For the first time in two months, the cheapest CryptoPunks NFT is now priced above $100,000. Following two significant transactions last week with values of $2.6 million and $3.3 million, the Punks price has increased. So how much are cryptopunks now? Are they still considered a bluechip?
Since the beginning of the year, the value of all the top "blue chip" Ethereum NFT collections has drastically decreased. CryptoPunks was no exception. However, the cost of even the most affordable NFTs from the project has increased significantly over the past week as a result of two multi-million dollar purchases from the collection.
NFT Price Floor data shows that on Sunday, for the first time in two months, since May 18, the price floor for CryptoPunks—the least expensive NFT traded on a secondary market—rose above $100,000 worth of ETH. The floor price for CryptoPunks is currently 84.85 ETH, or around $113,500.
The cost of purchasing CryptoPunks has increased by almost 31% in U.S. dollars during the last week. That's partly because of the increasing price of Ethereum, which has increased 27% over the past seven days, according to statistics from CoinGecko.
However, this is not the entire tale. The CryptoPunks floor is still up about 12% over the past week and nearly 27% over the past month when expressed in terms of ETH. For high-value NFTs, however, that is not a market-wide trend.
A blockchain coin called an NFT is used as a proof of ownership for objects like artwork, collectibles, video game items, and even digital goods like profile photographs, like in this instance. In 2021, the NFT market reached a trading volume of $25 billion; so far in 2022, an additional $20 billion has been added to that total.
Before the Bored Ape Yacht Club surpassed its floor price in December of last year, CryptoPunks was widely regarded as the most valuable NFT profile image project. The two projects, with over $2.33 billion for each collection, are tied for the all-time secondary trade volume, according to CryptoSlam.
By purchasing the IP rights to CryptoPunks from its original developer Larva Labs in March, Bored Ape founder Yuga Labs brought both well-liked projects under one roof. Since then, Yuga Labs has made it possible for owners of CryptoPunks to monetize their photos, such as the Bored Apes, resolving a long-standing issue for some Punks owners.
Summary
For 2,500 ETH, CryptoPunk #4464 was sold in the collection's fifth-largest sale.
Deepak Thapliyal, CEO of Chain, is still the owner of the most valuable CryptoPunk.
NFT collections with a high profile, like BAYC, have made over $2 million in the last 30 days. So we can see if cryptopunks are still bluechips or not.
