Due to a 50% reduction in NFT trading volume, the base price of CryptoPunks fell below 80 ETH

The lowest cost of buying one CryptoPunks non-fungible tokens (NFT) from the secondary market fell to 80 Ether (Ethereum) September 14th.

Larva Lab Report The so-called “CryptoPunk 1417” is a pixelated avatar of one of 3840 women created by digital artists Matt Hall and John Watkinson, and it is listed for sale at a price of 79.99 ETH (approximately US$266,168).

A quick glance at the transaction history involving #1417 shows that its owner sold it for as little as 0.9 ETH (approximately $159) in January 2020. Over the next few months, the new owners continued to raise their asking prices for NFTs. As of August 31, its reserve price was close to 118.99 ETH (approximately US$407,165).

However, #1417 did not bid, forcing the auctioneer to lower the reserve price of NFT to 93.99 ETH ($368,539) before September 7. After a series of bargains, the owner listed the digital collectibles for 79.99 ETH and received an offer for 70 ETH ($230,089).

CryptoPunk 1417 transaction history.Source: Larvis Lab

But the bidder subsequently withdrew their offer, which increased the possibility that the owner of #1417 might further lower the reserve price.

The price trajectory of one of CryptoPunks’ 10,000 NFT artworks is part of the recent decline in reserve prices in the digital collectibles space. According to data from the Ethereum ecosystem tracker Dune Analytics, there was a period of time this week when the average lower price limit of all NFTs dropped from the highest point of 1.02 ETH to 0.37 ETH.

Custom NFT floor tracker.Source: Sand Dune Analysis

Nevertheless, on September 14, the average price soared to a record high of 1.10 ETH. It is worth noting that as new NFT projects are launched at a higher asking price, the lower price limit may increase. But for top players in the field, such as CryptoPunks, the lower price limit is still low.

At the same time, many High price CryptoPunks NFT sale It has also happened in the past seven days. For example, on September 12, Zombie “CryptoPunk 8857” received a bid of 2,000 ETH worth $6.62 million. Similarly, last week, the clown nose “CryptoPunk 5169” was sold for 205 ETH (approximately US$755,935).

The top five NFT collections sold in the past 7 days. Source: CryptoSlam

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

NFT sales plummet

At the same time, the Buy CryptoPunk at a high price Little has been done to maintain its record August sales.

In detail, the NFT market Witnessed $86.55 million worth of transactions After reaching its peak at the end of August, all of this involved the sale of CryptoPunks avatars. This trend continued further in the first two days of September, but there was a sharp decline in the next few trading days.

The historical trading volume of CryptoPunks. Source: CryptoSlam

Encryption Slam Report The sales of CryptoPunks dropped by 53.3% in the past 7 days, involving only 66 transactions from 55 buyers. Similarly, other top NFT projects, including Axie Infinity, Art Blocks, and Bored Ape Yacht Club, also reported double-digit percentage declines.

irreplacable Report After August 29, the trading volume of the major NFT markets also experienced a similar decline. On that day, the transaction volume of the NFT project was 1.02 billion U.S. dollars. But as of September 14, sales had fallen to $15131 million.

NFT sales.Source: Irreplaceable

At the same time, the number of active NFT wallets dropped from 59,255 to 21,908 during the same period. In addition, the total sales of NFT dropped from 138,109 times to 36,014 times, indicating a decline in interest in the field of digital collectibles.

related: As demand weakened and natural gas prices soared, NFT sales and reserve prices plummeted

As the top coins Bitcoin and Ethereum have undergone significant corrections, the decline largely matches the bearish price movement of the entire cryptocurrency market last week. Overall, the market value of cryptocurrencies fell by 15.52% after reaching nearly US$2.43 trillion on September 7.

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