As followers know, NFTs are a type of crypto that can be proven by saving data on a Blockchain, which is a popular and property. Demand for CryptoPunks and other sought-after NFTs seems to have increased over the weekend. Some have suggested that the crypto market is in the middle of the NFT equivalent of last year’s “DeFi summer”. The price of in-demand NFTs like CryptoPunks, Autoglyphs, and Fidenza hit record highs this weekend, while the popularity of altcoin projects like Axie Infinity has slumped over the past few weeks. Is “NFT writing” coming?
NFT collectors pay for punks
The NFT market is in a frenzy. The price of the most sought-after NFTs rose this weekend as renewed interest in the crypto space rose. Probably the most sought-after collection of NFTs, CryptoPunks has been trading for several days in particular. On Friday, popular entrepreneur, NFT enthusiast Gary Vaynerchuk purchased an Ape, one of the rarest Punks in the collection, for about $3.7 million. Vaynerchuk has previously confirmed that he owns more than 50 Punks, and he’s not the only celebrity with an interest in tech. Along with a variety of stars posting their own tracks, Jay-Z caused a stir when he changed his Twitter avatar to Punk 6,095. This indicates that he bought the part. Snoop Dogg also seems to be following the crypto realm closely.
NFTs and largest altcoin Ethereum
NFT is a non-tradable token, a unique type of crypto that stores data such as sales history on a Blockchain, usually Ethereum. Unlike other cryptocurrencies like Bitcoin or the largest altcoin, Ethereum, NFTs are not interchangeable. It can include digital art, music, memes, tweets, or any other content that can be tokenized. And that sparked a wave of interest among artists, celebrities, and other popular figures at the height of the crypto bull run earlier this year.
The most resounding moment of the NFT movement came when digital artist Beeple sold a piece at Christie’s for $69.34 million. In CryptoPunks’ case, NFTs take the form of 24×24 pixel art images. An NFT’s data can be used to verify an asset’s ownership and rarity, so some of the rarest Punks can be sold for millions of dollars. Most NFTs are in crypto form, but they can also be represented in physical form. Following Vaynerchuk’s purchase on Friday, a so-called Ethereum “whale” went on a CryptoPunks buying spree and swept 88 Punk within minutes. Another wallet, thought to be linked to leading investment and trag fund Three Arrows Capital, purchased an additional 12 Punks on the same day.
Meanwhile, on Saturday, a crypto trader popularly known as Keyboard Monkey sold a rare Zombie Punk for $1.98 million after buying it for $1.04 million two days ago. This weekend, ArtBlocks creator Snowfro was also seen selling an Ape Punk they bought for 2.5 ETH in December 2017 for 2,250 ETH. This translates to a net profit of about $5.4 million. While Apes and Zombies are some of the most valuable Punks, the base price of the collection has risen to 34.25 ETH – just under $90,000. In the turmoil caused by the crypto market crash in May, the cheapest Punks were briefly trading close to 15 ETH. CryptoPunks were among the earliest examples of NFTs on the largest altcoin Ethereum, which partially explains their popularity. 10,000 Punk was released for free in 2017, and their value has skyrocketed as NFTs have gained popularity in recent months.
Productive art padlock
While CryptoPunks has garnered attention in the NFT space this weekend, demand for other award-winning pieces is also increasing. The yellow of Autoglyphs, a creative art NFT collection from CryptoPunks creators LarvaLabs, has soared with Punks, with the latest four sales for around $643,000 to $707,000. Autoglyphs were originally sold for a donation of 0.2 ETH, around $500 in today’s prices. Generative art has been a huge hit in the NFT space in recent months. The shards are created by an algorithm that can create unique shards that are wrapped and tokenized in Ethereum.
Besides Autoglyphs, one of the most popular productive art projects has been Art Blocks. The project is home to diverse collections of prolific art creators, including Snowfro, which debuted with the much-loved Chromie Squiggle collection. One of the most sought-after collections in the award-winning Art Blocks Curated series, Tyler Hobbs’ Fidenza also saw an increase this weekend. The trading volume of the series went up to 12,261 ETH on the NFT marketplace OpenSea, which raised $100 million in a funding round in July. Art Blocks Curated currently ranks second only to platformdavCryptoPunks.