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The non-fungible token market has successfully navigated the recent short bear market, and it seems ready to retest its highly anticipated bull run in the coming days or weeks. A CryptoPunk NFT #3100, which has sold for more than $16 million, is a clear indication of a potential NFT market bull run.
NFT Watch: CryptoPunk #3100 has been sold for 4,500 ETH (~$16.4M) earlier today.
The floor price of CryptoPunks is currently at 57.8 ETH.
Track price here ➡️ https://t.co/lgzDtpU6Yk pic.twitter.com/ufBZvaNspK
— CoinGecko (@coingecko) March 5, 2024
CryptoPunks NFT #3100 Sells For Over $16 Million
Data recorded by CryptoSlam.io, an on-chain crypto market data aggregator, confirmed that CryptoPunk #3100 sold for $16,010,724 just a few hours ago. The CryptoPunk mega sale came hours before another NFT collection “Boogle #071, sold for $355,368. These two mega sales indicate the highly anticipated NFT market bull run is about to happen.
Launched in 2017, CryptoPunks is a non-fungible token collection previously from the digital asset firm Larva Labs. The NFT collection, which is now in the safe hands of Bored Ape creator Yuga Labs, features a limited edition of 10,000 NFT collections hosted on the Ethereum network.
Following the recent gigantic sale, the CryptoPunks NFT collection has pumped up in trading sales volume. In the past 24 hours, the CryptoPunks NFT collection has amassed a trading sales volume of $17 million, representing a 2,393% spike from the previous day.
The CryptoPunks NFT collection, alongside other NFT collections, has pushed the Ethereum NFT trading sales volume up over 93% from other blockchain networks. In the past 24 hours, the Ethereum-based NFT collections have amassed a trading sales volume of $42 million. Ethereum is now the top most-traded blockchain network in the NFT market, dethroning the popular Bitcoin network.
Has The NFT Bull Run Arrived?
The recent cryptopunk NFT huge sales show that the NFT market bull run is looming. The last time the NFT market retested the bull market was in late 2021 and early 2022. At the time, the NFT market saw the majority of NFTs reaching their all-time highs while some sold for eye-watering sums.
The Merge, an NFT collection from the digital artist Pak, was a perfect example, selling for over $91.8 million on the Nifty Gateway NFT marketplace. Everyday – The First 5000 Days from digital artist Beeple was another example, selling for more than $69 million.
Human One, another NFT collection from digital artist Beeple, also marked a significant sale after it sold for $28.9 million at Christie’s Auction House. At the time, some CryptoPunks NFT collections, including CryptoPunk #7523 and CryptoPunk# 3100, also sold for huge sums.
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