CryptoPunks Lead Ethereum NFT Resurgence

After two years of bleeding, CryptoPunks are having a stellar week as the NFT market rallies.

CryptoPunks are now up 35% in four days, rallying off the collection’s low of 21 ETH. The leading PFP collection by market capitalization now sits at a 28.5 ETH floor price after doing over $3 million in total volume on August 20, breathing some life into the NFT market.

The unique owner count of CryptoPunks is also rising, indicating that new buyers are entering or re-entering the market at these prices.

The Bored Ape Yacht Club is also experiencing a revival. The collection came into August with a 9.5 ETH floor price and has since surged to 13.4 ETH.

There is no clear driver of the profile picture (PFP) resurgence outside of community sentiment and momentum. The bullish price action is currently constrained to PFP collections, while other sectors of the market, such as generative art, have not been able to catch a bid. Chromie Squiggles, the mascot Art Blocks collection, remains at a 3.8 ETH floor, with only 14 sales over the last week.