NFT Market Reacts Positively to X's (formerly Twitter) Removal of NFT Profile Picture Option

BAYC and CryptoPunks Flourish Amid X's NFT Profile Picture Removal

The floor prices of prominent non-fungible token (NFT) projects, specifically CryptoPunks and the Bored Ape Yacht Club (BAYC), have experienced an upswing following X's (formerly Twitter) decision to eliminate the option for paid subscribers to set NFTs as their profile pictures.

X's Decision Impact on CryptoPunks and BAYC

Data from NFT Price Floor reveals that the floor prices of both CryptoPunks and BAYC have risen since X's discontinuation of the NFT profile picture feature. As of the latest update, a CryptoPunks NFT sold for 57.77 ETH, marking an 8% increase in the past three days. Simultaneously, the floor price of the BAYC collection has surged by 7% within the same period, reaching 25.52 ETH.

Sales Volume and Highlights of CryptoPunks and BAYC

In the current year, CryptoPunks NFTs have generated a sales volume of $8 million from 164 transactions, with a single-day high of $3 million on January 11th. Similarly, BAYC recorded a sales volume of $10.27 million since January 1st, reaching a daily peak of $1.6 million on January 13th.

General Uptick in NFT Trading Activity

Overall, the NFT market has witnessed increased trading activity in the early part of the year. NFTGo data shows a 90% surge in total NFT sales volume across all collections since January 1st, reaching $27.15 million as of January 13th. At the beginning of the year, the sales volume stood at $14.37 million.

As a result of this heightened trading volume, the NFT market capitalization has grown by 3%, reaching $8.13 billion as of the latest update.

The removal of the NFT profile picture option on X has led to a positive response in the NFT market. Floor prices of leading projects like CryptoPunks and BAYC have seen an uptick, with increased sales volumes and market capitalization reflecting a thriving NFT market in the early part of the year.