Cryptopunks, Boogles, and zkSnarks Record Millions in Trading Volume as NFT Markets Reawaken

Collectors are sweeping CryptoPunks, Boogles are trading hands for over $100,000 a piece, and Zcash NFT mints are netting creators over $17M in funding.

One of crypto’s most-ridiculed technological movements, NFTs are once again reminding the onchain economy that they still exist.

Will NFTs ever witness another bullrun, or has the technology evolved to replace pfps with Exotic RWAs and TCGs?

Speculators Swarm High-Value Collections

For the first time in years, NFT collectors are returning to the digital galleries and community hubs to claim a share of crypto’s most iconic collections. In the last 7 days, collectors and NFT traders have swept 40 Cryptopunks for a combined value of 1,309 $ETH ($3.58M), representing 40% of the collection’s trading activity over the past month.

Often called “the $BTC of NFTs”, collectors are optimistic that the surge of newfound interest in punks could trigger the start of a long-awaited NFT bullrun. Meanwhile, Solana’s collectors are snapping up Boogles, an iconic OG 1/1 collection, with terrifying speed. In September alone, 10 Boogles have been traded to new owners for a total volume 8,700 $SOL, valued at over $1M. Acquirers of the pixellated ghosts include prominent crypto personalities like the WhiteWhale and fomo co-founder Se Yong Park.

But while this is a mouth-watering prospect for the digital art collectors of yesteryear, recent activity still pales in comparison to the NFT mania of 2021. 

NFTs saw billions in weekly volume as Bored Ape NFTs found themselves in Christy’s auction houses and prime time television appearances, marking one of crypto’s biggest popular culture moments in history.

Long-Term Artists Tease New Collections

Alongside renewed demand for classic collections, new mints are finding success for the first time in years. zkSnarks, a new collection minted on the Zcash network, netted its creators over $17M, drawing the ire and criticism of blockchain detective ZachXBT.

Since launch, zkSnarks have recorded over 5,000 $ZEC in trading volume, demonstrating palpable demand for collectibles on the Zcash network. The success of zkSnarks, and other newly launched collections like Alpha Centauri Kid’s Argonauts, which sold out for $3M in mint fees, has prompted other artists to tease upcoming collections.

Bold Leonidas, an artist best known for his topical daily comic strips, has hinted at the upcoming mint of his long-awaited collection, Bolds. With the market’s appetite for NFTs clearly rising, the artist playfully joked that the collection’s mint price would be raised as collectors demonstrate a growing willingness to secure big-ticket items.

Have NFTs Been Replaced by Exotic RWAs?

While NFTs may never see the kind of rampant euphoria we saw in 2021 that drove weekly volumes to the multi-billions, the technology is finding steady and sustainable use powering exotic RWA markets.

Far from the generative pfps of the past, NFT technology has enabled an explosion of activity in emerging markets like TCGs. By minting onchain representatives of physical cards, gacha and TCG marketplace platforms are enjoying breakout success. 

Collector Crypt, a Solana-native TCG marketplace, is currently leading the exotic RWA sector, recording over $29M in weekly GMV. While onchain TCG growth typically resonates less with crypto-natives than the volume witnessed in OG collections like cryptopunks, the activity suggests that exotic RWAs may have a much larger TAM and will likely continue to outpace traditional NFT trading.

Read More on SolanaFloor

Zeta Chain is coming to Solana

$ZETA Surges 58% After Proposal to Migrate AI Stack to Solana Approved

CLARITY is Dead, What Now?