Home
News
- CryptoPunk NFT is offering 10k uniquely designed set of a randomly generated pixels-based avatars
- CryptoPunk NFTs for sale is observed being responsible for about $1.18 billion in total trading volume
- Scarcity, Hedonic Value, Age, and Popularity are the driving forces behind the expensive price of the CryptoPunks
CryptoPunk are 10k uniquely designed digital collectibles. It is incredible to see that no two of the NFTs’ art pieces are alike. These digital collectibles are specifically a set of randomly generated pixel-based avatars. These rarest and most desirable crypto collectibles have been sold for millions. Since the beginning of this year, we have witnessed how the Non-Fungible Tokens (NFTs) industry exploded in terms of transaction volume. Indeed, as the boom propelled some of the early projects, CryptoPunk is another similar project.
Holding a CryptoPunk Non-Fungible Token means being a sole owner of that one of a kind pixel avatar. From among a list of dozens of attributes, each of the Non-Fungible Tokens are randomly generated. The array of designs include people, zombies, apes, and aliens. Notably, such aliens and zombies avatars are among the most popular tokens of CryptoPunk.
CryptoPunk NFT are responsible for $1.18 trade volume
CryptoPunk NFT for sale has gained tremendous attraction in the world of art. Notably, Punks were released for free in 2017. Moreover, ERC-721 token standards were not a thing at the time, when the team of Larva Labs first released the project. Indeed, the Lab is two developers John Watkinson and Matt Hall. Following the scenario, Ethereum Blockchain wallet owners snatched approximately 9k CryptoPunks that were released as public. At the time the rest of the left CryptoPunks were held by the Larva Labs itself. It is worth noting that more than $1.18 billion worth in trading volume are responsible for CryptoPunks.
Cheapest CryptoPunks to buy
However, over the next three years, the volume of NFTs began to rise gradually. Still it wasn’t amid the global COVID-19 pandemic when the demand for digital art rose. Indeed, as the demand for Punk surged, the project shot through the roof, leading to multi-million dollar sales. In the current scenario, the cheapest among the 10k digital collectibles is listed for worth 67.67 ETH ($225,000). Besides the cheapest, the most costly CryptoPunk is worth $11.5 million. Indeed, the expensive piece depicts a face with a protective mask and cap.
Read More: NFT CyberKongz welcomes to an alternate reality
Read More: Non-fungible tokens debuts at the NBA League
Although the price of these crypto tokens are soaring as the industry seems incredible, the market is untested and speculative as per Larva Labs. Indeed, the Larva Labs’ speculation deems that holders of the crypto tokens could lose their hard earned money.
Why are Defi CryptoPunks worth so much?
The rise of CryptoPunk NFTs popularity can be attributed to a surge of interest in NFTs overall. While observing why the project is this expensive it is significant that Scarcity, Hedonic Value, Age, and popularity are some of the value driving factors of the tokens. The unique an item the higher its value, and undoubtedly, CryptoPunk’s NFTs are completely unique. Significantly, the hedonic value of the project is also high, as the consumer finds most of the products too exciting.
Read More: NFT Meebits are another popular series by Larva Labs
Read More: Buyers splurge $7mn for an unseen NFT token
It is essential to note that besides the aforementioned factors age, community, and popularity plays a more pivotal role in the valuation of the CryptoPunks project. According to experts in the industry, Non-Fungible Tokens are gradually shifting to cross-platform communities that facilitate the trade and merchandising of such cryptocurrencies. However, the ultimate idea remains to incorporate NFTs into various different formats while travelling to different blockchain networks.
Major Firm like Visa also owns CryptoPunk
It is also noteworthy that one of the latest major firms, that stepped in in for CryptoPunk purchase is Visa, one of the prominent credit cards giant. Visa became the buyers of one of the digital collectibles becoming a member of the crypto community. Notably, Visa purchased one of the CryptoPunks for approximately $150,000 worth of ETH coins. According to Visa, with the CryptoPunk worth millions NFT purchase, the firm jumps in feet first. Hence, it is just the beginning of the firm’s work in the space.
