Non-Fungible Token (NFT) Market Booms with CryptoPunks Series

The Rise of CryptoPunks NFT

Since the beginning of this year, the trading activity in the non-fungible token (NFT) industry has been on a decline. However, there seems to be a notable positive shift happening in the market currently. According to on-chain data, one of the main series leading this wave is the CryptoPunks NFT.

CryptoPunks is an NFT series on the Ethereum blockchain consisting of 10,000 unique pixel art characters. It has gained wide acclaim and eager attention from collectors since its inception. However, in the past few months, with the overall slump in the NFT market, the interest in this series has been relatively low.

The Renaissance of CryptoPunks

In recent weeks, the CryptoPunks series is once again gaining attention from investors and collectors. According to blockchain analytics company IntoTheBlock, the trading volume of the CryptoPunks NFT series has surged from $200,000 to over $3 million within a week.

Trading volume is an important indicator that helps measure market interest, activity, and liquidity of an NFT series. Therefore, high trading volume usually indicates increased liquidity and demand for the NFT series.

Furthermore, the surge in trading volume of the CryptoPunks series has also led to a 1000% increase in its sales volume. According to data from CryptoSlam, it is the top-selling Ethereum-based NFT series.

Another evidence of the rising demand for CryptoPunks NFT is the continuous increase in its floor price, which has risen by approximately 27% in the past seven days.

The NFT Market's Recovery

The recent interest in the CryptoPunks series highlights the broader recovery of the NFT market. According to IntoTheBlock, on November 9th (Thursday), daily trading volume of Ethereum-based NFTs surpassed $30 million for the first time since early July.

Interestingly, in the past few weeks, the wider crypto market has also undergone a transformation. Bitcoin (BTC) has been the main crypto asset fueling the current positive sentiment, with a 37% increase in the past month.

If the highly anticipated bull market indeed arrives, the NFT industry may benefit from the influx of new capital, as recent on-chain data suggests that most NFTs are brewing a "bullish trend."

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