The rush on CryptoPunk non-fungible tokens (NFTs) skyrocketed this week with daily trading volumes in the tens of millions of dollars.
While some have labeled NFTs as a passing fad, fans of CryptoPunks are not among them. Prices for the popular NFT collection produced by Larva Labs shot up 50% over the past week thanks to a number of huge sales, according to numbers from DappRadar. On top of the value increase, daily trading of the popular digital art was up 195.54% at the same time. It seems the CryptoPunk hype is not slowing, even after a week on fire. CryptoPunk sales are up 64% and volume 90% since yesterday. The total number of traders also rose more than 50% since Thursday. Those numbers represent around 10,720 transactions over the last week. Almost 2,500 of those trades have been within the last 24-hours.
Big sales are moving the market
The rise in interest came after several sales in the millions of CryptoPunk NFTs on July 30. CryptoPunk#5217 sold for $5.45 million from user Snowfro to an unknown buyer. Meanwhile, CryptoPunk#2140 sold for $3.76 million to an American entrepreneur, Gary Vaynerchuck. The two remain the third and fourth highest-selling examples of the collection to date. Those two sales contributed to the best 24-hour period CryptoPunk NFTs have seen in terms of volume, hitting $46 million on Thursday, July 29.
In related NFT news, CryptoPunk NFTs are now available for rent via the ReNFT platform. According to the company’s website, “CryptoPunk owners sign a special transaction. This transaction follows the tenant rights protocol, which gives sole permission to display the CryptoPunk as your Avatar for a fixed period of time, up to 99 days.”
This feature will allow CryptoPunk owners to profit over time by leasing out their valuable NFTs, thus driving up the potential value. The deal allows individuals to show off their rented NFTs on social media or an NFT Marketplace of their choice. Owners are asked to refrain from using said punk while the rights are being leased.
CryptoPunk’s closest competitor according to DappRadar is Axie Infinity. While the gaming-focused NFTs have far more traders, 61,000 more to be more precise, the volume of sales lags behind to the tune of around $15 million.