CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%

CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%

The minimum cost to buy a CryptoPunks nonfungible token (NFT) from secondary marketplaces dropped below 80 Ether (ETH) on Sept. 14.

Larva Labs reported that the so-called "CryptoPunk 1417," a pixelated avatar of one of 3840 women created by digital artists Matt Hall and John Watkinson, is listed for sale at 79.99 ETH (almost $266,168).

Our top trading bots

A quick look into the history of transactions involving #1417 showed that its owner sold it for as low as 0.9 ETH (~$159) in January 2020. The new possessors kept raising their ask price for the NFT in the later months. As of Aug. 31, its floor rates had topped near 118.99 ETH (~$407,165).

But no bids came for #1417, forcing the auctioneer to reduce the NFT's floor price to 93.99 ETH ($368,539) by Sept. 7. A flurry of bargains later, the owner listed the digital collectible for 79.99 ETH and received an offer for 70 ETH ($230,089).

CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%
CryptoPunk 1417 bargain history. Source: Larvis Labs

But the bidder later withdrew their offer, raising possibilities that the #1417's owner might drop their floor price further.

The price trajectory of one of the CryptoPunks' 10,000 NFT artworks came as a part of a recent decline in floor rates across the digital collectibles space. At one point this week, the average price floor for all NFTs had dropped to 0.37 ETH from the top of 1.02 ETH, as per Ethereum ecosystem tracker Dune Analytics.

CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%
Custom NFT floor tracker. Source: Dune Analytics

Nonetheless, on Sept. 14, the average price shot up to a new record high of 1.10 ETH. It is worth noting that price floors could rise due to new NFT projects debuting with higher ask rates. But for top players in the space, such as CryptoPunks, the price floor remained lower.

Meanwhile, many of the high-priced CryptoPunks NFT sales in the past seven days also occurred. For instance, on Sept. 12, Zombie "CryptoPunk 8857" received a 2,000 ETH bid worth $6.62 million. Similarly, last week, a Clown-nosed "CryptoPunk 5169" got sold for 205 ETH (around $755,935).

CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%
Top five NFT collectibles sales in the past seven days. Source: CryptoSlam

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

NFT sales volumes plunge

At the same time, the high-priced CryptoPunk purchases have done little in maintaining its record-breaking August sales volumes.

In detail, the NFT marketplaces witnessed $86.55 million worth of transactions after peaking toward the end of August, all involving the sales of CryptoPunks avatars. The trend sustained further through the first two days of September, only to witness a sharp decline in the next sessions.

CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%
CryptoPunks trade volume throughout its history. Source: CryptoSlam

CryptoSlam reported a 53.3% decline in the CryptoPunks sales volumes in the past seven days via only 66 transactions involving 55 buyers. Similarly, other top NFT projects, including Axie Infinity, Art Blocks, and Bored Ape Yacht Club, also reported double-digit percentage drops. 

Nonfungible reported similar drops in trading volumes across leading NFT marketplaces after Aug. 29. On that day, the NFT projects had raked in $1.02 billion. But as of Sept. 14, the sales had dropped to $151.31 million.

CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%
NFT sales volumes. Source: Nonfungible

Meanwhile, the number of active NFT wallets fell from 59,255 to 21,908 in the same period. Additionally, the total number of NFT sales dropped to 36,014 from 138,109, signaling a declining interest in the digital collectibles space.

Related: NFT sales and floor prices plummet as demand wanes and gas prices soar

The drop largely matched steps with bearish price moves across the cryptocurrency market last week as top coins Bitcoin and Ethereum suffered a large correction. On the whole, the crypto market cap declined by 15.52% after topping out near $2.43 trillion on Sept. 7.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read on concerning Cointelegraph
County Treasurer in Illinois accepts crypto donation in reelection bid
Holly Kim, a treasurer in Lake County, Illinois, has reportedly become the first political candidate in the state to accept crypto campaign donations.According...
Australia and Singapore conclude digital verification blockchain pilot
The Australian Border Force (ABF), Infocomm Media Development Authority of Singapore (IMDA) and Singapore Customs, along with other industry representations,...
Ethereum's rise to No.1 crypto 'seems unstoppable' says deVere Group CEO
The CEO and founder of one of the world’s largest independent financial advisory organizations, the deVere Group, has stated that Ether’s (ETH) price appreciation...
Broker licensing for US blockchain developers threatens jobs and diversity
United States lawmakers will soon destroy a massive opportunity for job creation and a diverse workforce in blockchain technology if they do not amend infrastructure...
Congressman takes aim at peers who think crypto could cause a ‘financial 9/11’
Representative Ted Budd of North Carolina, a member of the House Financial Services Committee and Congressional Blockchain Caucus, has urged lawmakers to...
Bank of Jamaica to begin digital currency pilot in August
Jamaica’s central bank will reportedly commence the initial roll-out of its central bank digital currency (CBDC) project in August.According to a report...
Coinbase leads $6M funding for Indonesian crypto exchange
Pintu, an Indonesia-based cryptocurrency exchange focusing on first-time crypto users, has raised $6 million to support its mission to drive industry adoption.The...
Can blockchain ever be part of the solution for tackling climate change?
Elon Musk captured the world’s attention when he declared that Tesla would no longer accept Bitcoin as a payment method, citing the blockchain’s environmental...
Celo rallies 50% as excitement builds for the upcoming 'Donut' hardfork
Decentralized finance (DeFi) has emerged as a transformational force for not just the cryptocurrency market, but for financial markets in general in 2021...
Delphi Digital forms $5 million NFT investment ‘syndicate’
Delphi Digital — a multiservice cryptocurrency investment, consulting and research firm — announced on Friday the launch of "Delphi InfinNFT," a new investment...
Ether will always come second to Bitcoin, says Shark Tank's Kevin O'Leary
Amid the price of Ether reaching an all-time high this week, businessman Kevin O'Leary still believes Bitcoin will stay on top of the token.Speaking to...
China ‘endorses’ BTC investment: 5 things to watch in Bitcoin this week
Bitcoin (BTC) is beginning a new week grinding back to $60,000 as the shock of a weekend price crash settles.After dropping to as low as $52,000 in a snap...
Digital asset manager behind Canada's first BTC fund hopes to launch Bitcoin ETF
Investment fund manager 3iQ has partnered with Coinshares to launch a Bitcoin exchange-traded fund in Canada. According to an announcement from 3iQ, the...
Nifty News: NYT says NFTs in pandemic-fueled bubble, Polkamon eggs produce $1M gas ...
Having just flogged an NFT column for half a million dollars, the New York Times is now wondering if perhaps the whole scene is in a bit of a bubble?In...
The Latest Crypto News In February Worldwide
No industry today is changing as fast as the cryptocurrency market. The news appears at a great speed and it’s important to follow it. Last month was no...