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CryptoPunk, Bored Ape sold for over $1M as NFT market rebounds

CryptoPunk, Bored Ape sold for over $1M as NFT market rebounds

The market for non-fungible tokens is expected to grow in 2023, as evidenced by statistics from increased sales and trading activity in January. Single Ethereum NFTs from the well-known CryptoPunks and Bored Ape Yacht Club projects have sold for more than $1 million in ETH in the last twenty-four hours.

These are the two biggest single NFT sales recorded by CryptoSlam in the last 30 days, and both of them featured well-known NFT creators and collectors.

Monday saw the sale of CryptoPunk #5066 for 857 ETH, or almost $1.4 million at the time. It was sold by Kevin Rose, a well-known NFT collector, serial entrepreneur, venture financier, and co-founder of the NFT business Proof (Moonbirds). Shortly after the transaction, the NFT was transferred to another wallet called bitshamed.eth, but the buyer is unknown.

Rose recently fell victim to a phishing scam, and as a result, he sent an attacker 40 NFTs, including Art Blocks and Autoglyphs, for a total of over $1 million. He claimed that he is selling some assets in an effort to rebalance his portfolio and buy more Art Blocks Squiggles NFTs after the attack cost him 25 Art Blocks Squiggles NFTs.

Bored Ape Yacht Club #7090 was sold today for 800 ETH, which is equivalent to $1.3 million. The NFT was sold to an unidentified buyer by Web3 developer and collector Jimmy “j1mmy” McNelis after Rarity Tools ranked it as the 62nd rarest NFT in his 10,000-piece collection. Kingship and the Bored Ape virtual band, which is owned by Universal Music Group, are both under McNelis’ management. He also founded the first Avastars project.

A blockchain-based token called an NFT can be used as ownership documentation for digital goods including artwork, PFPs, collectibles, and video game items. The NFT market generated over $25 billion in organic trading volume in 2021 and 2022.

The sales show that the NFT market, which has seen a significant uptick in activity since late 2022, will continue to gain ground. The market started the previous year off with record-breaking trade activity, but as the value of cryptocurrencies fell and industry contagion spread, sales and prices fell.

The total monthly volume of organic NFT trading climbed slightly in December before surging in January, according to statistics from DappRadar. The analytics company reports that in January, sales volume climbed by 38% to close to $947 million while the total number of NFTs sold increased by 42% to close to 9.5 million.

The Dookey Dash web game and Sewer Pass NFTs by Yuga Labs were released in January, which contributed significantly to the market growth of the Bored Ape Yacht Club and related collections.

CryptoSlam reports that over the past week, NFT sales on Ethereum have exceeded $209 million in ETH, an increase of about 15% from the week before.

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About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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