Post by account_disabled on Mar 10, 2024 9:06:29 GMT
Analysis of the success of CryptoPunks and Bored Ape Yacht Club Non Fungible Tokens are having their golden moment. In the third quarter of 2021 they generated a trading volume of approximately 6 billion on the Ethereum network alone (+656% compared to the previous quarter). The wallets involved in the exchanges also grew by 100% reaching 412,578. NFTs can be applied to different physical and digital objects. In the digital world, 76% of trading volumes concern collectibles, 9% art, 7% games, 4% utilities, 2% digital worlds and 1% sports.
During 2021 there are two projects that have increased the value of NFTs, in particular in the India Mobile Number Data collectible segment, and which are having a success that is difficult for most people to understand: CryptoPunks and Bored Ape Yacht Club. What are CryptoPunks It was 2017 when the Larva Labs studio , of Canadian developers Matt Hall and John Watkinson, released CryptoPunks for free. It is a series of 10,000 images in 24×24 pixel format, in 8 bit style, tokenized as NFT on the Ethereum network (one of the first examples which will later inspire the ERC-721 interface which will become the standard). CryptoPunks are inspired by the English punk scene of the 70s and represent human (men and women) and non-human (monkeys, aliens, zombies) faces with different characteristics. The peculiarity of the project is that each character was automatically generated by an algorithm , based on 87 attributes such as beard, hair, accessories and clothing. Their combination makes some punks rarer than others, resulting in an increase in value.
At the time of the launch, anyone who had a wallet could get them simply by requesting them and paying the "gas fees" for using the blockchain (even if 1000 remained available to the company). Today, the least expensive image starts at $360,000 and the one worth the most is the Alien CryptoPunk #3100 which sold for $7.58 million. Overall, the volume of transactions exceeded 5 billion and also included sales by Christie's and Sotheby's. How are CryptoPunks used? Those who buy them tend to use them as a status symbol , as a cultural and social marker, showing them as a Twitter profile. Almost as if the owner identified with the character and wanted to use it to highlight belonging to an elite group. VIPs like Jay-Z, Serena Williams, Snoop Dogg and influencers like Gary Vaynerchuck and Logan Paul have done it. Of course, they also represent an investment in the event that they become increasingly popular.
During 2021 there are two projects that have increased the value of NFTs, in particular in the India Mobile Number Data collectible segment, and which are having a success that is difficult for most people to understand: CryptoPunks and Bored Ape Yacht Club. What are CryptoPunks It was 2017 when the Larva Labs studio , of Canadian developers Matt Hall and John Watkinson, released CryptoPunks for free. It is a series of 10,000 images in 24×24 pixel format, in 8 bit style, tokenized as NFT on the Ethereum network (one of the first examples which will later inspire the ERC-721 interface which will become the standard). CryptoPunks are inspired by the English punk scene of the 70s and represent human (men and women) and non-human (monkeys, aliens, zombies) faces with different characteristics. The peculiarity of the project is that each character was automatically generated by an algorithm , based on 87 attributes such as beard, hair, accessories and clothing. Their combination makes some punks rarer than others, resulting in an increase in value.
At the time of the launch, anyone who had a wallet could get them simply by requesting them and paying the "gas fees" for using the blockchain (even if 1000 remained available to the company). Today, the least expensive image starts at $360,000 and the one worth the most is the Alien CryptoPunk #3100 which sold for $7.58 million. Overall, the volume of transactions exceeded 5 billion and also included sales by Christie's and Sotheby's. How are CryptoPunks used? Those who buy them tend to use them as a status symbol , as a cultural and social marker, showing them as a Twitter profile. Almost as if the owner identified with the character and wanted to use it to highlight belonging to an elite group. VIPs like Jay-Z, Serena Williams, Snoop Dogg and influencers like Gary Vaynerchuck and Logan Paul have done it. Of course, they also represent an investment in the event that they become increasingly popular.