The opinions on whether NFTs are valuable can differ greatly. One thing is certain” holding the right collection is crucial for pocketing a profit. Recent NFT sales show DEAFBEEF, Azuki, Dreadfulz, CryptoPunks, and BAYC remain the go-to collections for value.
Interest In NFTs Remains High
The ongoing crypto market slump doesn’t deter investors from taking risks. Some may buy altcoins in search of a quick flip, although there is no guaranteed profit. Others will scoop up non-fungible tokens to flip overnight. Contrary to what some may think, much money flows in NFT circles even today. If anything, the prices remain somewhat inflated, as paying over $130,000 for a JPEG remains somewhat risky.
That said, recent NFT sales tracked by Cryptolaxy confirm a high risk-appetite. Common sense dictates most NFT collections have peaked, yet traders are willing to spend big money on these items. The top-ranking sale is a DEAFBEEF: Transmission NFT, which fetched 175 ETH. In Dollar terms, that equals $213,000 at the time of the sale. Once Ether rises in value again, so will the sale amount of this and other NFTs.
Interestingly, that is the only asset of that particular collection making the top 12. All other spots are filled by Azuki (1), Dreadfulz (2), CryptoPunks (5), Bored Ape Yacht Club (2), and Fidenza (1). It is good to see some variation in demand for NFTs but the “popular club” remains the same for the most part. Even so, all of these collections noted sales of $130,000 and more.
It is worth noting the two Dreadfulz sales were for the same NFT. More specifically, someone acquired Dreadfulz #164 for $155,000 (122 ETH) and flipped it for $171,000 (133 ETH) or vice versa. Assuming it is a profit, that is very easy money for the flipper. If it was resold at a loss, it highlights impatience among NFT speculators. They often “need liquidity” when markets don’t go their way.
CryptoPunks Sales Soar
The resale of an NFT is not unique to Dreadfulz either. CryptoPunks, noting the most sales, has seen two “flips” in the past week. It is unclear if they were sold at a profit or a loss, but the price differences are minimal. CryptoPunk #7386 was sold for $134,000 and $137,000, respectively. A moderate profit if sold as such, or an acceptable loss if risk appetite shifted.
A similar development affects CryptoPunk #9285. It noted an initial sale of $136,000 and was then flipped for $138,000, or the other way around. Both CryptoPunks sales confirm the owners wasted little time on making a profit or cutting losses. In addition, the sale of CryptoPunk #593, for $167,000, was seemingly by a long-term NFT holder. Overall, solid values for these NFTs, especially with the addition of Fidenza and DEAFBEEF.
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