Are CryptoPunks NFTs Losing Steam? Sales fall below $100 million for the seventh consecutive month

CryptoPunks remains one of the most talked about NFT collections in the space. Sales of the 10,000 pixelated cartoon heads still generate tens of millions of dollars in monthly volume.

Unfortunately, the heights that Larva Labs (the developers behind CryptoPunks) were reaching in 2021 have not been replicated in 2022.

On May 8, CryptoPunk #273 traded hands for around $139,000 after being sold for $1.03 million in October 2021. The NFT seller lost around 80% of his investment.

After hitting an all-time high (ATH) of around $680 million in August 2021, CryptoPunks sales began to stagnate in the final months of this year.

CryptoPunks started the year with a monthly sales volume of around $124 million in January. An overall decline across all facets of the crypto industry pushed sales down to just $25 million in August.

It was the seventh month in a row that sales fell below $100 million. Other than that, it was the lowest sales since June 2021’s $19 million – a 14-month low.

While several analysts have attributed the decline in sales to a shift from highly volatile to non-volatile assets such as bonds and bills, the steady fall in the number of unique buyers and total transactions confirmed a strong downward trend. the decline.

Unique buyers hit their lowest level in 20 months

The total number of unique buyers for CryptoPunks fell to just 103 in August 2022. This is a 92% drop from the peak of 1,215 from the same period in August last year. The last time the number of unique buyers was below this was in December 2020 with 96.

Average sales hit a four-month high

Despite a drop in the number of unique buyers and total number of transactions, CryptoPunks’ average sale value hit a four-month high of $158,649. This is a decline of 68% and 55% from the sell values ​​of the all-time high of $493,066 in November 2021 and this year’s high of $353,145 in February respectively.

The average value of sales in August was also 82% higher than the June figure of $86,930.

CryptoPunks has surpassed several NFT projects in monthly sales

Despite new lows, CryptoPunks sales still topped Axie Infinity ($6 million), Otherdeed for Otherside ($23 million), NBA Top Shot ($7 million), Azuki ($9 million) , CloneX ($12 million), Moonbirds ($19 million), and Art Blocks ($10 million).

On the other hand, the collection followed Bored Ape Yacht Club and Mutant Ape Yacht Club which generated $58 million and $26 million respectively.

CryptoPunks Still One of the Best NFTs by Weekly Sales

Digital collectibles remain one of the top-selling collectibles by weekly sales. It only followed Loot and Bored Ape Yacht Club and was followed by Doodles, Ethereum Name Service and Otherside in the ranks.

Are CryptoPunks Dead?

The drop in sales has led several players in the digital collectibles industry to wonder if CryptoPunks will start to be gradually overtaken by other NFT collections.

In August, Bored Ape Yacht Club knocked down CryptoPunks, and it became a point of reference for many analysts.

Be[In]Cointelegraph reached out to traditional experts to seek their opinion on the matter.

Oliver Mann, founder and CEO of trustINwine.com, a marketplace for premium wines sold as non-fungible tokens (NFTs), added his voice on the topic.

“The idea that a top-notch NFT collection is dead because of a few months of monthly sales below $100 million has to be taken in a larger context. Generally speaking, sales of non-utility NFTs have been declining, both in floor prices and volume, with a few exceptions.CryptoPunks’ intellectual property (IP) was recently acquired by Yuga Labs, where there is still no clarity on what this means in cases of In fact, all NFT intellectual property is something that’s up in the air, which means there’s a level of uncertainty around the value,” Mann said.

He added: “In an even bigger picture, with the meltdown upon us, a bear market and general financial turmoil in real life, it is premature to pass judgment on the end of a collection. We’ve seen revivals of old projects before and like all things, these things come in waves. We are still in the early stages of NFTs, and those that come to market early, like CryptoPunks, will continue to have value.

“As some have said, CryptoPunks is like Mona Lisa and will have real long-term value. Strong projects survive, even thrive, in bear markets,” he concluded.

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