{"id":544962,"date":"2023-07-29T08:32:02","date_gmt":"2023-07-29T08:32:02","guid":{"rendered":"https:\/\/wncen.com\/?p=544962"},"modified":"2023-07-29T08:32:02","modified_gmt":"2023-07-29T08:32:02","slug":"cryptopunks-toughness-tested-as-nft-succumbs-to-60-drop-in-1-week","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cryptopunks-toughness-tested-as-nft-succumbs-to-60-drop-in-1-week\/","title":{"rendered":"CryptoPunks Toughness Tested As NFT Succumbs To 60% Drop In 1 Week"},"content":{"rendered":"

Non-fungible tokens continue to play a significant role in developing the Web3 ecosystem, despite the enthusiasm around them having subsided since its peak in 2021.<\/p>\n

Unquestionably, these distinctive digital assets have been a significant force behind the NFT transformations that have taken place. Despite the wide variety of NFT collections and their accomplishments, it is crucial to recognize that some particular ones have recently been severely affected by market pressures and are now beginning to fall from their lofty positions.<\/p>\n

Consider the situation with CryptoPunks<\/a>. CoinGecko discovered that of the top 11 “blue chip” NFT projects studied, CryptoPunks suffered the worst losses.<\/p>\n

Non-fungible tokens known as “blue chip NFTs” are regarded as highly precious and prestigious in digital assets. These NFTs are frequently linked to well-known and recognized producers or organizations, such as renowned artists, enduring businesses, or essential historical items.<\/p>\n

