NFT Sales Reach $900 Million Monthly Record as CryptoPunks Boom
NFT Sales Record $900 Million Monthly Revenue
The appeal of Non-fungible tokens (NFT) continues to be a rage in the crypto industry with endorsement from high-profile celebrities, artists, multi-billionaire sports brands who have launched their own NFT collection as a new form of digital ownership.
Data from the NFT tracking portal Nonfungible indicates that a whopping $896 million has been spent on NFTs in the past 30 days ending Aug. 18. That figure is likely to exceed $900 million by the end of the month, marking a new record for the burgeoning industry.
The aforementioned figure is more than three times higher than the past record-breaking month (May) when the total number of NFT sales amounted to $255 million. However, August has seen altogether earth-shattering revenues mostly attributed to CryptoPunks and Axie Infinity.
CryptoPunk NFTs Shatters Monthly Sales Record
As per Cryptoslam, CryptoPunk has made a record sale of $397 million in August with an average sales for the pixelated punks amounting to $214,000. A rare alien punk wearing a face mask, number 7523, was one of the most expensive figures ever sold at auction, bringing a record-breaking $11.5 million at a Sotheby’s sale in June.
Earlier this week, payment giant Visa announced that it had purchased its own CryptoPunk for 49.5 ETH, worth just under $150,000 at the time. Commenting on this, Cuy Sheffield, head of the crypto department at Visa, said:
“With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”
According to the Chinese industry publication Wu Blockchain, Chinese investors are buying CryptoPunks like proverbial hotcakes. With 125 ETH, or around $387,000.00, Cai Wensheng, the founder of the smartphone software company Meitu also made an investment in CryptoPunk 8236.