Major sales took place this week between Meebits, TOR and XCOPY. The parent company of CryptoPunks, Larva Labs, continues to dominate the NFT sales space. Their Meebit #10761 sold for a whopping $2.69 million dollar. In addition to this, Meebit #19729 took in $1.0 million dollars.
A fundraiser for the TOR Project, an initiative dedicated to protecting privacy online, brought in over $2.05 million dollars at NFT marketplace, Foundation. The work, entitled Dreaming at Dusk, was sold to PleasrDAO. The DAO has a history of investing in charitable NFTs.
Following this news, a series of three-year-old NFT by XCOPY sold for over $390,000 each. These are “deep cuts” pulled from the catalog by a savvy investor. Although crypto may seem like a fad sometimes, these are long-term investments with serious growth potential.
Ethereum Gas Prices Rise
Over the last week, Ethereum gas prices rose to nearly $200 USD for basic transactions. The high gas prices created a low volume of NFT sales as investors waited for better conditions.
Although gas prices have since stabilized, however, there was a 45% decline in NFT sales activity. If the cost of transactions exceeds the value of the NFTs being sold, fewer people will participate in the purchasing of NFTs in the future.