To understand how much the marketplace for non-fungible tokens is flourishing, look no further than the figures behind the CryptoPunks NFT collection. According to CoinDesk, the daily sales volume of CryptoPunks set a new high of $86 million on Monday.
According to CryptoSlam, CryptoPunks' sales volume has increased by 881 percent in the previous 30 days, reaching $461 million. The marketplace is so popular right now, that Visa appears to have had to pay for its CryptoPunk acquisition. The NFT that Visa purchased – CryptoPunk #7610 – was purchased for 49.50 Ethereum (ETH, 3.18 percent), or roughly $150,000, as per CryptoPunks developer Larva Labs. That is more than double the price of 21.75 ETH paid by a user called "gmoney" less than a month ago.
In a blog post published on Monday, Visa's Head of Crypto Cuy Sheffield stated, "We believe NFTs will play a key role in the future of retail, social media, entertainment, and commerce."
It is unclear whether Visa's vote of confidence contributed to the increase in CryptoPunk sales, but according to CryptoSlam statistics, more than 300 transactions occurred on Monday alone, compared to a daily average of 16 to 184 during the previous month.
Visa's action, which is more of a public relations stunt than anything else, shows not just how digital assets' underlying infrastructure has improved over time, but also how rapidly these assets may become popular, according to Denis Vinokourov, head of research at Synergia Capital.
The capacity of conventional banking companies to facilitate transactions and custody assets utilizing Anchorage (a crypto exchange platform utilized by institutional investors), he added, demonstrates their readiness to adapt.
“It will almost certainly serve to increase the value of NFT marketplaces as a whole in the future,” Vinokourov added.
On the other hand, on Tuesday, a single Zombie CryptoPunk sold for 1,600 ether, or $5.3 million. CryptoPunk #7252 is the fourth most precious CryptoPunk, as well as the most valuable in the category of uncommon green-faced zombies. The seller paid $2.5 million for the NFT at the start of the transaction, more than tripling their money.
Although the majority of the 10,000 CryptoPunks do not sell for seven figures, the NFTs in the art collection sell for more than the average project. On Monday, Visa, for example, paid $150,000 for CryptoPunk #7610.
The acquisition by the financial behemoth demonstrates widespread interest in non-fungible tokens. NFTs have the ability to be a "strong amplifier for the creative ecosystem and decrease the entry barriers for independent creative people to make a living via digital commerce," according to Visa's director of crypto.