CryptoPunks are considered the OG of NFTs, not only because of their legacy – they were minted in 2017, well before this year’s boom, but they’ve had a big impact on other NFT suites since then. Curious how much they’ve spiked in value in recent months? Here’s a prime example of the incredible price multiplication we’ve seen recently.
See this CryptoPunk? It’s number 2338 of 10,000 such collectibles, and it’s one of only 88 zombies in the entire collection, not to mention one of four “Zombie Mohawk Thingy” variants. It just sold for 1,500 Ether, or about $4.38 million at the time of sale. That makes it one of the most expensive CryptoPunks sold to date, although the changing value of the cryptocurrency means that the ranking will change depending on the amount of ETH paid or the value of the dollar at the time.
In any case, while the dollar amount is jaw-dropping, the rise in value over the past few years is even more shocking. As CryptoSlam’s data shows, this particular CryptoPunk was purchased for just $443 (3.5 ETH) in November 2018. All told, it returned just a few parts per million in less than three years.
Of course, CryptoPunks were initially given away for free to anyone who owned an ethereum wallet and claimed it in a timely manner, but the value of the secondary market has soared during this year’s NFT market boom. According to creator Larva Labs, some $878 million worth of CryptoPunks have been sold in the past year.
In June, one CryptoPunks was sold through a Sotheby’s auction to DraftKings board member Shalom Meckenzie for $11.8 million, while another was sold last week for $5.4 million worth of ETH. In fact, prominent investor and social media influencer Gary Vaynerchuk bought a CryptoPunk NFT last week for $3.7 million, although the 1,600 ETH he spent would be worth $4.6 million today due to the recent rise in the value of Ether.
“I have a lot of empathy for people’s curiosity or cynicism or debate, but I have incredible faith in this asset,” Vaynerchuk told us last week, when asked about criticism of his investment.” I’m sure people will say the same thing about Jackson Pollock’s paintings at some point.”
NFT is like a deed of ownership for a digital object, whether it’s a digital painting, a video file, or an interactive video game project – or in this case, a 24×24 pixel incarnation with random characteristics. Earlier this year, the NFT collectibles market blew up, with total transactions reaching about $2.5 billion in the first six months of the year.
While the buzz around NFT seemed to quiet down in the late spring and early summer, we’ve seen a recent resurgence, and CryptoPunks is helping to lead the way. In addition to some recent sales in excess of $1 million, reserve prices for the cheapest CryptoPunks are on the rise.
The cheapest CryptoPunk you can buy is now over $100,000 in Ether
Yesterday, the cheapest CryptoPunk on the market sat just over $100,000 worth of ETH, the first time that bottom line has reached six figures. Today, the lowest-priced CryptoPunk available for purchase is just under $150,000, according to Larva Labs’ official tracker. The rise in Ether prices has something to do with that, but as CryptoSlam’s data shows, people are now snapping up the lowest-priced Punks in a big way, too.
“The next CryptoPunk sweep is really going to send everyone into a frenzy,” Vaynerchuk tweeted just last night. Less than a day later, it’s already happening.