Peaking at $40.000 before ETH dropped in value
CryptoPunks, the most sought-after digital collectibles, have seen their floor price increase from $10.000 in early February to more than $32.000 by the end of the month. That’s a 300% increase in value, while the floor price even hit $40.000 at one point.
According to the latest, Dapp Industry Report for February 2021 CryptoPunks has been responsible for 79 million dollars in trading volumes. Among the most expensive NFT collectibles from the collection three sold for more than 1 million dollars each.
CryptoPunks are bought in ETH, but the value of ETH didn’t move that much. On February 1st it was $1300, then it peaked towards $2000. At the end of the month, ETH was $1500. During that same time, the value of these CryptoPunks NFT collectibles tripled.
The valuation of CryptoPunks
The cheapest punk currently for sale is punk 3226. This particular punk is listed for 22 ETH or $35.000. This is a small increase compared with the end of February. However, according to the DappRadar NFT Value Estimator, which takes recent sales of CryptoPunks into account, the punk’s actual value could be a bit higher.
The NFT Value Estimator is tailored for CryptoPunks, but more projects will be added in time. The value of an NFT is calculated based on its attributes as well as the prices of recent sales of NFTs with the same or similar attributes.
For example, an alien punk is rarer than a girl punk, and there are punks with cigarettes, pipes, 3D glasses, VR helmets, and more. Each of those attributes determines the rarity and therefore (for a big part) the value. The cheapest CryptoPunks were a few hundred dollars one year ago, seeing a tremendous increase in value over the past 12 months.