Cryptopunks NFT floor price has risen significantly over the past 24 hours. Tiffany and Co. announced a collaboration with the NFT project a few days ago that will give Cryptopunk owners the chance to buy up to three diamond encrusted-necklaces for just 30 ETH ( $50,000). This opportunity might just be the reason why the Cryptopunk NFT collection has had a massive increase in sales volume and a 10% increase in it’s floor price.
According to data from CoinGecko, the floor prices for the popular non-fungible token (NFT) have surged by up to 10% in the last 24 hours. The floor price (which is the lowest price you can buy a Cryptopunk on the open market) is currently up to 74.5 ETH (about $125,000) from 67.8 ETH yesterday.
However, the current price of Cryptopunk NFT is still a little below it’s all time high of 83 ETH (about $135,000) which was set on 16th July 2022. Stringent market conditions and a general apathy to new digital collectibles which has been influenced by the current cryptocurrency winter are reasons why the NFTs price has not realized July 16’s heights again although it is possible that cryptopunk’s price might rise higher than what it is today due to the massive spike in sales volumes.
According to Opensea’s data, cryptopunk has seen a massive increase in trading volumes since the partnership was announced with Tiffany $ Co. Cryptopunks has seen a trade volume increase of 1,400 ETH (about $2.3 million) in the last 24 hours. This is a 2,200% increase from yesterday. Even other connected tokens are also gaining traction. Punk Vault, a token that guarantees exposure to Cryptopunk once it is purchased, is also up by about 5% in the last 24 hours.
Collectors have always loaded up on specific NFTs after partnership announcements have been made. Something similar happened to the Bored Ape Yacht Club (BAYC) NFT collection following the announcement of Apecoin (a token that was rumoured to be gifted to BAYC holders). The floor price for the BAYC NFTs increased by 30% following the announcement but then eventually fell back to pre-announcement levels in the week that followed.
Features Image Source: www.coindesk.com
