The combined valuation of all CryptoPunk NFTs already exceeds the valuation of some of the most popular American football teams.
Irreplaceable Tokens (NFTs) have created a huge frenzy in the cryptocurrency space so far this year.NFTs have been at the center of all the cryptocurrency trading activity happening in the market.CryptoPunk NFTs have been popping up all over.CryptoPunks are 10,000 unique characters with ownership of NFTs stored on the ethereum blockchain network Proof. In the past few months, CryptoPunk NFTs have attracted millions of dollars worth of sales. Interestingly, CryptoPunk’s valuation has now soared to a staggering $5 billion. As of the time of writing this, CryptoPunk NFTs has an updated valuation of $5.07 billion.
In the last four months, the combined valuation of all CryptoPunk NFTs has soared fourfold. The all-time high was reached last month on August 29, 2021.CryptoPunks has an all-time high valuation of $5.87 billion.
CryptoPunks are essentially pixelated digital avatars representing 10,000 of these unique characters. No two CryptoPunk NFTs are exactly the same.Larva Labs, the creators of CryptoPunks marketed these 10,000 unique characters.
Initially, they were offered for free to anyone who owned an Ether wallet. As we can guess, users quickly claimed all 10,000 of these CryptoPunks. Now, users can buy these CryptoPunks NFT through the secondary marketplace, which is also embedded in the blockchain.
CryptoPunks has recently achieved a major milestone in the marketplace. Last month, it reached $900 million in sales, setting a new milestone. In addition, Larva Labs has joined forces with United Talent Agency to bring CryptoPunks to Hollywood. The deal will see CryptoPunk NFTs represented in video games, TV, movies, publishing, and licensing.
CryptoPunk NFT’s Valuation Compared to American Football Teams
Interestingly enough, it turns out that CryptoPunk NFT has been valued more than some of the top American football teams. Just for an opinion, here’s a list.
New York Knicks. $5 billionNew England Patriots: $5 billionNew York Giants: $4.9 billionGolden State Warriors: $4.7 billionLos Angeles Lakers: $4.6 billionThis shows how quickly NFTs have caught up with the market’s momentum.CryptoPunk isn’t the only NFT on the market driving strong transaction volume.Earlier this year, several digital art NFTs sold for several million dollars sold.
Also, just like CryptoPunks, the craze around Bored Ape NFTs is catching up fast. Its creator, Yuga Labs, is recently running the Bored Ape Yacht Club NFT at Sotheby’s. Bids for that auction have been valued at over $19 million.