A Cryptopunks buying spree has put the pioneering crypto art project back in the spotlight. A collector who goes by the nickname DANNY spent 98 ETH to acquire three rare punks from three different sellers. That’s almost 34 thousand dollars for these three collectibles.
The buying spree consisted out of three different Cryptopunks. Punk 5684 is a zombie punk, and therefore already considered quite rare. Alongside the major sale, zombie punk 7756 sold for 27 ETH, while zombie punk 5944 sold for 44 ETH. There are only 88 zombie punks on the market, making them very rare.
We can’t say that Cryptopunks are technically advanced non-fungible tokens. However, it’s the first collectible art project ever that used the Ethereum blockchain to mint collectibles. Because of their historical significance, Cryptopunks are valuable digital assets. There are only ten thousand punks on the market.
Back in the spotlight
Thanks to these major sales, the Cryptopunks project has regained the spotlight. On Opensea the project is now in second place, based on trading volume. Weekly trading volume is up 250 percent to 223 ETH. Worldwide there are currently 915 different wallets containing one or more Cryptopunks.
A few months ago the crypto art projects also took center stage. In May some punks were selling for hundreds of ETH, which was valued around 20 thousand dollars at that time. Super interesting is the fact that Cryptopunks were once distributed for free.
Currently the average CryptoPunks collectible sells for 300 dollars, but those with rare features tend to be more valuable. CryptoPunks is a crypto art initiative that generated ten thousand different 24×24 punk-looking avatars. There are a few rares ones, like apes, zombies and an alien. Besides being a digital collectible, the project doesn’t offer any additional usage.
The project is entirely on-chain, which means nobody can alter the code. In addition this also means that there will never be more than the 10 thousand computer-generated characters. As a result scarcity and demand are the main aspects for driving up the value.
Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn and for a variety of third party magazines and websites.