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A Gold-Rush For CryptoPunks: Sales Climb Over Whopping $100 Million

NFT Zilla Staff
CryptoPunks gold rush

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.

Gary Vaynerchuk and his CryptoPunk #2140
NFT Zilla Staff Artist

$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.

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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. 

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CryptoPunk #6649

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. 

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