$1B CryptoPunks Leading NFT Mania

CryptoPunks are among the most-sought-after nonfungible tokens.

sumit
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Senior ETF Analyst
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Reviewed by: Sumit Roy
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Edited by: Sumit Roy

Nonfungible tokens (NFTs) have taken the world by storm this year.

In March, digital artist Beeple sold an NFT of one of his works for a record $69 million; days later, Twitter CEO Jack Dorsey sold his first tweet in NFT form for $2.9 million; and all year long, Dapper Labs has been selling NFTs tied to NBA highlights under the Top Shot brand.

Sales of NFTs in the first half of 2021 may have reached as high as $2.5 billion, according to DappRadar, with no end in sight to the boom.

Most recently, one of the oldest NFT projects, CryptoPunks, has powered new records in the space. These algorithmically-generated pixel art images are highly coveted by collectors, with only 10,000 in existence. Each 24x24 image is unique, and depicts men, women, apes, zombies and aliens.

The rarer the features on the punk, the more valuable it tends to be. In March, two rare alien punks sold for $7.57 million each. Currently, the cheapest punk is selling for the equivalent of $125,000—up 250x from where the punk traded hands less than a year ago—and significantly more than the price of a bitcoin.

At these levels, the combined value of all 10,000 CryptoPunks is over $1 billion.

Only time will tell whether these lofty prices will last, but for now, CryptoPunks are among the most valuable crypto assets in the world.

 

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Email Sumit Roy at [email protected] or follow him on Twitter @sumitroy2

Sumit Roy is the senior ETF analyst for etf.com, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining etf.com, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for etf.com, with a particular focus on stock and bond exchange-traded funds.

He is the host of etf.com’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays, etf.com’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.