The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Ethereum

CryptoPunk NFT mania drives average punk price up to $135,000

by Miki 08/06/2021
by Miki 08/06/2021 0 comment

Just when you thought digital art was done and dusted, CryptoPunk NFTs make a resurgence in popularity. That is, at least among Ethereum whales who are willing to stump up the hefty asking prices.

Recent times have seen a flurry of CryptoPunk buying activity. Including internet personality Gary Vaynerchuk shelling out 1,600 Ethereum ($3.7 million) to acquire #2140, described as an ape punk wearing a knitted hat.

Then there’s the mystery buyer who went on a buying spree over the weekend, picking up over 100 CryptoPunks, and spending between 24 and 29 ETH on each in the process. The final total bill came in at a whopping $6 million.

The upshot of this buying frenzy sees the average CryptoPunk price rocket to a rather substantial $135,000. Not bad, considering the creators, Larva Labs, were giving them out for free back in 2017.

“Thanks to the sudden increase in popularity, the average price of a CryptoPunk jumped by 53 percent in the past week going from $87,800 USD to $135,000 USD from July 24 to August 1, 2021.”

What is a CryptoPunk?

The CryptoPunk range consists of 10,000 algorithmically generated “punks,” with no two exactly alike. Lifetime sales come in at $682 million, with 11,155 sales over the last 12 months.

“The CryptoPunks are 24×24 pixel art images, generated algorithmically. Most are punky-looking guys and girls, but there are a few rarer types mixed in: Apes, Zombies and even the odd Alien. Every punk has their own profile page that shows their attributes as well as their ownership/for-sale status.”

To date, the world’s most expensive CryptoPunk, #7804, fetched a colossal $7.5 million in March year. The piece is described as a pipe-smoking hat and sunglasses-wearing teal alien.

CryptoPunk #7804
CryptoPunk #7804 on opensea.io

The seller, Dylan Field, the CEO and co-founder of the web-based design editing app Figma, bought #7804 for $14,988 in January 2018. Field said although he recognized the potential of digital art, he was still in two minds about splashing out thousands to acquire #7804 in the first place.

“this is probably the stupidest thing I’ve ever done. And I had total conviction in it, which is what I’m going to try to listen to in the future: when I think something’s both really stupid and I have conviction, I think it’s a good sign now.”

Nonetheless, despite the generous payday for Field, he remarked that owning #7804 was something of a paradox, in that only selling for eye-popping sums proves the point that digital art NFTs have value.

Aren’t NFTs finished?

Earlier this year, as exemplified by Beeple’s The First 5000 Days selling for close to $70 million, NFTs were riding high. However, since then, trade volumes and active users on NFT platforms have been trending downwards.

Despite Field’s comments about NFTs having value, many still fail to grasp the utility of digital NFT artwork. And that isn’t an issue that will resolve itself over time as cryptocurrency becomes more pervasive in everyday life.

The fact is, as Litecoin founder Charlie Lee said, it costs nothing in both money and effort to create copies of existing NFTs. That being so, Lee likened this situation to artificial scarcity.

As evidenced by the dwindling numbers, market conditions have changed. However, as CryptoPunks shows, interest from the top end of the market is still buoyant.

Posted In: Ethereum, NFTs



Source link

Views: 1
AverageCryptoPunkdrivesManiaNFTpricepunk
Share
0
FacebookTwitterPinterestEmail
previous post
Industry Concerns New Policy after Google Lifting the Ban on Crypto Advertisements
next post
Has Crypto Entered “NFT Summer”?

Related Posts

Bitcoin, Ethereum beat gold in 2021, big time

12/28/2021

Bullish Signal? Ethereum Market Dominance Sitting Above 20%

12/28/2021

Ethereum Foundation announces the launch of the Kintsugi...

12/26/2021

Crypto Research Analyst Puts Ethereum At $9,000 In...

12/23/2021

Snoop Dogg Joins The Bored Ape Yacht Club...

12/23/2021

How Ethereum 2.0 One-Year Stats Stack Up

12/22/2021

Jack Dorsey Disses Ethereum, Web3 In Twitter Rampage

12/22/2021

Ethereum splinternet, are scaling solutions breaking up the...

12/21/2021

Ethereum Exchange Withdrawals Reaches One-Year Low. Why This...

12/21/2021

Do Senator Lummis & Toomey’s Bitcoin Holdings Pose...

12/20/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • MATIC, Terra, Algorand Price Analysis: 05 October

  • Chia Coin (XCH) Value Down by 3% as Firm’s IPO Plans Linger On

  • Bitcoin Is Like Playing Lottery? This Congressman Thinks So

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,148.00-2.60%
  • ethereumEthereum(ETH)$1,952.74-4.29%
  • tetherTether(USDT)$1.00-0.09%
  • usd-coinUSD Coin(USDC)$1.00-0.14%
  • binancecoinBNB(BNB)$295.34-1.84%
  • rippleXRP(XRP)$0.410918-3.96%
  • Binance USDBinance USD(BUSD)$1.00-0.26%
  • cardanoCardano(ADA)$0.51-9.11%
  • SolanaSolana(SOL)$50.66-8.72%
  • dogecoinDogecoin(DOGE)$0.084845-5.19%
  • polkadotPolkadot(DOT)$9.59-9.28%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,148.00-2.77%
  • Lido Staked EtherLido Staked Ether(STETH)$1,917.36-4.36%
  • AvalancheAvalanche(AVAX)$29.44-12.46%
  • tronTRON(TRX)$0.071958-0.10%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.000012-6.60%
  • daiDai(DAI)$1.00-0.11%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • leo-tokenLEO Token(LEO)$5.150.46%
  • CronosCronos(CRO)$0.186772-5.74%
  • litecoinLitecoin(LTC)$67.04-6.81%
  • LADZLADZ(LADZ)$0.0686894.36%
  • matic-networkPolygon(MATIC)$0.63-9.41%
  • FTX TokenFTX Token(FTT)$30.19-3.73%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.88-9.92%
  • HederaHedera(HBAR)$0.389473-3.44%
  • RareRare(RARE)$0.0461220.00%
  • bitcoin-cashBitcoin Cash(BCH)$187.71-7.37%
  • chainlinkChainlink(LINK)$6.86-8.67%