NFT Profile Photo Support Removed, CryptoPunks and Bored Ape Yacht Club Thrive
The floor prices of leading non-fungible token (NFT) projects have risen following X’s (formerly Twitter) decision to remove the option for paid subscribers to set NFTs as their profile pictures. On the 10th of January, the social media platform quietly discontinued the feature and removed all content relating to NFT profile photos from its support page.
Leading NFT Collections See Rise in Floor Prices After X’s Decision
According to data from NFT Price Floor, the values of the two leading collections by floor price, CryptoPunks and the Bored Ape Yacht Club (BAYC), have risen since this move. At press time, an NFT from the CryptoPunks had sold for 57.77 ETH, rising 8% in the past three days. Likewise, the floor price of the BAYC collection had climbed by 7% within the same period. As of this writing, the NFT collection had a floor price of 25.52 ETH.
CryptoPunks NFTs Fetching 8% Higher Prices, Bored Ape Yacht Club Up 7%
So far this year, the sales volume for CryptoPunks NFTs has totaled $8 million from 164 transactions, according to data from CryptoSlam. On the 11th of January, the collection recorded a single-day high of $3 million in sales, marking its highest daily sales volume since the beginning of 2024. The popular NFT collection has seen its prices rise by 8% in recent days.
The Bored Ape Yacht Club, another prominent NFT collection, has also experienced an increase in prices. The sales volume for BAYC since the 1st of January has reached $10.27 million, with a daily sales volume of $1.6 million on the 13th of January, according to data from CryptoSlam. The BAYC floor price has grown by 7% in recent days.
CryptoPunks and Bored Ape Yacht Club Record Highest Sales Since 2023
The surge in prices for CryptoPunks and Bored Ape Yacht Club NFTs is evident in their record-breaking sales volumes. CryptoPunks recorded a single-day high of $3 million in sales on the 11th of January, marking its highest daily sales volume since the beginning of 2024. Similarly, Bored Ape Yacht Club achieved a daily sales volume of $1.6 million on the 13th of January, representing its highest sales since the start of the year. These impressive sales volumes demonstrate the growing demand and value associated with these NFT collections.
NFT Market Sees Surge in Volume and Market Capitalization in 2024
The year 2024 has witnessed a significant uptick in NFT trading activity. NFTGo, an NFT market analytics platform, reports that the total volume of NFT sales across all collections has increased by 90% since the start of the year. As of the 13th of January, the total sales volume was $27.15 million, compared to $14.37 million at the beginning of the year.
The surge in trading volume has also resulted in an increase in the overall market capitalization of NFTs. Since the 1st of January, the market capitalization of all NFT collections has climbed by 3%, reaching $8.13 billion. This growth in market capitalization indicates a strong market demand for NFTs and suggests a positive outlook for the NFT market in 2024.
Analyst comment
Positive news: The removal of NFT profile photo support by X has led to a rise in floor prices for leading NFT collections such as CryptoPunks and Bored Ape Yacht Club. Both collections have seen an increase in sales volume and prices, indicating a growing demand and value for NFTs. This surge in prices and sales volumes demonstrates a positive outlook for the NFT market in 2024, with increased trading activity and market capitalization.
