CryptoPunks Dominates Ethereum’s NFT Market With Huge Sales

CryptoPunks Dominates Ethereum’s NFT Market With Huge Sales

CryptoPunks’ Huge Sales Volume

In a display of its market dominance, CryptoPunks has solidified its position as the leader in the Ethereum non-fungible token (NFT) space. CryptoPunks, developed by Larva Labs, has a daily sales volume of $1.25 million, according to data from CryptoSlam.

The day’s standout performer was CryptoPunk 741, which fetched nearly $800,000 at the Larva Labs marketplace. This NFT’s last on-chain sale occurred seven years ago, generating $400. 

With this recent sale, CryptoPunk 741 becomes the eighth-highest-valued CryptoPunk in the collection. Following closely behind CryptoPunks was DMarket, operating on the Mythos Chain, a blockchain tailored for Web3 gaming applications. 

DMarket boasted daily sales of $875,160, marking the third consecutive day above the $800,000 mark. Meanwhile, Pudgy Penguins recorded a daily sales volume of $476,857 to complete the top 3 on the Ethereum blockchain.

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On other blockchains, $CORE, a BRC-20 NFT, recorded $682,935 in sales. Also, Solana Monkey Business on the Solana blockchain reported sales of $531,237.

Ethereum Blockchain Reclaims Top Spot in NFT Sales

However, the most significant shift occurred at the blockchain level. Ethereum, home to the CryptoPunks collection, reclaimed its position as the leading blockchain for NFT sales. The network reported a total sales volume of $5.24 million on May 12, representing a 25.6% increase from the previous day’s $4.17 million.

However, the Bitcoin blockchain trailed Ethereum with daily NFT sales totaling $5.08 million. Meanwhile, Solana posted $2.67 million daily sales, showcasing its growing promises in the NFT space. The resurgence in sales on the Ethereum network proves its robust infrastructure for NFT transactions.

Pudgy Penguins Sells One Million Plushies in 12 Months

Meanwhile, Pudgy Penguins, the non-fungible token (NFT) project, has reported selling over one million plushies within the past year. Luca Schnetzler, the CEO and founder of the popular NFT collection, disclosed this impressive milestone, adding that the surge in sales comes as Pudgy Penguins expands its reach into retailers worldwide, with recent availability at the United States retail giant Target.

After launching a collection of 8,888 colorful penguin avatars in 2021, the project faced initial challenges, including accusations of a rug pull against its former founder. However, Schnetzler’s acquisition of the brand for $2.5 million in 2022 marked a turning point.

The project’s success is further underscored by its unique model of allowing NFT holders to earn 5% royalties on net revenues from sales of physical products featuring their Pudgy Penguin. 

Stuffed toy versions of the beloved penguins are also available at retail giant Walmart, contributing to the project’s widespread recognition and profitability.

Pudgy Penguin NFTs Command Significant Value in Digital Market

Notably, the NFT versions of Pudgy Penguins command significant value in the digital market. With a floor price of 12.87 Ether (ETH), these digital collectibles have attracted substantial interest from investors and collectors. 

The recent sale of Penguin #6873 for 400 ETH, equivalent to around $1.17 million, exemplifies the massive value certain Pudgy Penguin NFTs attract. Sales activity for the collection experienced a notable spike in mid-February, peaking at 439 sales per day with an average price of 20 ETH. 

Despite a slight decline in sales, Pudgy Penguins maintains a strong position in the NFT realm, averaging around 269 sales daily as of May 6. According to CryptoSlam, it holds the twelfth spot in secondary sales over the past week, with a total value of $2.2 million. While collections like Bitcoin Ordinals and CryptoPunks lead the market, Pudgy Penguins is gradually becoming a silent contender in the evolving world of digital collectibles.

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Cecil Felix
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Cecil Felix

Cecil Felix, a vanguard in crypto journalism, provides incisive perspectives on the digital currency frontier. With a talent for distilling complex blockchain phenomena into digestible insights, Cecil's articles are a touchstone for enthusiasts and experts. His depth and clarity solidify his reputation as a leading crypto commentator

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