What is Going on With Cryptopunks Right Now?
Pretty much everyone in the NFT space knows all about Cryptopunks. For the uninitiated, Cryptopunks are the genesis of NFT’s recent explosion. One of the first NFT projects, Cryptopunks are a selection of 10,000 8-bit style men and women. They’re modelled on classic punk styling - mohawks, joints, sunnies, hoodies and more: this art project draws from cyberpunks, steampunk, traditional punk and everything in between.
Each of these individual punks is made up of a variety of traits, which decide the ultimate rarity of the piece. Recently a blue skinned Cryptopunk (one of only nine) fetched almost $12 million, which speaks to the project’s scarcity and desirability. The blue skinned Punk isn’t the first to fetch a hefty price tag at auction, more and more of these Punks are attracting millions of dollars.
Cryptopunks have had a meteoric rise recently - they were already the kings of the NFT world, but in the last week the high prices have skyrocketed. One mysterious ETH Whale has been hoovering up Punks like no body’s business. This means the current Punk floor is up to 49 ETH and 37 Punks have sold already today (it’s 10am and I’ve barely finished my coffee) - something huge is happening in the NFT community and if you’re reading this then you’re in early.
As the Cryptopunk hype train goes stratospheric, many NFT fans are speculating on who this anonymous whale is. People are pointing to Musk, who has the cash (clearly) to buy up these pieces - Musk also has some knowledge of the crypto world. I am really hoping that it isn’t Elon buying up Punks, Musk is about as far from the Punk spirit as a human can be. Conspiracy theories and far fetched hypothesis have flooded the timeline, with some suggesting that American investment management firm Cathie Woods / Ark are the buyers, to act as a hedge against inflation.
If this is the case, then hedge fund managers wading into the crypto-sphere is massive news. This formalises Crypto and NFTs as legitimate, investment opportunities - buying and selling NFTs has long been exclusive to basement dwelling crypto nerds, or art hipsters. This brings it more into the mainstream and potentially into the portfolios of stocks and shares merchants.
The Cryptopunk rise is good news for all NFT holders. The floor prices of Gutter Cats, Cryptokitties and more have gone skyward - none moreso than BAYC. Bored Ape Yacht Club are the high flying, up and comers of the NFT world. The collection sold out in hours and with a floor price of 10 ETH, many are tipping Bored Apes to hit Cryptopunk levels in no time.
Many have been downplaying the NFT boom, but the activity over the last week or so proves the nay-sayers wrong. Now is the time to get yourself involved in the NFT world, because it will only be getting bigger from here