CryptoPunk sells for $500K, NFT volume rallies 17%

A CryptoPunk collectible recently sold for 205 Ethereum (ETH) worth a whopping $507,617, amid an observable uptick in global non-fungible token (NFT) sales, with sales volume surging by 17.72% in the past 24 hours.

Following the surge in NFT sales volume, the market has recorded $38.28 million in sales over the last 24 hours. Interestingly, the CryptoPunk collectible represents the largest single NFT sale in the past 24 hours and the last month.

The sale, involving CryptoPunk #6940, occurred yesterday at 14:11 (UTC), per data from Etherscan. Historical transaction data confirms that the price of the collectible has increased impressively over the past six years. Notably, the NFT was minted in December 2017 for $128.

The previous sale involving the collectible was worth 215 ETH in April 2023. However, this sale was of less value due to Ethereum’s lower price at the time, amounting to $397,924. Atscrypto, a notable NFT collector, had held the collectible for eight months before the recent sale. 

Despite the massive transaction, the CryptoPunks collection has recorded a 22% decline in volume over the last 24 hours, dropping to $3.17 million. However, the global NFT sales volume has only witnessed a considerable increase as total transactions have risen to 325,804.

The latest purchase comes over two months after another CryptoPunk collection made headlines for recording an impressive sale worth 600 ETH (valued at $1.14 million at the time). This sale involved CryptoPunk #7458 and preceded a major revival in NFT sales volume.

The recent development points to a resurgence of interest in digital collectibles despite the market-wide downturn recorded in the past few weeks. Institutional interest in NFTs has also seen a rise, with CoinGecko recently confirming that 21 of the top 50 global fashion brands have NFT projects.