A resurgence in profile picture NFTs cause “Punks” to take the lead… Details inside – Crypto News – Crypto News
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A resurgence in profile picture NFTs cause "Punks" to take the lead... Details inside A resurgence in profile picture NFTs cause "Punks" to take the lead... Details inside

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A resurgence in profile picture NFTs cause “Punks” to take the lead… Details inside – Crypto News

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3 years ago

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  • Ethereum-based NFTs have seen the most activity since 2023 started.
  • CryptoPunks held a 8.10% share of the total NFT market capitalization at press time.

The overall stability in the general cryptocurrency market since the start of the 2023 trading year has led to renewed interest in profile picture NFTs (PFPs), with Ethereum-based NFT collections seeing the most traction.

According to data from CryptoSlamwith 726,992 Ethereum [ETH]-based NFTs sales transactions completed since the year started, sales volume on the network totaled $289.47 million at press time. Furthermore, in the last 17 days, the highest daily sales volume on the network stood at $30.11 million on 6 January.

“Punk” NFTs for the win

After a momentary decline in market share during December 2022, the CryptoPunks NFT Collection reclaimed its spot as the project with the largest market capitalization in the NFT vertical of the crypto ecosystem.

According to NFT analytics platform NFTGoCryptoPunks’ market capitalization stood at $1.71 billion at press time. In the last month, it rallied by 14%.

Also, increased trading activity for the CryptoPunks NFT collection in the last 30 days led to a 42% jump in sales volume, per NFTGo. As a result, sales volume within the period under review totaled $21.06 million.

Source: NFTGo

The project’s floor price has grown tremendously in the last month, data from NFT floor price shown. Within that period, the price per CryptoPunk NFT went up by 6%. At press time, an NFT from the CryptoPunks collection was obtainable for 67.47 ETH.

Source: NFT Floor Price

With a market capitalization of $1.71 billion, CryptoPunks held on to an 8.10% share of the total market capitalization of $22.7 billion. It was closely followed by Bored Ape Yacht Club [BAYC]which had a market capitalization of $1.68 billion with an 8.03% market share.

Source: NFTGo

Interestingly, a consideration of all-time sales volume for both BAYC and CryptoPunks revealed that more BAYC NFTs have been sold.

Is the craze for PFPs returning?

The year so far has been marked by an uptick in NFTs trading activity as buyers and sellers alike have increasingly interacted in several marketplaces, thereby completing a plethora of sales transactions.

Per data from Dune Analytics, the count of NFTs transactions completed so far this month has totaled 144,105, exceeding the forecasted 124,689. 128,450 of those transactions were completed on OpenSea.

Source: Dune Analytics

So far this month, NFTs sales transactions worth $471 million have been completed, and the general market capitalization has gone up by 7%.

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