Over the weekend Cryptopunks has reached new heights with the sale of a single punk character for 20 thousand dollars. Punk 6487 sold for 100 ETH, which was valued 20.857 dollars at the time of the transaction. It’s the first time since its inception that this female bald punk changed hands.
Cryptopunk 6487 hit the market on June 23rd 2017, and the original owner held on to the character for almost three years. The original owner offered his punk to the market for 100 ETH on June 25th 2017, but at that time nobody was willing to pay such an amount.
Over the years he received offers ranging from a few dollars up to almost five thousand dollars, but he never lowered his price. Ultimately a collector was willing to pay the 100 ETH that the original owner was waiting for. The new owner is a collector with 27 punks in his collection. He already spent over 58 thousand dollars on his collection.
Cryptopunks Demand Increasing
Last week we’ve seen several major sales in the Cryptopunks market, reaching new heights with almost each of these sales. Three characters were sold for 12, 15 and 18 thousand dollars. With 622 ETH in trading volume in the past seven days, Cryptopunks is currently the third most valuable project according to data from peer-to-peer marketplace OpenSea.
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.
Also published on Medium.