CryptoPunks, one of the most popular NFT collections, has become the largest NFT project in terms of volume in the last 24 hours. On June 20, the collection had a trading volume of $6.64 million in the last 24 hours, other major NFT projects such as Otherdeed and Bored Ape Yacht Club (BAYC) had much lower trading volumes on the same day, they had $546,810 and $473,920, respectively.
CryptoPunks market cap is currently $539.66 million and is up 13% from the previous day. Even though we are in a bear market, there are still projects thriving because people who invest in these projects know that the NFTs of the projects are much more than just money, there are different advantages, access to exclusive organizations, use of the intellectual property of the project and networking opportunities that you can get by having an NFT of these projects. We can see this with Otherdeed’s market capitalization, which is up 23% in one day, and BAYC’s, which is also up 20%.This is all due to Christie’s Head of Digital, Noah Davis, leaving his position to join the CryptoPunk project as a brand leader and guarantees that he will not rush into any thoughtless utilities or airdrops and that he wants to take his time when making decisions and always have the projects best interest in mind. For an NFT project to work it is important that the team behind it is committed to putting the project first rather than their pockets and this is how projects are able to grow and reach larger audiences.