Thread by @JasonYanowitz

1/ CryptoPunks will eventually trade for $10 million each

Here’s why 🧵

2/ For nearly a decade, crypto was a tool for financial innovation.

NFTs created a tool for cultural innovation.

CryptoPunks symbolize this evolution from the financialization of crypto to the cultural revolution of crypto.

3/ The value of a collector’s item boils down to 4 traits.

- Community
- Story & passion
- Ability to show off
- Personal joy

Vinyl records, comic books, classic cars, trading cards, fine art… it’s all the same.

The stronger the sum of the traits, the more valuable the item.

4/ Community

Community is the most important aspect of all NFT projects.

There are very strong punk communities on Twitter, Discord, and in the physical world.

If/when Twitter launches NFT ownership verification, the punk community will get even stronger.

5/ Story & passion

CryptoPunks are one of the earliest examples of an NFT.

Punks symbolize being early and having faith in crypto when others laughed at us.

There will be millions of NFTs, but CryptoPunks will always be the OG project.

5/ Ability to show off

The first thing someone does when they buy a punk is change their profile pic.

We will soon live in a world with digital museums and smart frames in every home.

You’ll use your museums and frames to show off your NFTs and digital art to your friends.

6/ Or you’ll just print a picture of your punk for an extra hard flex.

Nicely done @JasonDRobins

https://twitter.com/readDanwrite/status/1403339034764644354?s=20

7/ Personal joy

@punk6529 said it best

Everyone likes having an NFT. It doesn’t matter how "valuable" it is.

It’s an amazing experience!

Right now there are only 200,000 NFT holders. This will change soon as people experience the joys of NFT ownership.

8/ Just wait until CryptoPunks are shown off in movies, TV shows, and video games.

Larva Labs (creator of CryptoPunks) just signed with one of the largest talent agencies to bring punks to Hollywood.

This is the first time that crypto-native IP enters mass media.

9/ Finally, one of the biggest drivers of punks is wealth.

There’s a lot of money being made in the world right now.

Traditional financiers buy art. A Hockney piece sold for $90 million a few years ago!

Crypto degens buy NFTs.

10/ Right now, the entire crypto market cap is roughly $2 trillion. Bitcoin trades around $40k and ETH at $3k.

At these market caps, most punks sell for between $300-400k.

Aliens, zombies, and apes consistently sell for $1+ million.

11/ When Bitcoin hits $200k, Balaji and Olaf Carlson-Wee estimate that more than 50% of the world’s billionaires will come from crypto.

That’s a lot of new billionaires who owe their wealth to this new asset class.

I’d bet they don’t go buy that Hockney for $90 million.

12/ My bet is that they stick with digital native art that their entire community cares about.

CryptoPunks are the ultimate collector’s item.

As crypto becomes the largest asset class in the world, rare punks will become the Mona Lisa of our digital-first world.

13/ This won’t just happen for Punks btw.

Bored Apes, Autoglyphs, Fidenzas, and Perfect Spectrum Squiggles will be the Monets, Van Goghs, and Picassos of the next 100 years.

More on this from @iamDCinvestor below.

https://twitter.com/iamDCinvestor/status/1388907431003136010?s=20

14/ So what's the takeaway?

Get involved. Buy an NFT.

Which one? Whichever one looks best to you. That's it.

Lean into your personal tastes. Create a digital museum.

Why wait for the future when you can experience it today.

15/ Also, huge thanks to everyone who open-sources their NFT knowledge.

@MichaelTant3 @punk6529 @VonMises14 @iamDCinvestor @cdixon @AndrewSteinwold @ljxie @DCCockFoster @chriscantino

And so many more. You're the real MVPs.

The future is bright!