Over the past 30 days, investors have spent a record $900 million on non-convertible tokens (NFTs). Nearly $400 million of that amount went to buy Cryptopunks.
August is shaping up to be another record month in terms of sales of non-convertible tokens. In the last 30 days alone, nearly $900 million was spent on them.
According to the Nonfungible website, $896 million was spent on NFTs in the last 30 days. It is very likely that this number will exceed $900 million by the end of the month. This will then equate to a new record for demand in this market.
The current indications are more than three times higher than the previous best month for NFT sales in May, when the amount obtained by the market from their sales was $255 million. August saw a surge in sales that was largely down to CryptoPunks and Axie Infinity.
Record sales of Cryptopunks
According to Cryptoslam, this month saw record sales of CryptoPunks (at $397 million). The average selling price of tokens in this series is as high as $214,000. One of the most expensive ever sold was number 7523, a rare alien punk wearing a face mask, which was auctioned at Sotheby’s in June for a staggering $11.5 million.
Earlier this week, credit card giant Visa announced that it had bought one of CryptoPunk’s tokens for 49.5 ETH, worth just under $150,000 at the time of purchase.
As reported by Wu Blockchain, that CryptoPunks are in high demand among Chinese investors. Cai Wensheng, founder of smartphone software company Meitu, spent an amount of 125 ETH ($387,000) on CryptoPunk number 8236.
Meitu was one of the first listed companies in China to bet on cryptocurrencies, investing $100 million in bitcoin and e<a href=”https://bithub.co.uk/descriptions-cryptocurrencies/ethereum/” target=”_blank” rel=”noopener”>thereum.
Chinese Internet investors have bought CryptoPunk one after another. Meitu founder Cai Wensheng bought CryptoPunk #8236 with 125ETH. Feng Bo bought CryptoPunk#7252 for 1600ETH (approximately US$5.33 million). pic.twitter.com/LyGxNRORJX-
Wu Blockchain (@WuBlockchain) August 26, 2021
NFT is also driving the adoption of cryptocurrency thesesos. As we read in a Tezos blog post from earlier this year, their NFT platforms have proven attractive to artists due to their low transaction fees and more energy-efficient proof of stake consensus mechanism.