NFT Market Sees Rebound As CryptoPunks & BAYC NFTs See Million Dollar Sales! 

NFT Market Sees Rebound As CryptoPunks & BAYC NFTs See Million Dollar Sales! 

Despite the long crypto winter and a downturn in NFT activity late last year, it seems that the NFT market is now seeing a slow rebound as multiple projects are seeing their prices and trading volume soar, along with massive NFT purchases.

$1M NFT Purchases

Within this past week, 2 major NFT projects have been seeing huge numbers in recent huge purchases. The first one took place on Monday and it saw CryptoPunks #5066, a rare green zombie Punk, purchased for a whopping 857 ETH, or around $1.4 million.

This CryptoPunk was a notable purchase not only for how rare the traits were but also because of who its previous owner was. The NFT was owned and sold by PROOF Collective & Moonbirds Co-founder Kevin Rose, who had recently become a victim of a phishing attack that stole $2 million worth of his NFTs. This attack and theft forced Rose to sell some of his valuable assets, including his rare Zombie punk, in order to rebalance his portfolio.

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Aside from that, Yuga Labs’ Bored Ape Yacht Club (BAYC) has also been seeing huge sales and trading volumes these last few months. Bored Ape Yacht Club #7090 specifically made a buzz in the community after it successfully sold for 800 ETH, or around $1.3 million earlier today.

The gold-furred Ape is reportedly ranked the 62nd rarest NFT out of all the 10,000-piece collection and was sold by Jimmy “j1mmy” McNelis, known for owning the NFTs behind Universal Music Group’s virtual Bored Ape band, Kingship, to an unknown buyer.

NFTs Returning

Aside from BAYC & CryptoPunks, a number of other major NFT projects have also been making their grand return throughout January and early February so far.

Collections like Doodles and Memeland’s Captainz also saw an increase in their trading volume within the last 30 days. According to data from CryptoSlam, Doodles saw its trading volume surge by up to 154% while its Dooplicator NFTs saw a 229% increase.

This followed the team’s massive announcement of its upcoming Doodles 2 collection coming within the next few months.

Along with that, some projects that saw massive numbers this early 2023 include the new and popular Checks VV collection, which has been raking in a lot of hype and bullishness, causing its trading volume and floor price to skyrocket since the beginning of the year. 

According to data from CryptoSlam, Checks VV saw its trading volume soar by more than 1,300% in the last 30 days, with the collection going from being an $8 mint to now trading at a floor price of around 2.5 ETH, or around $4,100.

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