CryptoPunks surged 900% in trading volume in a week and the NFT market came back to life

Compilation: Blockchain Knight

Trading activity in the non-fungible token (NFT) industry has been declining since the start of the year, but there seems to be a noteworthy positive shift taking place in the market right now. According to on-chain data, one of the major collections that has led this wave in recent times is the CryptoPunks NFT.

CryptoPunks, an NFT collection of 10,000 unique pixel art characters on the Ethereum blockchain, has garnered widespread acclaim and keen attention from collectors in the years since its inception. However, over the past few months, with the general downturn in the NFT market, interest in the collection has been relatively low.

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In recent weeks, the CryptoPunks collection has once again gained popularity among investors and collectors. According to blockchain analytics firm IntoTheBlock, the trading volume of the Cryptopunks NFT collection has grown significantly, soaring from $200,000 to over $3 million in a week.

Trading volume is an important metric that can help gauge market interest, market activity, and liquidity for an NFT collection. As a result, high trading volumes are often indicative of rising liquidity, as well as increased demand for NFT collections.

In addition, the surge in trading volume of the CryptoPunks series has also increased its sales by 1000%. According to data provided by CryptoSlam, the collection is the highest-selling Ethereum-based NFT collection.

Another indication of rising demand for CryptoPunks NFTs is the growing floor price, which has risen by about 27% over the past seven days.

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Recent interest in the CryptoPunks collection highlights the resurgence of the broader NFT market. According to IntoTheBlock, on Thursday, November 9, the daily trading volume of Ethereum-based NFTs exceeded $30 million, the first breakthrough since early July.

Interestingly, the broader Crypto market has also undergone a shift over the past few weeks. BTC is the main crypto asset fueling the current positive sentiment, rising 37% over the past month.

If the much-anticipated bull market does arrive, the NFT industry could get a slice of the new inflows, as recent on-chain data shows that most NFTs are brewing a “bullish market.”