NFTs Inspired by the OG CryptoPunks
Looking at the top 100 NFT sales according to DappRadar data within the last 24-hours shows that five Picasso Punks have changed hands for a combined figure of over $334,000 raising the floor price of the digital collectible significantly.
The top sale was Picasso Punk #0107 which sold for over $92,000. Interestingly, the buyer in each transaction is the same. Furthermore, in sales 5,6, and 7 the seller is the same.
Unless you’ve been under a rock for the last 12 months you should have heard of CryptoPunks. But, have you heard about Picasso Punks? A project inspired by the original on-chain digital collectible and not affiliated with Larva Labs. Picasso Punks is a digital, unique, and single edition 1/1 NFT art project on the Ethereum Blockchain and only 1000 unique Picasso Punks have been created.
The sales have prompted some to take to Twitter to express their amazement and joy at selling their digital collectible for such a high amount. The seller of Picasso Punk #0025 was pretty happy, to say the least.
The original CryptoPunks have been seeing increased activity of late and arguably the buyers of these PicassoPunks are trying to speculate and grab a bargain. As previously mentioned the buyer of all 5 NFTs is the same wallet address and using the DappRadar portfolio tracker we can look deeper into their holdings.
The wallet contains 17 Picasso Punks including the newly purchased ones with a total value at the time of writing of over $430,000. We also see over 250 Gods Unchained NFTs in the wallet which would tell us this person is not a newbie and is obviously speculating on digital collectibles. Looking at the wallet of the seller of Picasso Punk #0025 for $43,000 also reveals another avid NFT collector.
This wallet contains 12 Picasso Punks and several other assets including some 3D CyberPunks, VG Punks, Punks2Life, and Revisited Punks. Obviously, this person is going big on all things CryptoPunks related and is seemingly doing well from their initial investments. Interestingly, the wallet contains no original CryptoPunks.
NFTs Still Booming
The NFT space has been exploding in 2021 and there appears to be no end to the thirst for new and exciting collectibles capable of generating profits for their owners. As the floor prices of the original NFT collections such as CryptoPunks continue to rise investors and speculators are searching high and low for the next big opportunities in the space.
Picasso Punks is certainly one of those opportunities and has tapped into the scarcity factor and association with a true pioneer successfully. Will the project command the same dizzying sales we see week in week out for CryptoPunks? – Time will tell.