The launch of the CryptoPunks pendant collection will have a positive impact on the NFT collection of the same name. The minimum price increase, but also the increase in sales. However, this could quickly diminish as some are betting on owning these NFTs to get their hands on one of the 250 charms distributed by Tiffany & Co!
CryptoPunks: the minimum price is rising!
The collaboration between Tiffany & Co and CryptoPunks will have an immediate impact. Announced so early, impact so fast. Indeed, by claiming that any owner of the CryptoPunks NFT collection could potentially afford one of the 250 subscribers, the American brand Tiffany has created an influx of purchases to the CryptoPunks NFT collection. With new buyers who want to get one of the subscribers and have no choice but to buy at least one CryptoPunks. Please note that subscribers will do this sold at 30 ETH per item, or about $ 50,000 at Ethereum’s current price. An award that has caused a lot of controversy also on social networks.
According to the Coingecko platform, on August 1, the minimum price of NFT funding would have increased by more than 10%. The minimum price, which at the time was 74.5 ETH. A price that remained below the annual high of 83 ETH reached in mid-July. Over 1400 ETH were traded to buy CryptoPunks this Monday. This is nearly $ 2.3 million. Number 2200% more than the previous day. That number would drop 75% in daily data today, according to Opensea.
According to NFTX, CryptoPunk # 1299 currently has a minimum price of 75.3 ETH. There is a good chance that after subscribers are sold, they will stay around this threshold before quitting.
Classic for special occasions
This case is clearly not an isolated one. And buyers who buy certain NFTs after the announcement are nothing new. When the launch of ApeCoin was announced, the value of the Bored Ape Yacht Club (BAYC) collection also increased. Hence, many investors have caught the rumors that the tokens would be distributed to all BAYC holders. In this case, the reserve price increased by 30% before slowly returning to the same pre-announcement level.
But in the context of the collaboration between Tiffany & Co and CryptoPunks, the growth may come as a surprise. The collaboration includes 250 trailers, of which only 200 will be on sale, with the last 50 reserved for private sale. However, according to data from the OpenSea platform, there are 3,600 owners of at least one CryptoPunks NFT. Therefore, there will inevitably be some disappointments. Also, each owner can have 3 subscribers.
In a sense, this 10 percent increase in the reserve price can be interpreted as a “tax” on the opportunity. Therefore, if you want to try your luck by purchasing one of the necklaces, you will have to pay an additional 10%. In case of bankruptcy there is certainly a small discount from the NFT for reselling on the marketplaces.