By Shelly Melancon (Switzerland)
NFTs seemed to have lost their appeal when total sales for June weren’t up to $60m. However, this month over $900m worth of NFTs has been purchased already on CryptoPunk, making August 2021 its highest sales-grossing month.
Data from a top NFT analytics platform reveal that approximately $897m worth of NFT sales has been recorded this month on CryptoPunk. Since the month isn’t yet over, and NFT sales aren’t stalling, the analytics platform predicts that NFT sales might tilt towards over $900m, setting a new monthly sales record for NFT sales. Even as it is now, it is already a new monthly sales record. The previous record was set in May when the value of NFT sales for that month reached about $256m.
Data from CryptoSlam show that CryptoPunk’s sales for this month were the highest this year. On average, $215k was realized per NFT sale, and total sales for this amount is about $398m. Punk #7523 (an NFT of an alien punk) made the most sales at about $11.6m.
NFTs’ Investor Inflows
Earlier this week, a top charge card solution provider made it known that it had purchased some punks that were worth almost 50 ETH. As of that time, the ETH was worth about $150K. Commenting on the development, one of the top executives revealed that Visa purchase shows their commitment to NFT space and will still invest more.
Veteran Chinese crypto journalist, Collins Wu, also revealed that several Chinese companies have been investing in the NFT space. He specifically mentioned the CEO of a famous Chinese photo app as one of the leading investors in the NFT space. Wu said he had spent almost $400K purchasing NFTs, and his company has been acquiring Bitcoins.
A staking crypto firm has also experienced tremendous growth following its investment in NFTs. Digital art creators and collectors have been using crypto staking platforms to make NFT transactions since their charges are affordable.
Even though some crypto enthusiasts had written off the NFT space as dead after the decline in sales for June, the sales recorded this month are proof that the market is alive, would be for the foreseeable future, and would keep expanding. The NFT of cartoon rock was one of the highest-selling NFTs this month. It was sold for $1.35m.
Possible Wash Trading?
A top analyst from an NFT analytics firm has opined that the volumes of new NFT tokens being sold show something seemed wrong somewhere. The analyst said he followed transaction patterns and discovered that new NFT token creators had formed the habit of buying and selling their tokens repeatedly to drive up demand for such tokens in what he termed “wash trading.”
However, the firm stated that wash trading isn’t illegal by law, mainly as these token founders don’t sell these NFTs to each other. Even tracking the back and forth transactions would be a grueling task that might even require legal documents. But the firm agreed that the truth will be revealed soon.
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