In the past 24 hours, collections from Ethereum-based digital art app CryptoPunks, have dominated the NFT marketplace. According to a tweet from Larva Labs, CryptoPunks did around $15 million in trading volume within 24 hours.
Apart from DeFi, the non-fungible token (NFT) market has gained a lot of traction in recent times. Several celebrities have also jumped on the NFT train.
For some context, NFTs are cryptographic representations of tangible or intangible assets on the blockchain. NFTs represent ownership of the underlying asset they are linked to, whether real estate, books, art, or just about anything.
In the case of CryptoPunks, these are 24x24 pixel “punky-looking” art images, generated algorithmically. The project was launched in June 2017 by Larva Labs as the first NFT on the Ethereum blockchain.
That being said, while each collectible was free to claim by anyone with an Ethereum address, the cheapest piece now goes for nearly $40,000.
As disclosed by Larva Labs, a single buyer has purchased 34 limited-edition CryptoPunks for 557.5 ETH (equivalent to $1 million). As of press time, the same buyer had active bids for three other CryptoPunks NFTs. Following the rising demand from NFT fans, trading volumes shot up to over $15 million.