CryptoPunks, arguably the most famous NFT collection on the Ethereum blockchain, is now at the center of an intricate bear market trend. Though sales numbers may be down, a somewhat opposite wave of activity on the market shows that enthusiasm for this collection continues. Individual CryptoPunks NFTs are still selling for millions of dollars. They continue to dominate NFT transactions by dollar volume, even though overall sales figures have fallen significantly.

Notable Sales and Market Position

Even though overall sales declined, some individual CryptoPunks NFTs sold at impressive prices. CryptoPunk #3873 was sold for 165 ETH ($259,514), and the top sale by far. Notable sales include CryptoPunk #1820, which sold for 72.69 ETH ($118,299). In other CryptoPunk sales, CryptoPunk #1999 sold for 65 ETH ($103,110), and CryptoPunk #7163 sold for 62.5 ETH ($99,167).

As of writing, CryptoPunks is ranked sixth in collection rankings with $1.7 million in sales. Four of the five most expensive NFT sales were CryptoPunks. This well-loved aggregate collection has seen a dip in sales from last week. Collectively, this illustrates the rapid and usually volatile inclination of the NFT market.

Participation Surge Amidst Sales Decline

Perhaps most intriguingly, even as CryptoPunks sales have dipped, investor participation has experienced an astounding boom. The average number of CryptoPunks buyers increased by 96.6%, resulting in 252,354 unique buyers. At the same time, sellers grew in leaps and bounds, increasing in number by 79.2% to 153,892. This jump in participation points to a broader resurgence of interest in trading and owning CryptoPunks, even with sales volume overall continuing to fall.

Overall, the transactions are down 51.2%. In the interim, the supply of buyers has dropped 56.6% and the supply of sellers has tanked 59.4%. The data reveals a puzzling reversal in the CryptoPunks marketplace. Even as engagement spikes, it doesn’t necessarily create an increase in forward sales volume.

Recent Market Recovery

Despite the confusion in the air, CryptoPunks seems to be recovering. In fact, over the past week, it’s made a meager 2.4% gain. This decrease indicates that the collection continues to prove its desirability and worth in the NFT market. As the NFT market evolves and matures, CryptoPunks will remain a leader to draw insight from as it finds its place amongst the voided strategies and lessons learned.