Since the start of the 2023 trading year, the general stability of the cryptocurrency market has renewed interest in profile picture NFTs (PFPs), with Ethereum-based NFT collections getting the most attention.
Based on data from CryptoSlam, there have been 726,992 Ethereum [ETH]-based NFT sales transactions since the beginning of the year. At press time, the sales volume on the network was $289.47 million. Also, on January 6, there were $30.11 million worth of sales on the network, which was the most in the past 17 days.
“Punk” NFTs are always unique
After a short drop in market share in December 2022, the CryptoPunks NFT collection recovered its position as the NFT vertical project with the highest market valuation.
At the time this news was written, the NFT analytics tool NFTGo thought that CryptoPunks’ market capitalization was $1.71 billion. This went up by 14% in the previous month.
Also, NFTGo says that the number of sales of the CryptoPunks NFT collection has risen by 42% in the last 30 days because there has been more trading. So, the total number of sales for this period in question was $21,060,000.
Statistics from NFT Floor Price show that the project’s floor price has gone up a lot in the last month. The price of CryptoPunk NFT went up by 6% during this period. At the time this was written, you could buy a CryptoPunks NFT for 67.47 ETH.
With a market capitalization of $1.71 billion, CryptoPunks held an 8.10% market capitalization share of the entire market capitalization of $22.7 billion. It was closely followed by Bored Ape Yacht Club (BAYC), which had an 8.03 percent market share and a market value of $1.68 billion.
Interestingly, more BAYC NFTs have been sold than CryptoPunks NFTs over the course of history.
Is the PFP trend coming back?
During the first few months of this year, there has been a rise in the trading of NFTs. This is because buyers and sellers have been interacting more in multiple marketplaces, which has led to a lot of sales.
Dune Analytics says that so far this month, 144,105 NFTs transactions have taken place, which is more than the predicted total of 124,689. About 128.450 of these transactions were done by OpenSea.