CryptoPunk NFT Prices Skyrocket
The Punters Pick #17 — Increasing NFT prices attract gamers and other users to the digital asset marketplace
CryptoPunk NFTs are being sold for extraordinary prices alongside an extremely heated NFT market. It seems like the entire cryptocurrency market is scrambling to secure exposure to NFTs with over $3.4 billion in volume taking place on OpenSea in August alone.
Beeple’s $69 million NFT sale on Christie’s in Q1 brought new levels of awareness and interest into NFTs and we are experiencing the full impact of this new wave of interest. While the CryptoPunks collection represents the premium end of the NFT market, opportunities are also arising in more accessible parts of the market. The integration of NFTs into blockchain gaming is an area which has vastly outperformed and established a wider “play-to-earn” movement,
In the latest version of The Punters Pick, we give a background into CryptoPunk and their recent sales activity. This collection sets the tone for the overall NFT market. We also consider some of the gaming applications of NFTs and how this area. Before jumping into this update on the NFT market and blockchain-based gaming, we present our weekly update on CryptoPunt development.
CryptoPunt Development Roundup
Over the past week, we made significant progress on several areas which will be central to the CryptoPunt application. Smart contracts related to some of the key games and functions were improved while we also made updates relating to the mobile application.
🗒️ Contract updates:
- We completed integrations related to the CryptoPunt Vault (i.e. storage) smart contract allowing users to complete actions such as managing funds
- The smart contract related to the Coinflip game was also updated to collect fees for the game
📱Mobile application progress:
- We made progress on the development of the mobile version of CryptoPunt over the past week such as carrying out research on how to integrate the mobile version with the current desktop version
- Over the next week, we will work on improving the mobile responsiveness of the application
🟡 Wallet and token updates:
- Over the next week, we will also begin development of our multisig wallet solution
- We will also establish a bridge between the Ethereum network and the Polygon network for the CryptoPunt token
The explosion of CryptoPunks
CryptoPunks are 10,000 uniquely created collectible “punks: whose proof of ownership is stored on the Ethereum blockchain. CryptoPunks was originally launched in 2017 and could initially be claimed for free by anyone on the Ethereum network.
Within four years of existence, Punks that could be claimed for free are now sold for extraordinary prices. Punks were sold for over $500,000 as prices skyrocketed in August. Punks have previously been sold for prices in excess of $1 million.
The volume of CryptoPunks trading hands on decentralized exchange (DEX) saw a significant uptick amid the bullish conditions. On-chain data shows that Punk trade volumes on Balancer and Sushiswap climbed to heights that have not been reached since the original surge in NFT interest in Q1.
Blockchain gaming offers broader access to NFTs
However, given the already high and rising prices of CryptoPunks, this segment of the NFT market is only accessible to those with significant investment portfolios. However, other implementations of NFTs are more accessible and are attracting wider audiences. Blockchain-based gaming is one NFT application that has secured a significant user base that is growing exponentially. Axie Infinity, an NFT-based gaming application that allows users to compete for NFTs that represent pets, has secured over 1 million daily active users and this figure is growing.
Axie Infinity is only one platform that has experienced tremendous growth in what has become a wider movement towards blockchain-based gaming and play-to-earn crypto games. These games offer netizens worldwide the ability to generate lucrative incomes with only a Web3 wallet being required to access the gaming platforms. CryptoPunt is one such gaming platform which will launch several play-to-earn gaming. Upon launch, CryptoPunt will give blockchain users access to several extremely popular blockchain games. The world of blockchain-based gaming is rapidly expanding and CryptoPunt will be on the frontier of innovation in this growing field.
CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and an in-game economy.
Stay tuned, and learn more!