Visa’s CryptoPunk Purchase Sparked Over 300 Sales

OpenSea reported a 728% increase in CryptoPunks sales over the past 24 hours.

Shutterstock photo by BongkarnGraphic

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VISA revealed that it had purchased a CryptoPunks token today. The announcement spurred interest in the non-fungible token series from other investors as sales volumes surged.

More Than 300 Tokens Sold

According to OpenSea, CryptoPunks trading increased by 728% today. Roughly 365 tokens were sold over the past 24 hours, with 325 of those tokens sold within ten hours of VISA’s announcement.

Meanwhile, the seven-day volume for the non-fungible token series is 13,544 ETH, equivalent to $44.9 million in cash.

These transfers moved just a small fraction of CryptoPunk’s overall supply of 10,000 non-fungible tokens. Nevertheless, the trend makes CryptoPunks the second-largest NFT series by trading volume, second only to Art Blocks Curated.

Will More CryptoPunks Be Sold?

CryptoPunk’s volume is likely to continue trending upward over the next several days or weeks. Nonfungible.com, which provides historical data, suggests that the NFT collection has seen three other large surges in trading over the past year.

Cryptopunks trading volumes, via Nonfungible.com

Those surges occurred in late July after entrepreneur Gary Vaynerchuk bought a CryptoPunk; in February, featuring a large purchase from an anonymous buyer; and between September and October 2020 for unknown reasons.

CryptoPunks also gained mainstream attention this year. In May, nine CryptoPunks were sold by the auction house Christie’s. In June, competitor Sotheby’s sold a CryptoPunk for $11 million.

The series is notable for being one of the first NFTs or “cryptocollectibles” on Ethereum, dating back to 2017.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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