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CryptoPunks Trading Volume Rises After Yuga Lab Acquisition

2 mins
Updated by Ryan James
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In Brief

  • CryptoPunks trading volume have risen on the back of its acquisition by Yuga Labs.
  • The floor price of related projects to Yuga Labs have also spiked to new highs.
  • Yuga Labs revealed that CryptoPunks holders would now have exclusive rights of their tokens.
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CryptoPunks’ trading volume in the past 24 hours has reached $18.8 million, marking a dramatic increase compared to previous daily trading volumes. 

This comes after it was revealed that Yuga Labs acquired the intellectual property of CryptoPunks from Larva labs for an undisclosed amount.

As one of the earliest NFT collections, CryptoPunks has long been desired by many enthusiasts in the market; however, its parent company’s refusal to grant the exclusive rights of the tokens to the holders has been held against it by many within the community.

Yuga Labs is the creator of the Bored Apes collection and is known for giving exclusive rights to its NFTs to its holders. The firm has also revealed that owners of CryptoPunks would enjoy this level of privilege too, and this has renewed interest in the collection.

Blue chip NFTs enjoying large trading volume

Per data from CryptoSlam, the trading volume for CryptoPunks increased by over 1,000% in the last 24 hours as against the previous day. The news also played a role in helping to increase the floor price for CryptoPunks, which is now at 75 ETH (around $195,000).

Interestingly, Yuga Labs also bought the IP for the Meebits collection, whose trading volume also spiked to above $18 million within the last 24 hours —this represents a 529% increase.

Meebits floor price also jumped by 32% to reach almost 5.6 ETH (around $14,500).

Aside from its new acquisitions, its previous project, BAYC had around $8 million worth of sales in the last 24 hours while that of Mutant Apes is around $5 million. The floor price of both NFT collections spiked by 12% to 82 ETH and 9% to 18.5 ETH, respectively.

Other related projects like the V1 CryptoPunks Wrapped Collection, a community-made NFT based on the original CryptoPunk smart contract, saw a 6,695% increase in trading volume to generate more than $1.6 million in the last 24 hours. 

All of this put together might give the NFT space a much-needed boost to kickstart a new run after seeing a huge drop in its trading volume during February. 

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.