Evaluating Why and How CryptoPunks Remains in the Game

The broad market recovery remained a dominant topic since we ended August’s first week. The theme is more prevalent within the non-fungible token (NFT) market as ‘blue-chip’ collections enjoyed impressive rewards.

Nevertheless, CryptoPunks stands as a top collection amidst bear markets.

The NFT collection has topped the sales volume chart by CryptoSlam in the past several days. Moreover, CryptoPunks has seen surged social engagement recently following some updates.

The Tiffany’s Tale

Tiffany, an American luxury jeweler, revealed some stunning updates on August 1. It confirmed launching 250 NFTs for CryptoPunks holders.

These NFTiffs will allow exclusive enthusiasts to transform NFTs into bespoke pendants designed by Tiffany artisans. Surprisingly, each NFT had a $50,000 price tag and sold out within 20min.

Furthermore, KuCoin exec Johnny Lyu disclosed the introduction of hiPUNKS on the exchange. The new non-fungible token ETF represents 1/1,000,000 CryptoPunnk in a Fraction Protocol-powered on-chain swap pool. The initial supply stands at 6,000,000 hiPUNKS.

What Next Now?

These developments have triggered surged social activity for the collection this week. LunarCrush’s data shows CryptoPunks’ social engagements have increased by 270% to hit 197.85 million.

Also, social contributors have touched 142 after a 97% surge within the previous week. These updates impacted the collection’s Floor Price, which gained 9.56% to 74.5 ETH during this publication.

CryptoPunks saw sales volume increase by 120% over the past week to $8.9 million. It saw the highest level on August 6 when sales volume touched $2.5 million. Furthermore, CryptoSlam shows CryptoPunks was 2nd to NFTiffs on this week’s volume chart.

CryptoPunks has seen a modes trading increase within the last week following brief sellers and buyers increase. Buyers have surged by 2.44% to 42, whereas sellers hit 46, a 4.55% uptick.

Final Thought

CryptoPunks has delighted its holders as it took the lead so far in August. The collection remains higher than other leading NFTs like Moonbirds and Bored Ape Yacht Club. Meanwhile, the amplifying scalability and innovation could see CryptoPunks retaining its spot in the future.

What are your views about the above content? Feel free to leave a reply in the section below.

Editorial credit: mundissima / shutterstock.com

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