CryptoPunks Trading Volume Rises Rapidly After Yuga Lab Acquisition

CryptoPunks had a dramatic increase in trading volume

CryptoPunks’ trading volume on March 11 has reached approximately $18 million after it was disclosed that Yuga Labs has bought the intellectual property of CryptoPunks from Larva Labs.

Many NFT supporters have long desired for the collection; nevertheless, its parent company’s unwillingness to offer holders exclusive rights to the tokens has been seen negatively by many in the community.

The trade volume for this blue chip NFT collection rose by almost 1,000% after the announcement, according to statistics from CryptoSlam. The announcement also contributed to a rise in CryptoPunks’ floor price, which is currently 75 ETH (about $195,000).

Yuga Labs also purchased the IP for the Meebits collection, whose trade volume jumped to over $18 million in the previous 24 hours, representing a 529% gain.

Meebits’ floor price also increased by 32% to over 5.6 ETH (around $14,500).

Aside from its latest acquisitions, BAYC has sold over $8 million, while Mutant Apes has sold roughly $5 million. Both NFT collections’ floor prices increased by 12% to 82 ETH and 9% to 18.5 ETH, respectively.

Other similar projects, such as the V1 CryptoPunks Wrapped Collection, a community-made NFT based on the original CryptoPunk smart contract, have had a 6,695% rise in trade volume in the previous 24 hours, generating almost $1.6 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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