- 4 days ago
CryptoPunks gold rush leads to over $100 million in sales in 96 hours, with some of its highest purchases made.
The NFT (non-fungible token) world has its own gold rush during the last weekend of July 2021, with CryptoPunks sales volume surging a reported 667% increase and sales hitting just over $46 million within 24-hours twice.
This manic gold rush of sales, which took place between Thursday and Saturday morning, led to over $100 million in sales over the two day period.
The NFT collectible project, CryptoPunks, regularly sell on a daily basis for a while now, but from July 29th through August 1 2021 a gold-rush style of CryptoPunk sales has placed CryptoPunks on a whole new level, and is now a topic of major discussion.
What are CryptoPunks?
CryptoPunks are one of the first NFT projects and also one of the biggest. The collection is composed of 10,000 24×24 8-bit-style pixel images of avatar like characters that all have distinctive characteristics that makes them all uniquely different from each other.
The rush of CryptoPunk sales
Friday, June 30 saw a few big milestones for the famous collectibles. CryptoPunks third-highest purchase was made for Cryptopunk #5217 which sold at 2,250 ETH ($5.45 million). The new punk owner currently owns 17 punks.
This sale became of particular interest to, entrepreneur and influencer, Gary Vaynerchuk, who posted a sarcastic tweet about the sale. He retweeted a picture of the sold CryptoPunk and teasingly asked two major sports celebrities, Tom Brady and Michael Jordan, if they outbought him.
Only a few hours before this purchase, Vaynerchuk bought CryptoPunk 2140 for 1,600 ETH ($3.7 million). At this price, his purchase ranked as the fourth-highest purchase for the collectibles.
$6 million for 1% ownership of CryptoPunks
Another exceptional event in this time period was the purchasing of 88 CryptoPunks by the VC firm Three Arrows Capital, for over $6 million. The firm which previously owned 12 punks, now brings its total to 100 or just about more than 1% of the entire CryptoPunk collection and yes, this shopaholic firm has not quite finished their shopping spree.
Among those sold in the 24 hours period, was the selling of the zombie Punk (#3831) for 850 ETH ($2.08 million). This Punk along with CryptoPunk #8472 were part of the lower priced sales which managed to sell for over $1 million. However, CryptoPunk #8010, which was the lowest selling punk, sold for 135 ETH ($332,006).
The Cryptopunk gold rush included massive and fast sales such as one group of four cryptopunks being bought by one user in a matter of minutes. The four punks cost the buyer a cool 410.95 ETH or just over $1 million.
The CryptoPunk gold rush as told by zombie #6649
Another example of the crazy buying and selling of Cryptopunks over the weekend can be found in the red headed zombie CryptoPunk #6649. The ginger zombie’s sales story starts a few months back on January 23rd where it was bought for a modest 50.20 ETH ($61,616). The fire headed CryptoPunk zombie, though, is a good lens to view what the gold rush of the NFT collectibles went through.
First the punk was sold on July 29th at the initial signs of the buying-and-selling craze for 300 ETH ($693,252), at an increase of almost 500% from it’s previous sale. However, this Punk’s journey did not stop there. A few hours later its new owner flipped his sale making a profit of 150 ETH and let the zombie go for 450 ETH, breaking the $1 million sales mark. Finally the CryptoPunks journey came to its current end on August 1 being sold for just shy of $2 million at 810 ETH. This little guy’s journey exemplifies the crazy rush that overtook the CyptoPunk world, having an individual 170% increase over the weekend, and just over 1500% increase from its January sale.
The CryptoPunk rush continues
Sales of different CryptoPunks with specific attributes took a run during the rush. Four punks with the attribute of wearing a beanie sold for a range of 220-300 ETH ($572,590-$780,800), after previous sales of this attribute barely broke 200 ETH in the past two weeks.
Other attributes that saw huge sales increases were hoodies that began the buying rush with a lowset sale price of 89.99 ETH ($234,220) and in less than a day topped out at 269.69 ETH ($701,920) and settling down at a high of 225 ETH ($585,600) at the time of writing.
Since the beginning of their existence in 2017, CryptoPunk sales have reached a total of $573 million (232,000 ETH). In recent months, each Punk has gone for an average sale price of 22 ETH ($54,000), until this past weekend when the highest Punk sold for the third highest online price of 2,250 ETH or $5.45 million. Between Thursday and the time of this publication, the average price for a CryptoPunk was roughly 48.59 ETH ($125,505.57). At the same time period, there were 894 total sales in Punks and with a total sales volume of around 41 884.54 ETH ($108,176,458.00).
While the CryptoPunk Gold Rush might have slightly slowed down some, it seems far from over as the ERC-20 NFT collectibles are still selling strong.