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Combined market cap of top 5 NFT collections hit $ 10.2 billion in November, CryptoPunks make half that value
Posted on November 3, 2021
Non-fungible tokens have revolutionized the world of art and entertainment, especially around the way people invest in art, music, and sports. As the popularity of NFT continues to increase, an increasing number of investors are ready to invest their money in NFT collectibles.
According to data presented by MejoresApuestas.com, the combined market capitalization of the top five NFT collections reached $ 10.2 billion this week, and CryptoPunks represents half of that.
CryptoPunks Reaches $ 5.1 Billion Market Cap
Three years ago, the world was presented with CryptoKitties, the NFT collectibles that caused worldwide hype and are sold today for millions of dollars. The second major spike in NFT users came in March this year after the media reported NFT’s biggest sales to date.
That month, digital artist Mike Winkelmann, known as Beeple, sold an NFT of his work for $ 69 million at Christie’s and became one of the Three Most Valuable Living Artists.
However, most NFTs, including crypto-arts, photos, newspaper articles, and video clips, sell for under $ 200, giving the masses the opportunity to own works of art, this which has always been reserved for the rich.
CoinMarketCap data showed CryptoPunks to be the most valuable NFT collection, with a market cap of over $ 5.1 billion this week. These unique collectible characters with proof of ownership stored on the Ethereum blockchain currently have the lowest available price of 96.5 ETH or nearly $ 420,000, while their average price has reached nearly $ 535,000. Statistics show that in the past twelve months, CryptoPunks have been sold 11,650 times, while their lifetime sales have reached a value of $ 1.56 billion.
With an estimated market capitalization of $ 1.8 billion, Bored Ape Yacht Club has ranked as the second most valuable NFT collections in the world. MakersPlace, SuperRare and Rarible follow, with $ 1.2 billion, $ 1.1 billion and $ 921 million in market capitalization, respectively.
Investors have spent over $ 5.3 billion on NFT collectibles to date
In addition to having the largest market cap among all of the NFT collections, CryptoPunks has also had some of the most expensive NFT sales to date.
On March 11, CryptoPunk # 3100 was bought for 4,200 ETH, or $ 7.58 million, breaking the record set by Punk # 7804 the day before due to the rise in ETH prices.
These multi-million dollar deals were just part of a booming NFT business this year. According to data from NonFungible, investors have spent more than $ 5.3 billion on NFT collectibles to date, with most purchases having taken place this year.
Moreover, the total number of sales topped 5.4 million this week, showing a massive 80% increase from the same month a year ago.