The combined valuations of all CryptoPunk NFTs have surpassed those of some of the most popular American football teams.
Non-fungible tokens (NFTs) have been all the rage in the cryptocurrency world this year. NFTs have been at the heart of all crypto trading activity in the market. The CryptoPunk NFTs have been trending everywhere. CryptoPunks are 10,000 distinct characters who have NFTs stored on the Ethereum blockchain network as proof of ownership. CryptoPunk NFTs have sold for millions of dollars in the last few months. Surprisingly, CryptoPunk valuations have now reached a mind-boggling $5 billion. As of the time of writing, the most recent CryptoPunk NFT valuations stood at $5.07 billion.
Over the last four months, the value of all CryptoPunk NFTs has more than quadrupled. Last month, on August 29, 2021, the all-time high was reached. CryptoPunks’ all-time high valuation was $5.87 billion.
CryptoPunks are pixelated digital avatars that represent 10,000 different characters. There are no two CryptoPunk NFTs that are exactly alike. Larva Labs, the creators of CryptoPunks, sold 10,000 of these one-of-a-kind characters.
Initially, they were free for anyone with an Ethereum wallet. As one might expect, the users quickly claimed all 10,000 CryptoPunks. Users can now purchase these CryptoPunk NFTs in secondary markets via a marketplace that is also embedded in a blockchain.
CryptoPunks recently reached significant market milestones. It reached a new sales milestone of $900 million last month. In addition, Larva Labs has partnered with United Talent Agency to bring CryptoPunks to Hollywood. This agreement will position the CryptoPunk NFTs for representation in video games, television, films, publishing, and licensing.
The Values of CryptoPunk NFTs in Relation to American Football Teams
Surprisingly, CryptoPunk NFT valuations have surpassed some of the top American Football team valuations. Here’s a list to put things in perspective:
- 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 demonstrates how quickly NFTs have caught up with market momentum. CryptoPunk is not the only NFT in the market that is generating high trading volumes. Several digital art NFTs sold for millions of dollars earlier this year.
Furthermore, just like CryptoPunks, the buzz surrounding Bored Ape NFT is spreading quickly. Yuga Labs, the company that created it, recently sold Bored Ape Yacht Club NFTs on Sotheby’s. The auction’s bid value has already surpassed $19 million.