Thread by @DCLBlogger

6 Reasons #cryptopunks sell for millions $$$.

THREAD 👇

1/

2/ One of the first NFTs on Ethereum, inspired the ERC-721 Token Standard, (Main NFT standard).

(For a very long time they were regarded as THE first until recently some other projects were found to predate them).

Still extremely historic.

3/ There's only 10,000 of them which means as demand comes in, naturally price would increase.

Fixed Supply.

4/ The NFT industry on has grown to the tune of $10s of Millions transacted weekly.

With the likes of Ashton Kutcher, (@aplusk), and co releasing NFTs.

As this activity continues to grow, so does the value proposition of early and historic collectibles like punks.

5/ More prominent people with huge audiences are starting to mention their interest or investments in Cryptopunks.

Like @garyvee, @kevinrose, @RookieXBT and even Investment firms/daos like @FLAMINGODAO and most recently Three Arrows Capital.

6/ Some punks are extremely rare,

Like Aliens, Apes and Zombies,

There's only 9, 24, 88 of them respectively. Out of the whole 10,000!

7/ And thus, some of the recent 24 sales for Zombies, Apes and Aliens, (along with others that have rare traits), have been in the Millions of $.

The current floor price for punks is ~$70k.

8/ It's also important to note $ETH has 20x'd in the last 2 years.

So the crypto rich have become crypto rich(er), in terms of fiat.

So a 500 ETH sale used to be just $100k 2 years ago, now it's $1M+.

Buy power 🚀

9/ Punks are starting to be tied to the progress and breakout of the entire NFT industry,

well, at least on Ethereum.

Will it continue? Probably since it has for the last 4 years.

This industry is wild, who knows what it will look like another 4 years from now!

It's probably wild to think people pay any money for jpegs.

But they do. Coz on blockchain there's more to it than just a jpeg.

If you're outside looking in, I'd advise learn about the NFT industry, it's only going to get crazier.