Solana (SOL) $ 148.93
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,175.97
xrp
XRP (XRP) $ 0.538454
dogecoin
Dogecoin (DOGE) $ 0.167636
the-open-network
Toncoin (TON) $ 6.35
cardano
Cardano (ADA) $ 0.491062
avalanche-2
Avalanche (AVAX) $ 38.06
shiba-inu
Shiba Inu (SHIB) $ 0.000024
bitcoin-cash
Bitcoin Cash (BCH) $ 528.91
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,244.75
tron
TRON (TRX) $ 0.113905
polkadot
Polkadot (DOT) $ 7.05
chainlink
Chainlink (LINK) $ 14.91
matic-network
Polygon (MATIC) $ 0.748597
litecoin
Litecoin (LTC) $ 84.56
internet-computer
Internet Computer (ICP) $ 13.24
near
NEAR Protocol (NEAR) $ 5.59
uniswap
Uniswap (UNI) $ 7.68
leo-token
LEO Token (LEO) $ 5.76
dai
Dai (DAI) $ 0.999068
ethereum-classic
Ethereum Classic (ETC) $ 28.78
aptos
Aptos (APT) $ 9.52
first-digital-usd
First Digital USD (FDUSD) $ 1.00
blockstack
Stacks (STX) $ 2.55
mantle
Mantle (MNT) $ 1.11
crypto-com-chain
Cronos (CRO) $ 0.134279
cosmos
Cosmos Hub (ATOM) $ 9.03
filecoin
Filecoin (FIL) $ 6.42
bittensor
Bittensor (TAO) $ 521.11
stellar
Stellar (XLM) $ 0.112510
okb
OKB (OKB) $ 52.98
immutable-x
Immutable (IMX) $ 2.14
arbitrum
Arbitrum (ARB) $ 1.14
hedera-hashgraph
Hedera (HBAR) $ 0.084793
render-token
Render (RNDR) $ 7.95
vechain
VeChain (VET) $ 0.040667
kaspa
Kaspa (KAS) $ 0.123660
maker
Maker (MKR) $ 2,873.28
dogwifcoin
dogwifhat (WIF) $ 2.58
the-graph
The Graph (GRT) $ 0.257001
ethena-usde
Ethena USDe (USDE) $ 1.00
pepe
Pepe (PEPE) $ 0.000006
optimism
Optimism (OP) $ 2.36
injective-protocol
Injective (INJ) $ 25.81
theta-token
Theta Network (THETA) $ 2.31