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    Record $900 million for NFT sales as CryptoPunks go stratospheric

    Record $900 million for NFT sales as CryptoPunks go stratospheric

    The month of August is turning out to be a record-breaking phenomenon for the sale of nonfungible tokens (NFTs), with over $900 million spent on it in the past 30 days.

     

    Nonfungible, an online tracking portal, reflected data that about $896 million has been spent on NFTs in the last one month. The number is most likely to increase well beyond $900 million, making a record for the industry.

     

    The current amount is triple NFT’s best sale month of May, when $255 million were sold. Particularly the sale of CryptoPunks and Axie Infinity has skyrocketed the figures, as evident from sales.

     

    Cryptoslam reports that a whopping $397 million sales of CryptoPunk have been documented so far in August. The average price for the pixelated punks stands around $214,000; with the most expensive ones to be sold being number 7523, which is a rare alien punk behind a face mask that got sold for as high as $11.5 million in an auction at Sotheby’s in June.

     

    Earlier in the week, Visa, the credit card stalwart, had announced its own purchase of CryptoPunk costing 49.5 ETH, worth just under $150,000 during the time of buying. Visa Cuy Sheffield, Head of Crypto at Visa, had said that CryptoPunk purchase “is just the beginning of our work in this space.”

    Wu Blockchain has also reported that Chinese investors are purchasing CryptoPunks like proverbial hotcakes. Cai Wensheng, Founder of Meitu, splurged on CryptoPunk 8236 with 125 ETH, approximately $387,000.

    Tezos NFT platform has emerged as an attractive destination for eco-conscious artists owing to its low transaction fees and energy-efficient proof-of-stake consensus mechanism.

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