The minimum price to buy a CryptoPunks nonfungible token (NFT) from secondary marketplaces dropped beneath 80 Ether (ETH) on Sept. 14.

Larva Labs reported that the and then-chosen "CryptoPunk 1417," a pixelated avatar of one of 3840 women created by digital artists Matt Hall and John Watkinson, is listed for sale at 79.99 ETH (nigh $266,168).

A quick look into the history of transactions involving #1417 showed that its possessor sold information technology for as low as 0.9 ETH (~$159) in Jan 2022. The new possessors kept raising their ask toll for the NFT in the later months. As of Aug. 31, its flooring rates had topped about 118.99 ETH (~$407,165).

Simply no bids came for #1417, forcing the auctioneer to reduce the NFT's floor price to 93.99 ETH ($368,539) past Sept. 7. A flurry of bargains later, the owner listed the digital collectible for 79.99 ETH and received an offer for seventy ETH ($230,089).

CryptoPunk 1417 deal history. Source: Larvis Labs

But the bidder later on withdrew their offer, raising possibilities that the #1417'southward owner might drop their flooring price farther.

The cost trajectory of 1 of the CryptoPunks' x,000 NFT artworks came as a part of a contempo decline in floor rates across the digital collectibles space. At i point this week, the average price flooring for all NFTs had dropped to 0.37 ETH from the top of 1.02 ETH, every bit per Ethereum ecosystem tracker Dune Analytics.

Custom NFT floor tracker. Source: Dune Analytics

Nevertheless, on Sept. 14, the average price shot up to a new record high of 1.ten ETH. It is worth noting that toll floors could ascent due to new NFT projects debuting with higher ask rates. But for pinnacle players in the infinite, such equally CryptoPunks, the price floor remained lower.

Meanwhile, many of the high-priced CryptoPunks NFT sales in the past seven days as well occurred. For instance, on Sept. 12, Zombie "CryptoPunk 8857" received a 2,000 ETH bid worth $6.62 meg. Similarly, last week, a Clown-nosed "CryptoPunk 5169" got sold for 205 ETH (effectually $755,935).

Top five NFT collectibles sales in the by vii days. Source: CryptoSlam

Payment processing giant Visa also bought a CryptoPunk for almost $150,000 in Ether.

NFT sales volumes plunge

At the same time, the high-priced CryptoPunk purchases have done picayune in maintaining its record-breaking Baronial sales volumes.

In detail, the NFT marketplaces witnessed $86.55 one thousand thousand worth of transactions after peaking toward the finish of Baronial, all involving the sales of CryptoPunks avatars. The trend sustained further through the kickoff two days of September, simply to witness a precipitous pass up in the adjacent sessions.

CryptoPunks merchandise book throughout its history. Source: CryptoSlam

CryptoSlam reported a 53.3% decline in the CryptoPunks sales volumes in the past seven days via only 66 transactions involving 55 buyers. Similarly, other meridian NFT projects, including Axie Infinity, Art Blocks, and Bored Ape Yacht Gild, also reported double-digit percentage drops.

Nonfungible reported similar drops in trading volumes across leading NFT marketplaces after Aug. 29. On that day, the NFT projects had raked in $i.02 billion. But every bit of Sept. 14, the sales had dropped to $151.31 meg.

NFT sales volumes. Source: Nonfungible

Meanwhile, the number of active NFT wallets fell from 59,255 to 21,908 in the same period. Additionally, the full number of NFT sales dropped to 36,014 from 138,109, signaling a failing interest in the digital collectibles space.

Related: NFT sales and floor prices collapse as demand wanes and gas prices soar

The drop largely matched steps with bearish price moves beyond the cryptocurrency market terminal week as elevation coins Bitcoin and Ethereum suffered a large correction. On the whole, the crypto market cap declined by 15.52% afterwards topping out about $ii.43 trillion on Sept. 7.

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