Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The total valuations of all CryptoPunk NFTs combined have surpassed the valuations for some of the most popular American football teams.
Non-fungible tokens (NFTs) have created a massive rage in the crypto space this year. NFTs have been at the center of all the crypto trading activity taking place in the market. The CryptoPunk NFTs have been in new all over. CryptoPunks are 10,000 unique characters having proof of ownership with the NFTs stored on the Ethereum blockchain network. Over the last few months, CryptoPunk NFTs have attracted sales worth millions of dollars. Interestingly, CryptoPunk Valuations have now soared to a staggering $5 billion. As of writing this story, the recent valuations of CryptoPunk NFTs stand at $5.07 billion.
The valuation of all CryptoPunk NFTs combined has soared four-fold over the last four months. The all-time high was attained last month on 29 August 2021. The all-time high valuations of CryptoPunks stood at $5.87 billion.
CryptoPunks are basically pixelated digital avatars representing 10,000 such unique characters. No two CryptoPunk NFTs are exactly the same. Larva Labs, the creators of CryptoPunks conducted a sale of these 10,000 unique characters.
Initially, they were available for free for anybody with an Ethereum wallet. As we can guess, the users quickly claimed all of these 10,000 CryptoPunks in no time. Now, users can purchase these CryptoPunk NFTs through the secondary markets via a marketplace that is also embedded in a blockchain.
Recently, CryptoPunks attained major milestones in the market. Last month, it clocked $900 million in sales hitting a new milestone. Furthermore, Larva Labs also joined hands with United Talent Agency Taking CryptoPunks to Hollywood. This deal will put the CryptoPunk NFTs for representation across video games, TV, films, publishing as well as licensing.
CryptoPunk NFT Valuations Compared with American Football Teams
Interestingly, as it turns out CryptoPunk NFT valuations have surged past some of the top American Football team valuations. Just for a perspective, here’s the list:
- New York Knicks: $5 bln
- New England Patriots: $5 bln
- New York Giants: $4.9 bln
- Golden State Warriors: $4.7 bln
- Los Angles Lakers: $4.6 bln
This goes to show how NFTs have quickly caught up with the market momentum. CryptoPunk is not the only NFTs in the market driving strong trading volumes. Earlier this year, several digital art NFTs sold for multiple millions of dollars.
Furthermore, just like CryptoPunks, the rage around Bored Ape NFT has been catching up pretty fast. Its creator Yuga Labs is conducting a sale of Bored Ape Yacht Club NFTs recently on Sotheby’s. The bid value for the auction has already crossed $19 million.