Record $900 million month for NFT sales as CryptoPunks go stratospheric. With nearly $900 million spent on them over the past 30 days, August is turning to be a record month for nonfungible token sales.
Since last month, $896 million has been spent on NFTs, according to Nonfungible’s tracking portal. Within the next few weeks, the number will probably exceed $900 million, marking a new high for the burgeoning industry.
August Sales Skyrocketed
Compared to May, when $255 million in NFTs were sold, this is more than triple the previous best month. On the other hand, in August, sales skyrocketed due largely to CryptoPunks and Axie Infinity.
Cryptoslam reports that CryptoPunk sales broke a record this month with $397 million in sales. Pixelated punks’ sales price is a whopping $214,000 on average. In June, Sotheby’s auction sold an alien punk wearing a face mask, number 7523, for a stunning $11.5 million.
In a recent announcement, Visa confirmed that it had purchased CryptoPunk for 49.9 ETH, which at the time of purchase valued at just under $150,000.
Chinese investors are buying CryptoPunks like hotcakes
Apparently, Chinese investors are buying CryptoPunks like hotcakes, according to industry outlet Wu Blockchain. Founder of smartphone company Meitu, Cai Wensheng, invested in CryptoPunk 8236 with 125 ETH, approximately $387,000.
In fact, Meitu was one of the first companies in China to bet big on cryptocurrencies, purchasing $100 million in Bitcoin and Ethereum earlier this year.
NFT’s have additionally been driving the adoption of the staking cryptocurrency Tezos. According to a blog post earlier this year, Tezos NFT platforms have emerged as enticing platforms for artists as a result of the low transaction fees and an extra-efficient proof-of-stake consensus mechanism favoured by eco-conscientious artists.