Sunday, June 16, 2024

CryptoPunks Becomes Top NFT Collection, Christie’s NFT Expert Says He Will ‘Steward’ the Project

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Source: AdobeStock / AscannioCryptoPunks, one of the most popular non-fungible token (NFT) collections, has become the top NFT project in terms of volume over the past 24 hours amid the news that Noah Davis, the NFT expert for the auction house Christie’s, will join Yuga Labs to lead CryptoPunks.

At 11 UTC on Monday, the collection has a trading volume of USD 6.64m over the past 24 hours, according to NFT data aggregator DappRadar. We can compare that with some other Yuga Labs projects: Otherdeed has a volume of USD 546,810, and Bored Ape Yacht Club (BAYC) is at USD 473,920. 

The market capitalization of CryptoPunks now stands at USD 539.66m, up by more than 13% over the past day. Otherdeed is up 23% and BAYC 20%. 

There has also been a notable spike in the floor price and average price of Punks, which are up by 25% and 30% over the past 24 hours, respectively. To compare it to the other two projects again, the floor and average prices of Otherdeed are up 37% and 15%, respectively, while those of BAYC went up 32% and 18%. 

The heightened interest for CryptoPunks comes as Christie’s Noah Davis plans to join the project as “Brand Lead,” as he said in a Sunday tweet, assuring the community that they “WON’T be doing” anything “rushed” or “thoughtless” with the Punks. 

Instead, as his first move, Davis said he will schedule a one-to-one talk with current Punk holders.

“The first thing I WILL do is this: if you’re a Punk holder and you care about the legacy/future of the brand I wanna talk 1:1. I’ll be at the Punks Brunch during NFT NYC [USA] and will begin scheduling sit downs immediately. Wherever Punks go, the community will help guide us,” he said.

Meanwhile, the broader NFT market has also seen an uptick in the floor price, trading volume, market capitalization, and the number of sales over the past 24 hours amid the recent crypto relief rally. 

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