• Holder of CryptoPunk NFT Turns Down Record-Breaking $9.5M Offer

  • A Cryptopunks owner refused to sell Cryptopunk #6046 for $9.5 million, citing the NFT’s inextricable link to his brand and online persona as the reason.

    A user with ENS poap.eth made an offer of $9.5M in ETH for the CryptoPunks #6046 NFT, which the owner of the NFT declined. The trading volume of cryptopunks is approximately $2.1B. If the bid had been accepted, it would have been the most expensive CryptoPunk NFT transaction ever, with the previous record being $7.57M for CryptoPunks#7804 earlier this year. The owner’s refusal is due to his belief that his online personality and brand are inextricably linked to #6046, and that removing it would sever that link and dilute his online presence and identity.

    CryptoPunks NFTs have skyrocketed in price in 2021, with DuneAnalytics data showing a 1300 percent increase in the average price at the time of writing, compared to early 2021. The value of an NFT in an NFT collection, such as CryptoPunks, is proportional to how rare an individual NFT’s characteristics are. Rare traits, such as Aliens, sell for much higher prices than the 3-D glasses trait, which #6046 possesses. The owner has admitted that #6046 is not worth the $9.5M asking price. In a 24-hour sales frenzy in July 2021, CryptoPunk #5217 sold for $5.45 million, and #2140 sold for $3.76 million.

    The CryptoPunks craze is still going strong.

    CryptoPunk NFTs are based on characters from popular films like Blade Runner and Neuromancer. NFTs have become a popular trend, with the CryptoPunks and the Bored Ape Yacht Club driving the frenzy on the NFT marketplace OpenSea. In a 24-hour sales frenzy in July 2021, CryptoPunk #5217 sold for $5.45 million, and #2140 sold for $3.76 million. The NFT space has a lot of potential, and Coinbase’s marketplace will undoubtedly increase interest and adoption. Even traditional physical art marketplaces, such as Christie’s, have entered the space that was previously reserved for members of the so-called CypherPunk movement, which gave birth to Bitcoin. Christie’s sold nine CryptoPunks for $17 million earlier in 2021.

    New NFT marketplaces are emerging.

    Larva Labs, the creator of CryptoPunks, launched a 3-D avatar NFT collection called Meebits earlier this year. The ReNFT platform allows you to rent CryptoPunk NFTs. Owners sign a special agreement to use the CryptoPunk exclusively as their avatar for 99 days. This enables owners to profit by leasing out their NFTs for a period of time, increasing the value.

    OpenSea, an NFT marketplace, has approximately 263000 users. Coinbase recently announced plans to launch its own marketplace and has over 1.5 million registered users. The NFT marketplace has grown significantly, with services such as MetaMask making wallet setup easier and inviting more users to participate.

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