Less than a week after a Cryptopunks avatar changed hands for 12 thousand dollars, another huge transaction involving a punk took place, selling for 50 percent more. Cryptopunk 8348 sold for a staggering amount of 85 ETH, or $18.102. This punk isn’t super special, even though its buck teeth and top hat are its rarest attributes.
The seller made a tremendous deal. He acquired this punk in September last year for 26.4 ETH, or 4395 dollars. The owner before that only paid 1.5 ETH for it, which was 456 dollars back in October 2017. Therefore we might conclude that the value increased 39 times. The character was first claimed on June 23 in 2017.
Currently the average CryptoPunks collectible sells for 138 dollars, but those with rare features tend to be more valuable. CryptoPunks is an 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.
2020 year of digital collectibles
Even though 2020 is a year with one catastrophe after the other, it’s actually been an interesting year for non-fungible tokens. Digital assets that have their scarcity and user-ownership confirmed through blockchain technology have seen an incredible growth over the year.
Game company Capcom and television station Cartoon Network will launch licensed digital collectibles. Socios and Sorare are signing deals with many European football clubs. This way they connect the most popular worldwide sports with the blockchain space. At the same time companies that have been traditionally involved in physical collectibles, have been embracing the digital space as well. Most recently Topps launched a series of digital cards for their Garbage Pail Kids franchise.
Also published on Medium.