Rare Punk Sells For $2.1M – Is The NFT Market Rebounding?

The non-fungible token market appears to rebound after suffering a brutal comedown in the past several weeks. In the past 24 hours, the global NFT market has raised a trading sales volume of $16 million, up 11,28% from the past day. The NFT market began showcasing potential signs of rebounding over the weekend after a rare cryptopunk non-fungible token sold for 1,011 ETH or equivalent to over $2.196 million.

Punk 4464 bought for 1,011 ETH ($2,183,749.88 USD) by 0x8a77b7 from 0x561786. https://t.co/xqtkT3BeER #cryptopunks #ethereum pic.twitter.com/okShZhcSlJ

— CryptoPunks Bot (@cryptopunksbot) March 1, 2025

Daily NFT Sales Volume Pump +10%

Data gathered by Cryptoslam.io, a multi-chain crypto market data aggregator and a non-fungible token collection explorer, indicates that the global non-fungible token market has grown positively today. In the past 24 hours, the global NFT market has amassed a trading sales volume of $16 million. During this period, the NFT trading sales volume has surged by over 10% from the past day.

Ethereum, the blockchain network renowned in the NFT market for powering most NFTs, is the top-traded blockchain network. In the past 24 hours, the Ethereum-based NFT collections have amassed a trading sales volume of $6 million. During this time, the Ethereum NFT trading sales volume has surged by 3.35% from the past day. Mythos Chain follows Ethereum closely, raising a trading sales volume of $2.3 million.

Solana, a decentralized blockchain network renowned for hosting a variety of smart contracts for non-fungible token collections, is today’s third most-traded blockchain network in the NFT market in February. In the past 24 hours, the Solana-based NFT collections have recorded a trading sales volume of $2.1 million. During this time, the Solana NFT trading sales volume surged 36% from the previous day. These positive gains suggest that the NFT market is regaining a foothold.

Is The NFT Market Rebounding?

On March 1, 2025, a rare CryptoPunk non-fungible token #4464 sold for 1,011 ether (ETH), or roughly $2.2 million. Punks #4464 is a non-fungible token previously from the digital asset firm Larva Labs but is now managed by the Bored Ape Yacht Club and Mutant Ape Yacht Club creator Yuga Labs. The recent Punk #4464 sale has raised eyebrows among the NFT community as it is the latest major sale since the start of the recent bear season.

The Punk #4464 sale wasn’t the only notable moment over the weekend. CryptoPunk #3900 received a $15 million bid a few hours after CryptoPunk #4464’s bid was accepted. Notably, the bid for CryptoPunk #3900 had not been accepted as of press time. These buzzy bids come amid a short bear market that has left daily NFT trading sales volume below $20 million. These notable trading sales mean that the NFT bear market has probably ended.

Punk 3900 has a new bid of 6,969.69 ETH ($15,360,151.99 USD) placed by 0xe62ae5. https://t.co/0ijwzztm9x #cryptopunks #ethereum pic.twitter.com/7TLU4KtJG8

— CryptoPunks Bot (@cryptopunksbot) March 1, 2025

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