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CryptoPunks drive the resurgence of the NFT market as trading volume surges.
After a period of stagnation, the NFT market is recovering strongly. According to DappRadar, the total market value reached 6.6 billion USD in July, an increase of 94% compared to the previous month. The weekly trading volume also hit 136 million USD, the highest level since February.
The recovery mainly comes from NFT collections on Ethereum, particularly CryptoPunks. The floor price of the project increased by over 50%, with one day recording 83 new buyers and the minimum price exceeding 47 ETH. GameSquare Holdings purchased Punk #5577 for 5.15 million USD in stock, from the founder of Compound—Robert Leshner.
Other collections also saw significant increases: Pudgy Penguins surpassed CryptoPunks in trading volume, while CryptoBatz rose by 400% after Ozzy Osbourne passed away. The high-end NFT market is showing clear signs of recovery.