NFT Market Surprisingly Steady, Despite Market Downturn: Mysterious Buyer Snags $500K CryptoPunk, Buyer Count Soars 56%

CryptoPunk #6940 sold for a record $507,617, marking the highest NFT sale in 6 months and 2024.
NFT Market Surprisingly Steady, Despite Market Downturn: Mysterious Buyer Snags $500K CryptoPunk, Buyer Count Soars 56%

Key Insights

  • CryptoPunk #6940 sold for a record $507,617, marking the highest NFT sale in 6 months and 2024.
  • The sale triggered an 85% surge in CryptoPunks trading volume and boosted other metrics like the number of traders and market cap.
  • Despite a dip in Ethereum's price, the NFT market saw overall growth in daily volume, number of buyers, and transactions.
  • Collections like CryptoPunks, CryptoUndeads, Dokyo, and Ordinals showed increased buying and selling activity.
  • Global NFT sales volume jumped 16.45% within 24 hours, suggesting a potential comeback for the NFT market.

If you didn't know, the CryptoPunk collection is one of the earliest and most popular NFT collections on the Ethereum blockchain.

The collection contains 10,000-pixel art characters with different attributes and rarity.

The interesting thing about this NFT collection is that it used to be given away for free, to anyone with an Ethereum wallet.

However, as the years went by, more of these NFTs started to sell for huge, often ridiculously expensive prices. 

The most expensive CryptoPunk ever sold
The most expensive CryptoPunk ever sold

This week, the crypto community saw something of the sort happen when a CryptoPunk was sold for more than half a million dollars.

Let's see how well the crypto market has held up this week, even despite the ongoing market sump with Bitcoin and the others.

A Historic Sale On A Sunday

This week on Sunday, 19 January, a CryptoPunk NFT with the ID #6940 left the shelves.

According to reports, CryptoPunk #6940 was sold for a staggering 205 ETH (worth about $507,617 at the time of the sale).

The NFT that was sold
The NFT that was sold

This sale turns out to be the highest price paid for a single NFT in the last 6 months, as well as the largest NFT sale in 2024.

The buyer turned out to be an anonymous buyer with the Ethereum address 0x9c3a…f3c6, who, for some reason, appears to have taken a liking to CryptoPunks, according to Etherscan data.

Several cryptopunk purchases
Several cryptopunk purchases

This 205 ETH sale of a CryptoPunk NFT  this week, is reflected by the soaring stats of the CryptoPunks collection, according to DappRadar.

CryptoPunks metrics skyrocket
CryptoPunks metrics skyrocket

According to DappRadar, the trading volume of the CryptoPunks collection has boomed by around 85% over the last week, leaving the weekly volume around $17.68 million.

Moreover, other metrics like the weekly number of traders, number of sales, market cap and floor price have been booming in an overall strange situation.

However, this isn't all.

The NFT Market is Booming

During times when the NFT market declined, one would think that several NFT metrics would decline along with it.

However, this has not been the case.

Despite Ethereum's 4% dip over the last day, to around $2,300, the NFT market is booming, compared to the mainstream crypto market.

The sale of CryptoPunk #6940 turned out to be far from an isolated event, as shown by the growing demand in the snapshot below.

Daily NFT volumes are booming
Daily NFT volumes are booming

According to data from Dune Analytics, the daily NFT volumes have been on the rise as of late, with exchanges like OpenSea, Blur and Sudoswap taking the lead.

According to data from CryptoSlam, the number of NFT buyers over the last week has also exploded upwards by around 56.66%, with the number of NFT transactions also experiencing an uptick of around 6.13%.

The NFT market shows signs of life
The NFT market shows signs of life

Moreover, the NFT market has also turned out to be the opposite of the general crypto market, with collections like CryptoUndeads, CryptoPunks, Dokyo and Ordinals experiencing upticks in their numbers of buyers and sellers.

This means that the NFT market is abuzz and is therefore healthy, as shown by the

Upticks in NFT metrics, according to NonFungible
Upticks in NFT metrics, according to NonFungible

Data from also shows that the global NFT sales volume surged by 16.45% in the past 24 hours, reaching as much as $10 million on Tuesday alone.

Overall, the recent sale of CryptoPunk #6940 and the overall performance of the NFT market show that the NFT market may be about to present the biggest comeback since the 2021 boom.

NFTs have also been receiving attention from several sectors like Sports, entertainment and gaming, as outlined by this tweet from Coingecko that shows that as many as 21 of the top 50 global fashion brands have now launched NFT projects.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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