CryptoPunks Lead Ethereum NFT Resurgence
CryptoPunks, one of the most iconic NFT collections on Ethereum, is making a remarkable comeback after a prolonged period of decline. In just four days, the floor price of the 10,000-piece profile picture (PFP) collection has surged by 35%, climbing from a low of 21 ETH to 28.5 ETH. This resurgence has injected new energy into the NFT market, with CryptoPunks leading the charge.
On August 20 alone, the collection saw over $3 million in trading volume, signaling renewed interest and investment in these digital assets. The increase in unique owners of CryptoPunks further suggests that new buyers are entering or returning to the market, drawn by the bullish momentum.
The Bored Ape Yacht Club (BAYC), another prominent PFP collection, is also experiencing a revival. Its floor price has risen from 9.5 ETH at the beginning of August to 13.4 ETH, indicating that the positive sentiment extends beyond just CryptoPunks.
Interestingly, this resurgence seems to be primarily driven by community sentiment and market momentum, as there are no clear external factors triggering the price surge. However, the bullish action remains confined to PFP collections, with other segments of the NFT market, such as generative art, not seeing the same level of activity. For example, Chromie Squiggles, a well-known collection on Art Blocks, still has a floor price of 3.8 ETH, with only 14 sales in the past week.
The current trend reflects a renewed enthusiasm for PFP NFTs, particularly among collectors and investors looking to capitalize on the rally.
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