Bored Ape and CryptoPunks register first $1m NFT sales of 2023

Bored Ape and CryptoPunks register first $1m NFT sales of 2023

Two non-fungible tokens (NFTs) from the Bored Ape Yacht Club (BAYC) and CryptoPunks collections just registered the first million-dollar NFT sales of 2023, with the BAYC selling for $1.3 million and the Punk going for $1.4 million.

Data from multi-chain NFT aggregator CryptoSlam reveals that the $1.3 million (800 ETH) sale occurred yesterday and involved the BAYC #7090 collectible. Though the collectible was purchased by its latest seller Jimmy_Vault at 600 ETH two years ago, the purchase value then was $2.27 million owing to ethereum’s high price at that time. This marks a loss of over $900,000. 

Meanwhile, the CryptoPunk sale occurred two days ago and involved the collectible CryptoPunk #5066. Unlike the BAYC sale, the Punk, which sold for 857 ETH ($1.4 million), raked in profits of over $1.3 million for its latest seller, who purchased it three years ago at a value of 50 ETH ($18,196).

The recent million-dollar NFT sales are the first major since the CryptoPunk #2066 sale of $1.38 million two months ago. These suggest a re-emergence of interest in NFTs following the dearth previously observed during the coldest periods of the Crypto Winter. Last month, a 120% increase in BAYC NFT trade volume was recorded in the 24 hours leading to Jan. 30, as sales volume surged to $3.26 million.

At the time of reporting, a 15% increase in BAYC sales volume has been noticed in the past 24 hours, with a total volume of $4.2 million. Furthermore, volume in the past week has seen a 47% increase, as the collection registers $17.5 million in sales, signaling an uptick in investors’ interest.

Institutional adoption of NFTs 

Notably, institutions have shown a particular interest in NFTs with the resurgence of adoption. Last month, the English Premier League announced a 4-year partnership with French startup Sorare. The partnership, which is worth a whopping £120 million, would see the EPL issue NFTs which players on Sorare can purchase.

Starbucks already jumped on the NFT craze last year following the introduction of its Odyssey loyalty program in December 2022. The loyalty program was launched on the polygon blockchain, allowing customers many exciting experiences and benefits.

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