August is now shaping up to be a record month for the nonfungible token (NFT) sales with nearly $900 million spent on them in the last 30 days. Nearly $400 million has been spent on CryptoPunks within that period.
Based on data acquired from the tracking portal Nonfungible, about $896 million has been spent on NFTs in the past 30 days. That number is likely to surpass $900 million by the end of this month marking a new record for the budding sector.
That number is more than three times the previous best month for NFT sales in May when $255 million were sold. August has seen sales explode and it has been majorly down to Axie Infinity and CryptoPunks.
Based on Cryptoslam, a record $397 million in CryptoPunk sales have happened so far in August. The average sale price for the pixelated punks is a staggering $214,000. One of the most expensive ones that were ever sold was number 7523, a rare alien punk wearing a face mask that went for a staggering $11.5 million in a Sotheby’s auction that happened in June.
Earlier in the week, credit card behemoth VISA said that it had acquired its CryptoPunk for 49.5 ETH, worth around $150,000 at the time of the purchase. The head of cryptocurrency at Visa Cuy Sheffield stated:
“With our CryptoPunk purchase, we’re jumping in feet first. This is just the beginning of our work in this space.”
Chinese sector outlet Wu Blockchain said that Chinese investors are acquiring CryptoPunks like the proverbial hotcakes. The founder of smartphone software firm Meitu, Cai Wensheng, spent on CryptoPunk 8236 with 125 ETH, which is worth around $387,000.
Meitu became one of the first publicly traded firms in China to bet massively on cryptos, acquiring $100 million in Bitcoin and Ethereum.
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, 2021
Nonfungible tokens have also been pushing the adoption of the staking crypto Tezos. Based on a blog post earlier this year, Tezos NFT platforms have already proven to be attractive for the artists as a result of low transaction fees and a highly energy-efficient proof-of-stake (PoS) consensus mechanism favored by eco-conscious artists.