Trading volume of NFTs from the CryptoPunks collection increased by 1847% per day

The growth occurred amid the launch of an exclusive NFT collection from the jewelry company Tiffany & Co

02.08.2022 - 09:00

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What’s new? On August 1, the daily trading volume of the CryptoPunks NFT collection increased by 1847%. In just one day, tokens worth 1226,68 ETH (~$1,94 million at the Binance rate on August 2) were sold. This came after jewelry brand Tiffany & Co. announced the release of its own tokens called NFTiffs, which CryptoPunks owners will be able to exchange for pendants made of precious stones and gold, replicating their characters from the collection.

News on the Cointelegraph website

What is known about Tiffany’s plans? Depending on the digital palette, the jewelry company will create pendants using at least 30 gemstones set in 18 karats rose or yellow gold. Customers will receive 3D renderings of their piece by October 2022, with the delivery of the actual pendant expected in 2023.

The jewelry company’s sale of NFTiff will begin on August 5, and each piece will cost 30 ETH (~$47 790).

CryptoPunks is one of the first NFT collections on the Ethereum blockchain. It was launched in June 2017 by Larva Labs and purchased by Yuga Labs in 2022. The collection consists of 10 000 NFTs in the form of 24×24 pixel art images of people. As of this writing, the minimum price per NFT from CryptoPunks on the OpenSea marketplace is 74,75 ETH (~$118 000).

In May, the owner of CryptoPunk #273 lost $1,06 million on its resale. He bought the token for 265 ETH ($1,2 million at the time of purchase), and seven months later sold it for 55 ETH ($132 660 at the time of the transaction), 9 times cheaper than the original cost.

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