To Quote Homer: Woo-Hoo! The Simpsons NFTs See Daily Volume At 3-Month High Levels Thanks To CryptoPunks

Daily NFT trading volume touched a three-month high as $19.1 million worth of JPEGs and other tokenized assets changed hands, according to blockchain data compiled on a Dune dashboard by analyst Hildobby.

Price Action: JPEG is a cryptocurrency token operating on the Ethereum platform. In the past 24 hours, the token has seen around 3% growth taking the monthly gain to 10%.

What Happened? Bored Ape Yacht Club (BAYC) co-founder Wylie "Gordon Goner" Aronow bought an expensive CryptoPunks NFT and contributed to the significant trading volume on Nov. 7, reported by Decrypt. CryptoSlam data shows that Aronow purchased CryptoPunk #7458 for 600 ETH ($1.1 million) on the secondary market.

This comes on the heels of a high-profile segment showcased on “The Simpsons” poking fun at the non-fungible token (NFT) industry. Before The Simpsons episode, NFT trading volumes had seen a year of spiral down until last month, when sales skyrocketed 32% year-over-year.

Now Read: 'The Simpsons' Episode Features NFTs, Inspired Collections Soar In Value: Springfield's History With Cryptocurrency

While the Simpsons episode exposed NFTs to mainstream viewers, the same old people have been buying NFTs with not many new entrants recently, Pseudonymous Proof Director of Research Punk9059 said on Nov. 6.

Unique wallets buying NFTs have not risen at all, he added. They just had the third-lowest week in two years. The NFT-focused analytics platform saw $3.6 million worth of CryptoPunks sales on Nov .6.

Also Read: Alex Salnikov: Why NFTs Are Not Dead - The Future Of NFTs Powered By Brands And Developers

In April 2022, the NFT market’s peak trading volumes stood at $1.4 billion. Last week saw $98 million worth of NFTs traded hands.

NFT marketplace Blur saw a trading volume highly concentrated with 73% of total NFT trading volume, while OpenSea accounted for 18%.

Punk9059 said that this expanding activity on Blur could relate to the platform’s “imminent end of Season 2.”

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