2021-08-04 13:42:00

CryptoPunks Have Outperformed Bitcoin And Ethereum In 2021

One of the hottest assets of the past week was the NFT series called “CryptoPunks.” The series was launched in 2017 with 10,000 24×24 pixelated avatar non-fungible tokens.

CryptoPunks are considered the holy grail of NFTs and are being snatched up by NFT investors and venture capitalists as a bet on the future price of the popular series. The assets have had a surprising return in 2021, outpacing two of the top cryptocurrencies.

What Happened: CryptoPunks made headlines over the weekend on news that entrepreneur and investor Gary Vaynerchuk, commonly known as Gary Vee, paid $3.76 million for a CryptoPunk. The purchase gave Vee a total of seven CryptoPunks owned paying over $4.8 million for the collection.

The news of the Vee purchase led to heavy interest in the asset and the cheapest priced CryptoPunks were quickly snatched up by investors and collectors.

At the time of writing, the cheapest CryptoPunk is listed for $81,910, providing a nice return for anyone who was fortunate to of bought a Punk at the start of 2021.

See Also: Gary Vee Pays $3.76M For A CryptoPunk, Adding To His NFT Collection

2021 Return: Bitcoin (CRYPTO: BTC) opened for trading on Jan. 1, 2021, at $28,994.01. Based on a price of $37,982.86 at the time of writing, the cryptocurrency has risen 31% year-to-date.

Ethereum (CRYPTO: ETH) opened for trading at $737.71. Based on a price of $2,467.11 at the time of writing, the cryptocurrency has risen 234% year-to-date.

The cheapest CryptoPunk was listed at $4,030 on Jan. 1, 2021. Based on the floor price of $81,910 at the time of writing, the price of the “floor” of CryptoPunks has increased 1,933% year-to-date.

CryptoPunks were trading with a floor of $40,000 last week, doubling since Vee’s purchase was announced.

Related Link: How to Buy NFTs

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