After spending about $900 million on nonfungible token (NFTs) sales over the past 30 days, August is shaping up to be a record-breaking month for nonfungible token sales.
NFTs have received $896 million in spending over the past 30 days, according to data from the tracking portal Nonfungible. By the end of the month, the figure is expected to have surpassed $900 million, setting a new high for the rapidly expanding field.
More than quadruple the previous greatest month for NFT sales in May, when $255 million worth of NFT was sold, this represents a record month for the NFT industry. Sales have skyrocketed in August, thanks largely to CryptoPunks and Axie Infinity, who have both contributed to the surge in popularity.
A total of $397 million has been spent on CryptoPunk merchandise so far this month, according to Cryptoslam’s figures. Currently, the average sale price for the pixelated punks stands at a stunning $214,000.
A unique alien punk wearing a face mask, number 7523, was one of the most expensive figures ever sold at auction, fetching a record-breaking $11.5 million at a Sotheby’s sale in June.
Visa, the world’s largest credit card company, said earlier this week that it had purchased its own cryptocurrency, CryptoPunk, for 49.5 ETH, which was worth slightly under $150,000 at the time of acquisition. Credit Suisse’s Cuy Sheffield is the head of cryptography.
“With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”
According to the Chinese industry publication Wu Blockchain, Chinese investors are snapping up CryptoPunks like they’re hotcakes these days. With 125 ETH, or around $387,000.00, Cai Wensheng, the founder of the smartphone software company Meitu, made an investment in CryptoPunk 8236.
With the purchase of $100 million in Bitcoin and Ethereum early this year, Meitu became one of the first publicly traded corporations in China to make a significant investment in cryptocurrencies.
Chinese Internet investors have bought CryptoPunk one after another. Meitu founder Cai Wensheng bought CryptoPunk #8236 with 125ETH. Feng Bo bought CryptoPunk#7252 for 1600ETH (approximately US$5.33 million). pic.twitter.com/LyGxNRORJX
— Wu Blockchain (@WuBlockchain) August 26, 2021Tezos, a cryptocurrency that rewards users for staking their coins, has also benefited from the use of NFTs.
Based on information shared in an earlier blog post, Tezos NFT platforms have shown to be attractive for artists because of low transaction costs and a proof-of stake consensus process that is more energy efficient, making it a favorite among eco-conscious artists.
