CryptoPunk 7557, one of the collection’s 55 non-fungible tokens (NFTs) emblazoned with a tiara, has been sold over 99% discount for ETH 4.444 ($ 19,000 at time of writing) possibly due to a Monday error. Either way, the hype around NFT cools again.
Through Larval laboratories, the developer of CryptoPunks, the latest tiara punk traded at 196.69 ETH ($ 828,000) last week, while the cheapest punk in this category was sold for 45 ETH ($ 196,000) in August , which suggests that the seller may have listed the NFT at the wrong price.
The seller bought the punk in early July for around 60 ETH (135,000 USD). Two months later, they offered it for 8,880 ETH ($ 31 million). As the punk did not sell at this price, the owner withdrew the offer yesterday and issued another offer: ETH 4.44.
The owner may have intended to offer a price of 4,440 ETH, half of the previous offer, but he mistakenly offered a much lower price. The buyer, faced with a discount of over 99% on a rare punk, instantly sucked it in, even paying an ETH 3.33 priority fee to make sure they get the DTV before anyone else.
The new owner has since put the punk up for sale, asking for 325 ETH ($ 1.4 million), which remains the lowest price for a punk with a tiara.
And it comes at a time when the hype around NFTs is cooling off again this year.
NFT’s total weekly sales hit a three-month low at around 120,500, down more than 75% from peaks in August, according to data from Nonfungible.com. Total weekly sales volume is also at a three-month low, at around $ 314 million, down more than 80%.
Under this model, the number of active portfolios, as well as unique buyers and sellers, is down by at least 50%.
Total USD spent on completed sales (weekly)
Likewise, the first NFT marketplace OpenSea is experiencing a sharp decline in daily trading volume, which can in part be attributed to the emergence of new major competitors. While OpenSea processed more than $ 322 million in transactions on August 29, the platform processed $ 36 million on Sunday, recording a three-month low.
Through CryptoSlam, popular NFT projects like CryptoPunks and Art Blocks have seen larger declines than other projects. CryptoPunk sales are down 30% from last month, while Art Blocks are down more than 70%.
Despite this, new projects like The world of farmers, Humanoids, and Agricultural tales performed much better, gaining 571%, 1,150% and 38,200% respectively in the last 30 days.
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