CryptoPunks NFTs Record $900M Month Sales

The month of August this year is slowly taking the shape to become the record month for non-fungible token (NFT) sales. Till now nearly $900 million has been spent over the past 30 days. According to data from Nonfungible, the tracking portal, in the past month, a total of $896 million has been spent on NFTs. Furthermore, this figure will likely exceed $900 million when the month will end. This will set a new record for the booming industry. This figure more than tripled in NFT sales last month which was up from $255 million in May. The sales skyrocketed in August, thanks to CryptoPunks and Axie Infinity for their great part.

NFT sales in USD, past 30 days. Source: Nonfungible.com

CryptoPunk recorded a sale of $397 million so far this month, according to CryptoSlam. The average price of selling the pixelated punks is $214,000. CryptoPunk number 7523 is one of the most expensive ones ever sold. It is a very rare alien punk wearing a face mask. Later, this NFT was sold at Sotheby’s in June for a whopping $11.5 million.

Earlier, in the last week, Visa, the credit card giant also announced that it had acquired its own CryptoPunk for 49.5 Ether (ETH) for just under $150,000 at the time of purchase. The head of the crypto at Visa, Cuy Sheffield said:

“With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”

Chinese Investing In CryptoPunks

Even the Chinese industry outlet, Wu Blockchain has recently reported about CryptoPunks. It said that a lot of Chinese investors are buying up CryptoPunks as if they are proverbial hotcakes. Moreover, the founder of smartphone software firm Meitu, Cai Wensheng, invested in CryptoPunk 8,236 by buying it for 125 ETH or $387,000. In China, Meitu is one of the first publicly traded companies to succeed in betting on cryptocurrencies, having bought $100 million worth in Ether and Bitcoin (BTC) earlier this year.

The NFT market is also promoting the adoption of Tezos (XTZ), the staking cryptocurrency. According to a blog post published earlier this year, Tezos NFT platforms have proven attractive to artists because of their low transaction fees. A more energy-efficient Proof-of-Stake consensus mechanism was opted by all the eco-conscious artists.