• The most affordable CryptoPunk is now more than $100,000 in Ethereum

  • CryptoPunks are seminal NFT crypto collectibles, having been minted on Ethereum in 2017—way before this year’s NFT market boom. In recent days, we’ve seen some multi-million-dollar sales for coveted CryptoPunks, but even the low end is rising. The floor has now reached six figures.

    The cheapest CryptoPunk listed on secondary markets this morning costs more than $100,000 in ETH. The lowest-priced CryptoPunk available according to creator Larva Labs’ own tracker is currently 39 ETH, which is about $108,000 at the current exchange rate as of this writing, as first spotted by crypto analytics firm DappRadar.

    The recent increase in the price of Ethereum is undoubtedly a factor. The much-anticipated London hard fork, officially known as EIP-1559, alters how the Ethereum network handles fees. For the first time, the network “burns,” or removes, the ETH mining fee from circulation, reducing the total supply of the cryptocurrency.

    Since the network upgrade went live this morning, more than 580 ETH (approximately $1.63 million) has been burned as of this writing. The price of ETH has risen in tandem with the launch of the upgrade and the deflationary measures, rising more than 7% in the last few hours to a current price above $2,800 per coin.

    That price increase is likely to have pushed the price of the cheapest CryptoPunk NFT above $100,000, but make no mistake: CryptoPunks has been hot again recently, amidst a general increase in NFT sales activity in recent weeks.

    According to DappRadar data, eight of the top ten most expensive NFTs sold in July were CryptoPunks, with the highest selling for $5.47 million. Gary Vaynerchuk, an investor and social media influencer who has sold his own collection of NFTs and is also a member of Candy Digital, Major League Baseball’s NFT partner, purchased a CryptoPunk for $3.7 million in ETH last week.

    An NFT functions as a digital deed of ownership, adding provable scarcity to items such as still images, video clips, and interactive video game items that are validated by a blockchain. According to DappRadar, the NFT market exploded in early 2021, with $2.5 billion in transaction volume in the first half of the year.

    Although NFT collectibles can take many forms, CryptoPunks have proven to be particularly popular and influential. Many other NFT projects, such as the rising Bored Ape Yacht Club collection, Larva Labs’ own more recent Meebits NFTs, and even Weird Whales—a project created by a 12-year-old kid that made $160,000 in a single day—have taken a similar approach with randomized features and a fixed number of collectibles.

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