Blue-Chip NFT Sales Surge as Crypto Market Stagnates
Sales of blue-chip NFT collections have surged recently, with a notable increase in both the number of buyers and sellers over the past week. This uptick in NFT activity comes as traditional cryptocurrencies like Bitcoin and Ethereum experience periods of consolidation.
Sales and Buyer Activity Rise
According to data from CryptoSlam, NFT sales volume reached $92 million last week, marking a 13% increase. The number of buyers and sellers also saw substantial growth, each rising by over 75%.
Blue-Chip Collections Lead the Way
The surge in NFT sales is particularly evident among blue-chip collections. For instance, the CryptoPunks collection saw $7 million in sales last week, a remarkable increase of more than 400%. The Bored Ape Yacht Club also performed well, with $3.5 million in sales, up by over 63%.
Other major collections, including Ordinals, Solana Monkey Business, MCSuperUser, and Mutant Ape Yacht Club, experienced significant increases in sales volume—rising by 320%, 113%, 1,409%, and 7% respectively.
Blockchain Activity Trends
Ethereum-based NFTs saw the highest level of activity, with over $34 million in sales volume in the past week, up by more than 40%. Solana-based NFTs followed with $18.5 million in sales, a 12% increase.
The floor prices for blue-chip NFTs have also risen. Data from NFT Price Floor indicates that the floor price of CryptoPunks has reached 28.15 ETH, up by 29% in the past week. Bored Ape Yacht Club, Pudgy Penguins, Azuki, and Mutant Ape Yacht Club have also seen floor price increases of 29%, 9%, 13%, and 17%, respectively.
High-Profile NFT Sale Highlights Market Fluctuations
Despite the recent recovery, the NFT market remains below its 2021 highs. For instance, a CryptoPunk NFT, which sold for $23.2 million in 2022, was recently resold at an 80% discount for 1,500 ETH, approximately $3.9 million. The original owner, Deepak Thapliyal, had purchased the NFT for 8,000 ETH and shared his departure from the token on X (formerly Twitter). The new owner, VOMBATUS, described the purchase as getting a “free” token and later re-listed the NFT for 5,000 ETH, potentially resulting in a 45% loss for Thapliyal.
NFT Market Trends and Company Withdrawals
In contrast to the rising sales, some companies have scaled back their involvement in the NFT space. Starbucks discontinued its NFT rewards program in March, GameStop closed its NFT marketplace in January, and recently, X, under Elon Musk’s ownership, removed a feature allowing premium users to use NFT images as profile pictures.
The growing interest in blue-chip NFTs highlights a shift within the crypto ecosystem, as investors seek opportunities in digital assets while traditional cryptocurrencies face consolidation.