• CryptoPunk’s NFT token is attracting industry popularity

  • CryptoPunk NFT offers 10K uniquely designed sets of randomly generated pixel-based avatars.

    The total volume of CryptoPunk NFTs sold has been observed to be approximately $1.18 billion.

    Scarcity, hedonic value, age and popularity are the driving forces behind CryptoPunks’ expensive prices.

    CryptoPunk NFTs are uniquely designed 10K digital collectibles. Incredibly, no two NFT’s have the same artwork. These digital collectibles are specifically a set of randomly generated pixel-based avatars. These rarest and most desirable cryptocurrency collectibles have sold for millions of dollars. Since the beginning of this year, we have witnessed an explosion in the Non-Fungible Tokens (NFTs) industry in terms of trading volume. In fact, CryptoPunk is another similar project as the boom has driven some early projects.

    Holding a CryptoPunk NFT means being the sole owner of that unique pixel avatar. From a list of dozens of attributes, each of the unforgeable tokens is randomly generated. A range of designs include human, zombie, ape, and alien. Notably, this alien and zombie avatar is one of CryptoPunk’s most popular tokens.

    CryptoPunk NFT has a trading volume of $1.18

    The CryptoPunk NFT for sale has gained huge traction in the art world. It is worth noting that CryptoPunks was released for free in 2017. Moreover, the ERC-721 token standard did not exist at that time, when the team from Larva Labs first released the project. In this case, Ether wallet owners grabbed about 9k CryptoPunks as a public release. The remaining CryptoPunks were held by Larva Labs itself at the time. Notably, more than $1.18 billion worth of transactions were accounted for by CryptoPunks.

    Buy the cheapest CryptoPunks

    However, over the next three years, the volume of NFTs began to gradually rise. Still, demand for digital collectibles did not rise during the global COVID-19 pandemic. In fact, as demand for CryptoPunk NFTs surged, the item took off, resulting in millions of dollars in sales. In the current case, the cheapest of the 10k digital collectibles is listed as being worth 67.67 ETH ($225,000). Aside from the cheapest, the most expensive CryptoPunk NFT is worth $11.5 million. Indeed, this expensive piece depicts a face with a protective mask and hat.

    While the price of these crypto tokens is soaring as the industry seems incredible, the market is untested and speculative, according to Larva Labs. In fact, Larva Labs’ speculation suggests that holders of crypto tokens could lose their hard-earned money.

    Why are Defi CryptoPunks worth so much?

    The rise in popularity of CryptoPunk NFT can be attributed to the surge in interest in NFT as a whole. While looking at why the project is so expensive, it is important to note that scarcity, hedge value, age and popularity are some of the value drivers for the token. The more unique a project is, the more valuable it is, and there is no doubt that CryptoPunk’s NFTs are completely unique. Importantly, the hedonic value of the project is also high, as consumers find most products too exciting.

    It is important to note that in addition to the factors mentioned above, age, community and popularity play a more critical role in the valuation of CryptoPunks projects. According to industry experts, non-popular tokens are gradually shifting to cross-platform communities to facilitate trading and sales of such cryptocurrencies. However, the ultimate idea remains to incorporate NFTs in various different formats while shuttling across different blockchain networks.

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