Here's why the floor price of CryptoPunk has increased by 10%! The launch of a collection of pendants bearing the effigy of the CryptoPunks will have had positive repercussions for the eponymous NFT collection. Rise in the floor price but also in the sales volume. But that could quickly fall because some bet on the possession of these NFTs to get their hands on one of the 250 pendants marketed by Tiffany & Co!
CryptoPunks: the floor price is on the rise!
The collaboration between Tiffany & Co and CryptoPunks will have had an immediate impact. So soon announced, so soon impacted. Indeed, by specifying that each holder of an NFT from the CryptoPunks collection could potentially afford one of the 250 pendants, the American brand Tiffany created an influx of purchases on the NFT CryptoPunks collection.
With new buyers who want to get their hands on one of the pendants and have no choice but to buy at least one CryptoPunks. Note that the pendants will be marketed at a unit price of 30 ETH, or about 50,000 dollars at the current price of Ethereum. A price that has also fueled many controversies on social networks.
According to data from the Coingecko platform, the floor price of the NFT collection would have jumped by more than 10% on the day of August 1. A floor price which then stood at 74.5 ETH. A price that still remained below the annual high of 83 ETH reached in mid-July.
On this same day of Monday, more than 1,400 ETH would have been exchanged for the purchase of CryptoPunks. That's nearly $2.3 million. A figure up 2,200% compared to the previous day. Today, according to data from Opensea, this figure would be down 75%, in daily data.
According to data from NFTX, the floor price is currently 75.3 ETH for CryptoPunk #1299. There is a good chance that it will remain close to this threshold before declining, after the sale of the pendants.
A classic for special events
This case is obviously not isolated. And shoppers buying specific NFTs following an announcement are nothing new. When the launch of ApeCoin was announced, the Bored Ape Yacht Club (BAYC) collection had also experienced an increase in the floor price.
Many investors then jumped on the rumor that the tokens would be distributed to each holder of a BAYC. In this case, the floor price had taken 30% before slowly returning to the same level as before the announcement.
But in the context of the collaboration between Tiffany & Co and CryptoPunks, the rise may surprise. Indeed, the collaboration provides for 250 pendants, of which only 200 will be intended for public sale, the last 50 being reserved for a private sale.
However, if we are to believe the data from the OpenSea platform, there would be 3,600 holders of at least one CryptoPunks NFT. There will therefore inevitably be some disappointments. Especially since each owner can get their hands on 3 pendants.
In a way, this 10% increase in the floor price could be interpreted as a “tax” on the opportunity. Thus, those who want to try their luck to buy one of the necklaces must bear this additional cost of 10%. In case of failure, it's a safe bet that there will be a slight discount on the NFT for resale on the marketplaces.
0 Comments