CryptoPunks’ exchange price drops below 80 ETH as the NFT trading volume drops by 50%

The minimum cost of buying CryptoPunks (NFT) indistinguishable tokens from secondary markets fell below 80 ethers (ETH) on September 14.

Larva Labs reports that the so-called “CryptoPunk 1417,” a pixelated avatar of one of 3840 women created by digital artists Matt Hall and John Watkinson, is on sale for $ 79.99 (nearly $ 266,168).

The minimum price of CryptoPunks has fallen below 80 ETH. pic.twitter.com/aD3Cwbl0IK

– Wu blockchain (@WuBlockchain) September 14, 2021

A quick look at the history of transactions with the number 1417 reveals that its owner sold it for just 0.9 ETH (~ $ 159) in January 2020. New owners continued to raise their asking price for NFT in the months that followed. On August 31, the floor price passed close to ETH 118.99 (~ $ 407,165).

However, no bids were received on # 1417, forcing the auctioneer to lower NFT’s reserve price to 93.99 ETH ($ 368,539 USD) on September 7th. A number of bargains later, the owner listed the digital collection for 79.99 ETH and received an offer of 70 ETH ($ 230,089 USD). ).

However, the bidder later withdrew their offer, increasing the possibility that the owner of # 1417 could lower their reserve price even further.

The price movement of one of CryptoPunks’ 10,000 NFT artworks came as part of a recent drop in land prices in the digital collectibles space. At some point this week, the average minimum price for all NFTs fell from a high of 1.02 ETH to 0.37 ETH, according to Dune Analytics, according to the Ethereum Ecosystem Tracker.

However, on September 14, the average price rose to a new record high of 1.10 ETH. It should be noted that the minimum price may increase due to newly started NFT projects with higher offer rates. But for the top players in this space, like CryptoPunks, the reserve price is still lower.

Meanwhile, there have also been several high-priced CryptoPunks NFT sales in the past seven days. For example, on September 12th, Zombie “CryptoPunk 8857” received a bid of 2,000 ETH worth $ 6.62 million. Similarly, a “CryptoPunk 5169” with a clown nose was sold for 205 ETH (approx. 755,935 USD) last week.

Payment processing giant Visa also bought a CryptoPunk for nearly $ 150,000 in Ether.

NFT sales plummeted

At the same time, high-priced CryptoPunk purchases didn’t do much to maintain the record sales volume in August.

The NFT markets in particular saw $ 86.55 million in transactions after their peak in late August, all of which were related to the sale of CryptoPunks avatars. This trend continued in the first two days of September and then fell sharply in the following sessions.

CryptoSlam reported a 53.3% decrease in the sales volume of CryptoPunks in the last seven days from just 66 transactions with 55 buyers. Other top NFT projects, including Axie Infinity, Art Blocks, and Bored Ape Yacht Club, also saw double-digit percentage declines.

Nonfungible reported a similar drop in trading volume in major NFT markets after August 29. On that day, NFT projects raised $ 1.02 billion. But on September 14th, sales dropped to $ 151.31 million.

At the same time, the number of active NFT wallets fell from 59,255 to 21,908 in the same period. In addition, total NFT sales fell from 138,109 to 36,014, indicating a decline in interest in the digital collectibles space.

Related: NFT sales and reserve prices fall as demand falls and gas prices rise

The decline largely corresponded to bearish moves in the crypto market last week when the leading coins Bitcoin and Ethereum suffered a massive correction. Overall, crypto market cap is down 15.52% after hitting nearly $ 2.43 trillion on September 7th.