In the first half of 2021, the total market capitalization for NFTs was $2.5 billion. In July alone, sales spiked to $1.5 billion, and in the past 24 hours (as of August 8th), 42,242 NFTs were sold for $79,120,000.
There’s a lot of excitement (and money) going into new projects, but there’s an alternative trend that’s been more loudly growing the past week: the rediscovery of historically significant NFT projects.
CryptoPunks paved the way for this rediscovery in light of its recent market explosion as it originally held the title for the first Ethereum blockchain NFT.
Released in June 2017, the collection of 10,000 unique avatars has an all-time sales volume of 302,337.06 ETH. That’s more than 3x the volume of the #2 project on OpenSea’s top NFT list.
In January of 2021, the project’s sales volume was $6,094,519.47, and 8 days into August, the sales volume is at $159,390,063. The average sale of a CryptoPunk went from $96,902 in June to $173,463 in August, a 79% increase.
This has prompted people to go back in time and look at early projects that offer historical significance as a hedge against the exploding supply of new projects: