Market Analysis

Record $900 million month for NFT sales as CryptoPunks go stratospheric

Almost $400 million has been spent on CryptoPunks over the past 30 days.

August is shaping up to be a record month for nonfungible token sales with almost $900 million spent on them over the past 30 days.

According to data from the tracking portal Nonfungible, $896 million has been spent on NFTs over the past 30 days. The number is very likely to exceed $900 million by the end of the month marking a new record for the burgeoning industry.

The number is more than triple the previous best month for NFT sales in May when $255 million were sold. August has seen sales skyrocket and it has been largely down to CryptoPunks and Axie Infinity.

Record $900 million month for NFT sales as CryptoPunks go stratospheric

NFT sales in USD, past 30 days – nonfungible.com

According to Cryptoslam, a record $397 million in CryptoPunk sales have occurred so far this month. The average sale price for the pixelated punks is a whopping $214,000. One of the most expensive ones ever sold was number 7523, a rare alien punk wearing a face mask that went for a whopping $11.5 million in a Sotheby’s auction in June.

Read more:  Voyager Digital sees 16X increase in quarterly revenue, first operating profit

Earlier this week, credit card giant Visa announced that it had purchased its own CryptoPunk for 49.5 ETH, worth just under $150,000 at the time of purchase. Head of crypto at Visa Cuy Sheffield said:

Related: Clever user makes $80K profit in CryptoPunk ‘smash and grab’

NFT’s have also been driving the adoption of the staking cryptocurrency Tezos. According to a blog post earlier this year, Tezos NFT platforms have proven to be attractive for artists due to low transaction fees and a more energy-efficient proof-of-stake consensus mechanism favored by eco-conscious artists.

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