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NFT Market Heating Up With Major Investments

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DappRadar

An alien Cryptopunks collectible sold for $747.000

In the past seven days the top ten sales in the non-fungible token or NFT market has had a total value of more than 1.4 million dollars. The biggest sale was the one of CryptoPunks collectible punk 2890, which sold for 605 ETH or 747.400 dollars. Collectors and investors are looking at NFTs as their next growth market.

CryptoPunks and the basketball collectibles from NBA Top Shot are generating the majority of the top sales. In the top ten NFT sales there’s no place for Sorare, even though they are consistently selling close to a million dollars worth of digital trading cards per week.

The sale of the 747 thousand dollar cryptopunk obviously stands out. The purchase came from Flamingo DAO, a decentralized NFT investment fund. This group of investors also acquired two high-valued Genesis land plots inside Axie Infinity.

Interested in CryptoPunks? We’ve written an extensive guide on how to value these 10 thousand on-chain digital collectibles. If you own a punk, you should check out the DappRadar NFT Value Estimator that’s currently in beta.  

NFT sales moving up

In May 2019 the investors of Metapurse acquired the 1-1-1 race car for F1 Delta Time for 111 thousand dollars. This remained the top sales record for a single NFT throughout 2020, until Metapurse acquired the Formula 1 Grand Prix de Monaco 2020 1A Apex NFT for 223 thousand dollars in December 2020.

One month later investment fund Polyient Games acquired the Citadel of The Sun NFT for the upcoming online game Mirandus from Gala Games. They paid 800 thousand dollars for the NFT. The purchase also comes with a business arrangement making Polyient Games responsible for the in-game economy in the upcoming online role playing game. 

Nonetheless, the amount of money that’s currently being pumped into the NFT market is unprecedented. NBA Top Shot is clearly leading the chart in terms of mainstream adoption, while CryptoPunks is the holy grail for the NFT connoisseur. 

Upcoming products like The Sandbox could really change the game, while established products like Axie Infinity, Aavegotchi and Gods Unchained want to revitalize their economies by moving to layer-2 solutions and circumventing the high Ethereum gas fees.

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