$114 Million in CryptoPunks NFT Trading in Only 24 Hours

Payment processor VISA gave the market another boost

After VISA announced that they had acquired punk #7610, the CryptoPunks NFT collection saw more than $114 million in trading volume. Trading increased tenfold and for the first time ever broke the $100 million in 24 hours barrier. 

Over the past 24 hours, punk #7252 sold for more than $5,3 million, making it the biggest NFT purchase of the week and the second biggest over the past 30 days. Out of the top 30 sold NFTs in the past 24 hours, 17 are from the CryptoPunks collection. Aside from punk #7252 all of them sold for prices between $501,000 and $918,000. 

At the moment of writing the floor price for CryptoPunks is almost 74,7 ETH, or more than $250,000. In December 2020 punk #1 sold for $36,000, while NFT collector Danny7Rocket acquired hoodie ape punk #2924 in November 2020 for $71,000. DappRadar estimates the current value of punk #1 at $387,000, while ape punk #2924 has an estimated valuation of more than $6,2 million.

Even though CryptoPunks isn’t the very first NFT collection ever, it has acquired legendary status among NFT collectors. It’s the gold standard for NFTs, and prominent figures like rapper Jay Z, entrepreneur Gary Vee, music artist 3LAU and billionaire Mark Cuban have acquired one or more of these NFTs.

But why did VISA buy a punk?

Good question. VISA bought punk #7610 to basically announce their move into the NFT space. They believe that NFTs will become a big part of commerce and entertainment. The payment company wants to innovate and be at the forefront of NFT commerce. In a blog post, they mention that they want to learn more about NFTs in the coming months, and they want to spread that knowledge to small business owners. 

Even more interesting is that VISA paid 49,5 ETH or $149,939 to NFT collector Gmoney to acquire the CryptoPunk. However, DappRadar already estimates punk #7610 at $214,304. Of course, a payment company like VISA doesn’t get excited by a 50% profit within 24 hours, but if they are truly excited about the NFT space in general that this price bump must be mind blowing.