CryptoPunk floor drops below 80 ETH as NFT trading volume drops 50%

The minimum cost to purchase NFT CryptoPunk from the secondary markets fell below 80 ETH on September 14th.

According to Larva Labs, CryptoPunk 1417, a pixelated avatar of one of 3840 women created by digital artists Matt Hall and John Watkinson, is on sale for ETH 79.99 (nearly $ 266,168).

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

– Wu blockchain (@WuBlockchain) September 14, 2021

A quick look at the transaction history for # 1417 shows that the owner sold for just 0.9 ETH (~ $ 159 USD) in January 2020. The new owners continued to raise the asking price for months. On August 31, the low hit its high of 118.99 ETH (~ $ 407,165 USD).

But no one was bidding on # 1417, forcing the owner to lower the NFT reserve price to 93.99 ETH ($ 368,539) on September 7th. After a series of halves, the owner listed the digital collection for 79.99 ETH and received an offer of 70 ETH ($ 230,089 USD).

Bid history for CryptoPunk 1417 | Source: Larvis Labs

But the bidder later withdrew the offer and it is possible that owner # 1417 could lower the price floor even further.

On the flip side, not only has the price of one of the 10,000 NFT CryptoPunks artworks gone down, but the overall price floor in the digital collectibles space has also gone down lately. 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.

Source: Dune Analytics

However, on September 14, the average price rose to a new record high of 1.1 ETH. It should be noted that the minimum price may rise due to newly launched NFT projects with a higher letter quota. But for the top players in this space, like CryptoPunks, the reserve price is still lower.

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

Top 5 NFT sales in the past 7 days | Source: CryptoSlam

Payment processing giant Visa also bought a CryptoPunk for nearly $ 150,000 at ETH.

NFT sales plummeted

High-priced CryptoPunk purchases didn’t do much to maintain record sales volumes in August.

In the NFT markets in particular, there were many transactions valued at up to $ 86.55 million after the peak in late August, all of which had to do with CryptoPunks sales. This trend continued in the first two days of September but declined sharply in the following sessions.

CryptoPunks trading volume throughout history | Source: CryptoSlam

CryptoSlam reported a 53.3% decrease in the sales volume of CryptoPunks in the last 7 days and only 66 transactions with 55 buyers. Other top NFT projects such as Axie Infinity, Art Blocks and Bored Ape Yacht Club also recorded declines in the double-digit percentage range.

Not fungible either report a similar drop in trading volume in major NFT markets after August. On that day, NFT projects raised $ 1.02 billion. But on September 14th, sales dropped to $ 151.31 million.

NFT sales volume | Source: Not fungible

The number of active NFT wallets fell from 59,255 to 21,908 in the same period. In addition, total NFT sales decreased from 138,109 to 36,014, suggesting less interest in the digital collectibles space.

The decline largely corresponded to the bearish market moves seen last week, as top coins like Bitcoin and ETH corrected sharply. Total market cap is down 15.52% after hitting nearly $ 2.43 trillion on September 7th.

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