The value of NFTs is soaring again. This CryptoPunk NFT sold for $16 million.

adminMarch 6, 2024

The non-fungible token market has successfully weathered a recent short-term bear market and appears poised to retest the highly anticipated bull market in the coming days and weeks. Sold for over $16 million, CryptoPunk NFT #3100 clearly demonstrates the potential NFT market upside.

Watch NFT: CryptoPunk #3100 sold for 4,500 ETH (~$16.4M) earlier today.
The lowest price for CryptoPunks is currently 57.8 ETH.
Track price here ➡️ https://t.co/lgzDtpU6Yk pic.twitter.com/ufBZvaNspK
— CoinGecko (@coingecko) March 5, 2024

CryptoPunks NFT #3100 sells for over $16 million

Data recorded by CryptoSlam.io, an on-chain cryptocurrency market data aggregator, shows that CryptoPunk #3100 was sold for $16,010,724 just a few hours ago. The CryptoPunk mega sale came hours before another NFT collection, Boogle #071, sold for $355,368. These two large sales indicate that the highly anticipated NFT market bull market is about to happen.

Cryptopunk #3100

Launched in 2017, CryptoPunks is a collection of non-fungible tokens previously launched by digital asset company Larva Labs. The NFT collection, now in the safe hands of Bored Ape creator Yuga Labs, offers a limited edition of 10,000 NFT collections hosted on the Ethereum network.

Following a recent massive sale, trading sales of the CryptoPunks NFT collection have skyrocketed. Over the past 24 hours, trading volume for the CryptoPunks NFT collection reached $17 million, a 2,393% surge from the previous day.

Cryptopunk Sales

The CryptoPunks NFT collection, along with other NFT collections, increased Ethereum NFT transaction sales by over 93% compared to other blockchain networks. In the last 24 hours, the Ethereum-based NFT collection recorded $42 million in transaction sales. Ethereum is now the most traded blockchain network in the NFT market, surpassing the popular Bitcoin network.

Ethereum nft sale

Has the NFT Bull Run arrived?

The recent massive sales of Cryptopunk NFTs show that an upturn in the NFT market is coming. The last time the NFT market retested its bull market was in late 2021 and early 2022. In the NFT market at the time, most NFTs were hitting record highs and some were selling for eye-watering sums.

The Merge, an NFT collection by digital artist Pak, is a perfect example, having sold for over $91.8 million on the Nifty Gateway NFT marketplace. Everyday – The First 5000 Days by digital artist Beeple is another example, selling for over $69 million.

Another NFT collection, Human One, by digital artist Beeple, also saw significant sales after it sold for $28.9 million at Christie’s Auction House. At the time, some CryptoPunks NFT collections including CryptoPunk #7523 and CryptoPunk# 3100 were also sold for huge sums.