\"\"<\/p>\n

Source: CoinGecko<\/pre>\n
Collectors and investors widely seek after them due to scarcity, historical relevance, and the artist’s reputation that determine their value.<\/p>\n
Alarming statistics currently facing CryptoPunks are raising questions among NFT enthusiasts. These formerly well-liked digital assets have recently encountered a worrying situation, sparking disputes and disagreements among investors and fans.<\/p>\n
Related Reading: Traders\u2019 Interest In XRP Remains Solid Despite Price Retreat, Data Shows<\/a><\/div>\n
\"\"<\/p>\n
Source: NFT Floor Price<\/pre>\n
At the time of writing, the floor price for these NFT collections was set at 47.69 ETH. Data from NFT Floor Price shows that the collection’s value declined after reaching a high of 11,000ETH during the 2021 NFT bull market.<\/p>\n
The volume and sales of CryptoPunks have significantly decreased during the past seven days, claims OpenSea. Sales were down 60%, while volume dropped sharply by 64%.<\/p>\n
<\/p>\n
Bitcoin slightly above the\u00a0 $29K level. Chart: TradingView.com<\/a><\/pre>\n
Due to their distinctiveness and variable rarity, CryptoPunks, developed by Larva Labs in 2017 and helped increase generative PFP collections, are still incredibly sought-after NFTs.<\/p>\n
CryptoPunks, regarded as art and collectibles, have generated respectable profits for their owners. CryptoPunk #5822, which sold for $23 million in February last year, was the most expensive ever.<\/p>\n
Related Reading: Dogecoin Ascendance: How It Captured PEPE Investors\u2019 Attention<\/a><\/div>\n
Now, in terms of the number of unique active wallets, CryptoPunks has seen a depressing reduction of about 20%, and transactions have also suffered, losing more than 32% of their values.<\/p>\n
Meanwhile,\u00a0CryptoPunks’ monthly sales volume is also feeling the heat, declining precipitously since March. The NFT initiative reported sales of $30.43 million for the month, but by the end of June, those figures had substantially dropped to less than $10 million.<\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from Reuters<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Non-fungible tokens continue to play a significant role in developing the Web3 ecosystem, despite the enthusiasm around them having subsided since its peak in 2021. Unquestionably, these distinctive digital assets have been a significant force behind the NFT transformations that have taken place. Despite the wide variety of NFT collections and their accomplishments, it is crucial to recognize that some particular ones have recently been severely affected by market pressures and are now beginning to fall from their lofty positions. Consider the situation with CryptoPunks. CoinGecko discovered that of the top 11 “blue chip” NFT projects studied, CryptoPunks suffered the worst losses. Non-fungible tokens known as “blue chip NFTs” are regarded as highly precious and prestigious in digital assets. These NFTs are frequently linked to well-known and recognized producers or organizations, such as renowned artists, enduring businesses, or essential historical items. Source: CoinGecko Collectors and investors widely seek after them due to scarcity, historical relevance, and the artist’s reputation that determine their value. Alarming statistics currently facing CryptoPunks are raising questions among NFT enthusiasts. These formerly well-liked digital assets have recently encountered a worrying situation, sparking disputes and disagreements among investors and fans. Related Reading: Traders\u2019 Interest In XRP Remains Solid Despite Price Retreat, Data Shows Source: NFT Floor Price At the time of writing, the floor price for these NFT collections was set at 47.69 ETH. Data from NFT Floor Price shows that the collection’s value declined after reaching a high of 11,000ETH during the 2021 NFT bull market. The volume and sales of CryptoPunks have significantly decreased during the past seven days, claims OpenSea. Sales were down 60%, while volume dropped sharply by 64%. Bitcoin slightly above the\u00a0 $29K level. Chart: TradingView.com Due to their distinctiveness and variable rarity, CryptoPunks, developed by Larva Labs in 2017 and helped increase generative PFP collections, are still incredibly sought-after NFTs. CryptoPunks, regarded as art and collectibles, have generated respectable profits for their owners. CryptoPunk #5822, which sold for $23 million in February last year, was the most expensive ever. Related Reading: Dogecoin Ascendance: How It Captured PEPE Investors\u2019 Attention Now, in terms of the number of unique active wallets, CryptoPunks has seen a depressing reduction of about 20%, and transactions have also suffered, losing more than 32% of their values. Meanwhile,\u00a0CryptoPunks’ monthly sales volume is also feeling the heat, declining precipitously since March. The NFT initiative reported sales of $30.43 million for the month, but by the end of June, those figures had substantially dropped to less than $10 million. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Reuters<\/p>\n","protected":false},"author":557,"featured_media":544974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-544962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nCryptoPunks Toughness Tested as They Lost 60%<\/title>\n<meta name=\"description\" content=\"Non-fungible tokens continue to play a significant role in developing the Web3 ecosystem, despite the enthusiasm around them having subsided since its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/cryptopunks-toughness-tested-as-nft-succumbs-to-60-drop-in-1-week\/\" \/>\n<meta property=\"og:locale\" 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"CryptoPunks Toughness Tested As NFT Succumbs To 60% Drop In 1 Week","url":"http:\/\/wncen.com\/news\/cryptopunks-toughness-tested-as-nft-succumbs-to-60-drop-in-1-week\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cryptopunks-toughness-tested-as-nft-succumbs-to-60-drop-in-1-week\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-184.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-184.png?fit=817%2C543"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":[],"dateCreated":"2023-07-29T08:32:02Z","datePublished":"2023-07-29T08:32:02Z","dateModified":"2023-07-29T08:32:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"CryptoPunks Toughness Tested As NFT Succumbs To 60% Drop In 1 Week\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cryptopunks-toughness-tested-as-nft-succumbs-to-60-drop-in-1-week\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cryptopunks-toughness-tested-as-nft-succumbs-to-60-drop-in-1-week\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/a-184.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/a-184.png?fit=817%2C543\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[],\"dateCreated\":\"2023-07-29T08:32:02Z\",\"datePublished\":\"2023-07-29T08:32:02Z\",\"dateModified\":\"2023-07-29T08:32:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-184.png?fit=817%2C543","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544962"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=544962"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/544974"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=544962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=544962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=544962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}