In the first half of 2021, the total market capitalization for NFTs was $2.5 billion. In July alone, sales spiked to $1.5 billion, and in the past 24 hours (as of August 8th), 42,242 NFTs were sold for $79,120,000.
There’s a lot of excitement (and money) going into new projects, but there’s an alternative trend that’s been more loudly growing the past week: the rediscovery of historically significant NFT projects.
Released in June 2017, the collection of 10,000 unique avatars has an all-time sales volume of 302,337.06 ETH. That’s more than 3x the volume of the #2 project on OpenSea’s top NFT list.
In January of 2021, the project’s sales volume was $6,094,519.47, and 8 days into August, the sales volume is at $159,390,063. The average sale of a CryptoPunk went from $96,902 in June to $173,463 in August, a 79% increase.
This has prompted people to go back in time and look at early projects that offer historical significance as a hedge against the exploding supply of new projects: