On Tuesday January 6th Cryptopunks Punk 8219 sold for 150 thousand dollars, or 140 ETH, setting a new record. This new purchase makes Punk 8219 the most expensive Cryptopunks collectible in dollar value. The seller acquired the punk for free in June 2017.
In terms of dollar value Punk 8219 is the most expensive punk ever. However, when it comes to ETH things are different. In December 2020 Punk 3307 sold for 189.99 ETH, which was 138 thousand dollars at that time. With the price of ETH increasing, the amount of ETH needed to make an offer in dollars is dropping.
This is the second Cryptopunks purchase from the buyer. They started collecting one month ago when they purchased a zombie punk for 32 ETH or 19 thousand dollars at that time.
In October 2020 the floor price for Cryptopunks was around 400 dollars. Just a few months later collectors need to pay at least 4.59 ETH or more than 5100 dollars to acquire a digital collectible from the Cryptopunks series.
It remains to be seen how long this record selling punk will keep its title. The previous Cryptopunks record stood for eight days, since December 30th.
Why are Cryptopunks so 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. However, Cryptopunks are often part of digital art galleries in virtual worlds like Cryptovoxels and Decentraland.
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. Rarity and scarcity push up the value.
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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.