NFTs Are Still Valuable – This Crypto Investor Has Spent Over $1M To Buy An NFT

Updated: 07 November 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Despite the non-fungible token market recently being pronounced nearly worthless, institutions and investors still find digital collectibles valuable and worthwhile to add to their portfolios. In a recent mega sale, a crypto investor has just spent more than $1 million to buy a CryptoPunks NFT.

A CryptoPunks NFT Sells For $1.1M

Data recorded by Etherescan.io, an on-chain digital asset block explorers and analytic platform, confirmed that CryptoPunks #7458 sold for 600 ETH or $1,127,520.The Bored Ape Yacht Club founder, who reportedly bought the NFT, paid a $6.94 transaction fee and a 37 Gwei gas fee.

The mega sale comes a few months after a study claimed that 95% of NFTs were nearly worthless. Data analysis fetched by DappGambl, an on-chain analytic firm, found that 69,795 out of the 73,257 NFT collections had seen their market cap dropping to nearly zero Ether.

This shocking statistic meant that 95% of investors holding NFT collections had worthless investments. The analytic firm estimated that over 23 million people who invested in NFTs held worthless assets. Fortunately, the recent sale shows NFTs are back to life and now are worthwhile investing.

The NFT Market Health Check

Data compiled by CryptoSlam.io, an on-chain data aggregator, shows that the non-fungible token market has regained some strength after suffering a meltdown in the past several months. In the past 24 hours, the NFT market has recorded a trading sales volume of $18 million, representing a 45% spike from the previous day.

Following the recent head-scratching CyptoPunks NFT sale, Ethereum-based NFTs are leading in trading sales volume. In the past 24 hours, Ethereum NFTs have recorded a sales volume of $14.5 million, representing a 72% spike from the previous day.

Non-fungible tokens hosted on Mythos Chain are the second most traded NFT collection this week. In the past 24 hours, Mythos Chain NFTs have recorded a trading sales volume of $1.1 million. Mythos Chain NFTs are up 11.70% from the previous day.

Digital collectibles hosted on Solana, Polygon, and Cardano are the third, fourth, and fifth most traded NFT collections this week. In the past 24 hours, Solana NFTs are up 40%, Polygon NFTs are up 4.97%, and Cardano-based NFTs are up 57%.

Five Most Selling NFTs Right Now

1. CryptoPunks

CryptoPunks, an NFT collection previously from the digital asset firm Larva Labs featuring a fixed set of 10,000 hosted on the Ethereum network, is the top most traded NFT collection today. In the past 24 hours, the NFT collection has amassed a trading sales volume of $4.0 million. The NFT collection is up 3,505% in sales volume.

2. DMarket NFTs

DMarket, an NFT collection from the digital asset marketplace DMarket hosted on the Mythos chain network, is the second most traded NFT collection today. In the past 24 hours, DMarket NFT collection has amassed a trading sales volume of $1.1 million. DMarket is up %11.34 in sales.

3. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club, an NFT collection from the digital asset firm Yuga Labs featuring a limited edition of 20,000 NFTs hosted on Ethereum net, is the third most traded NFT collection today. In the past 24 hours, Mutant Ape Yacht Club NFT has recorded a trading sales volume of $653,828.The NFT collection is down 12.76% from the previous day.

4. Cryptoadz NFT

Cryptoadz, an NFT collection from the digital artist Gremplin featuring a limited edition of 6,969 NFTs, is the fourth most traded NFT collection today. In the past 24 hours, the NFT collection has garnered a trading sales volume of $639,515.The NFT collection is up 719% in sales volume.

5. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT collection from the digital asset incubation studio Yuga Labs featuring a limited set of 10,000 NFTs hosted on the Ethereum network, is the fifth most traded NFT collection today. In the past 24 hours, the NFT collection has recorded a trading sales volume of $638,231, representing a 36.56% surge from the previous day.