CryptoPunk owner # 6046 declines $ 9.5 million bid – here’s why

The owner of NFT CryptoPunks # 6046 today declined an offer of $ 9.5 million in Ethereum (ETH). This will be the most valuable on-chain NFT transaction to date. The bidder, poap.eth, paid a record price after the CryptoPunk owner tweeted, “My toy is not for sale. I don’t care much about anyone’s commandments. ”

CryptoPunk # 6046 | Source: Larva Labs

Why CryptoPunk?

CryptoPunk is an NFT collection of 10,000 randomly generated images created by Larva Labs. They are widely advertised and recognized as # 1 in the NFT market.

The project leads the way in terms of total transaction volume of 552,073 ETH or about 2.1 billion US dollars. Bored Ape Yacht Club (BAYC), the next largest collection on OpenSea, has seen a fifth of CryptoPunk’s all-time sales. According to Larva Labs, the most expensive transaction to date for Punk # 7804 was $ 7.57 million on March 11, 2021.

If the bid is accepted by poap.eth, then CryptoPunk # 6046 with over 500 ETH becomes the most valuable CryptoPunk. What is interesting, however, is that the owner himself has admitted that the value of his NFT is not worth $ 9.5 million.

“# 6046 is probably not worth 2,500 ETH, it’s just a middle class punk due to its 3D glasses functions. So why should someone offer so much? “

The source: Larvalabs

With NFT collections, the value of an item is often determined by the rarity of its features and properties. This is the case with CryptoPunk, with extremely rare traits like aliens (0.09%) costing much more than those with more common traits. In the case of Punk # 6046, its 3D glasses function (3%) will be worth significantly less than the extremely rare ones.

CryptoPunk previous price | Source: Dune Analytics

CryptoPunk’s average price has skyrocketed over the past year, with data from DuneAnalytics showing that the average retail price has increased 1300% since the start of the year. Despite these metric rallies, the NFT space is still in its infancy.

Coinbase, which recently announced its plans to launch the NFT marketplace, has seen over 1.5 million signups – a number many times larger than OpenSea’s user base. According to dappRadar, OpenSea has a total user base of 263k. With Coinbase entering the NFT space, it is certain that the industry will continue to grow exponentially.

Interestingly, the owner also explained the reason for the rejection of the offer. He implied that his brand and online character are largely linked to his CryptoPunk and that selling would sever that link.

“My identity, along with the identities of other iconic punks, has a value that extends beyond the NFT itself. We have our own brand that is similar to everyone else and that counts. Since I value my brand and my personal identity, it is easy for me to decline this award, ”he said.

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