A non-fungible token (NFT), specifically CryptoPunk #3100, sold for a staggering 4,500 Ethereum (ETH). This translates to over $16 million, highlighting the renewed enthusiasm in the NFT market.
The deal is the second-largest in the NFT premium collection's illustrious history, surpassed only by a $23.7 million sale in February 2022.
NFT Sales Reignite Bull Market Discussions
Originally purchased for just $2,127 in 2017, CryptoPunk #3100 has increased in value significantly, with its last transaction before that reaching $7.51 million in 2021. It belongs to a unique pool of 10,000 CryptoPunks, each with distinct features, and returns Its great value is largely due to its rarity.
Specifically, she is one of only nine Alien CryptoPunks to be identified by her unique blue skin color. Consequently, Alien CryptoPunks became the most popular among collectors.
However, CryptoPunks Group has seen a surge in trading activity. It features a 24-hour trading volume of $18.09 million and a market capitalization of approximately 569,600 ETH, equivalent to approximately $2.12 billion. This puts it at the forefront of NFT collections today.
Read more: What are CryptoPunks? Complete guide
Furthermore, it sparked the recent sale of CryptoPunk #3100 for such an extraordinary amount Conversations About the potential return of the bull market in the cryptocurrency space. Many enthusiasts have drawn parallels between this investment and high-profile real estate acquisitions.
“He could also buy Sam Bankman-Fried's house for $16 million,” an X Cryptoleon user said Comment.
Reviving the NFT sector
Even large institutions like VanEck have ventured into the NFT market with the launch of SegMint, marking an important step towards merging traditional finance with blockchain technology. The SegMint platform offers a “lock and key model,” which aims to provide a secure and easy-to-use solution for storing NFTs.
After a period of contraction in 2022, the NFT sector is on the road to recovery, showing remarkable resilience. Trading volume on Monday reached its highest level in three months, although it still represents a decline of more than 80% from the highs of 2022.
Furthermore, the spotlight has recently turned towards Bitcoin NFTs, thanks to their record sales volume. Overtaking Ethereum in weekly sales, Bitcoin NFTs saw a notable increase of 80% from the previous week. This increase is largely due to the Ordinals Protocol, which opened the possibility of encapsulating files in Bitcoin's smallest units, the satoshi.
Read more: Bitcoin NFTs: Everything you need to know about the arrangements
Among this group, NodeMonkes emerged as the frontrunner, demonstrating the growing appeal of Bitcoin as a utility network.
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