There was a mini-shock this week, as on September 14 the CryptoPunks floor price temporarily dipped below 80 ETH on secondary marketplaces.
Setting the bottom was CryptoPunk 1417, one of the 3840 female punks in the 10,000 piece collection, and it listed for sale at 79.99 ETH.
A 70ETH bid came in and was later withdrawn, raising speculation as to whether the CryptoPunks floor would drop further. However, a buyer finally took #1417 for 83.5 ETH on September 16, easing concerns about a price drop.
Despite the recent dip in the floor, CryptoPunks Gains are Huge
To put things in perspective, it’s worth noting that back in January 2020, the same piece sold for just 0.9 ETH. Zoom out and take into consideration the gains made since then, and a CryptoPunks floor hovering around the 80 ETH mark is quite spectacular.
Additionally, the past week has seen other Punks selling at extremely high prices. On September 11, for example, #8857, a zombie punk with 3D glasses, went for 2,000 ETH ($6.63 million).
Corrections Across the Board
Nonetheless, the short dip in the CryptoPunks floor price comes at a time when NFT sales volumes have dropped heavily from their record-breaking August peak. This fall is also reflected in the numbers of active NFT wallets
Reports this week showed a 53.3% decline in CryptoPunks sales volumes. Active wallets fell from 59,255 to 21,908. Other big projects, such as Art Blocks and Bored Ape Yacht Club, also performed relatively badly.
This coincides with Bitcoin and Ethereum’s bearish period the past few weeks, and is not an unexpected correction.
What remains to be seen is what happens if the bulls are calling it right, and the top coins see out the rest of the year on a high. For the foreseeable future, the CryptoPunks floor looks to stay where it is.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
