{"id":473908,"date":"2021-10-16T07:52:38","date_gmt":"2021-10-16T07:52:38","guid":{"rendered":"https:\/\/wncen.com\/?p=473908"},"modified":"2021-10-16T07:52:38","modified_gmt":"2021-10-16T07:52:38","slug":"cryptopunks-owner-declines-record-setting-9-5-million-offer-explains-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cryptopunks-owner-declines-record-setting-9-5-million-offer-explains-why\/","title":{"rendered":"CryptoPunks Owner Declines Record-setting $9.5 Million Offer, Explains Why\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Earlier today, the owner of the non-fungible token CryptoPunks #6046 declined a bid of $9.5 million dollars in Ethereum (ETH), which would have been the highest on-chain NFT transaction to date. The bidder, who goes by an ENS of poap.eth, placed the record-setting bid after the CryptoPunks owner <\/span><a href=\"https:\/\/twitter.com\/richerd\/status\/18407172\" rel=\"nofollow\"><span style=\"font-weight: 400\">tweeted<\/span><\/a><span style=\"font-weight: 400\">: \u201cMy punk is not for sale. Don\u2019t care what anyone offers me.\u201d\u00a0<\/span><\/p>\n<figure id=\"attachment_473911\" aria-describedby=\"caption-attachment-473911\" style=\"width: 2140px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473911 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?resize=2140%2C822\" alt=\"CryptoPunks\" width=\"2140\" height=\"822\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?w=2140 2140w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.44.12-AM.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-473911\" class=\"wp-caption-text\">CryptoPunk #6046, Source:<a href=\"https:\/\/www.larvalabs.com\/cryptopunks\/details\/6046\" rel=\"nofollow\"> Larva Labs <\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">CryptoPunks is an NFT collection of 10,000 randomly generated images created by Larva Labs, and is widely touted and recognized as the #1 collection across the entire NFT space.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/bitcoinist.com\/cryptopunks-are-headed-to-hollywood\/\" rel=\"nofollow\">Cryptopunks are Headed to Hollywood <\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">The project is an all-time leader in total transaction volume at 552,073 ETH, or approximately $2.1 billion.\u00a0Bored Ape Yacht Club (BAYC), which is the next largest collection on OpenSea, has recorded 1\/5th of CryptoPunk\u2019s all-time sales volume. According to <\/span><a href=\"https:\/\/www.larvalabs.com\/cryptopunks\/details\/7804\" rel=\"nofollow\"><span style=\"font-weight: 400\">data from Larva Labs<\/span><\/a><span style=\"font-weight: 400\">, the most expensive transaction to date was $7.57M for Punk #7804 back on March 11, 2021.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Come on Richerd. Don&#39;t you want to go down in history as the top cryptopunk sale to date? <a href=\"https:\/\/t.co\/JEeIMo2MEm\" rel=\"nofollow\">pic.twitter.com\/JEeIMo2MEm<\/a><\/p>\n<p>&mdash; POAP &#8211; Bookmarks for your life (@poapxyz) <a href=\"https:\/\/twitter.com\/poapxyz\/status\/71906560?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">If the bid made by poap.eth were to have been accepted, CryptoPunk #6046 would have become arguably the most valuable CryptoPunk by more than 500 ETH. Interestingly enough however, the owner himself admitted that the \u201cvalue\u201d of his NFT was nowhere near the ballpark of $9.5M: [#]6046 is probably not worth 2500 ETH, it\u2019s a mid tier punk due to its defining 3D glasses traits. So why would someone offer 2500 ETH on it?\u201d\u00a0<\/span><\/p>\n<h2>How Exactly are CryptoPunks Valued?<\/h2>\n<p><span style=\"font-weight: 400\">Within NFT collections, the value of an individual piece is often determined by the rarity of its traits and characteristics. This is the case for CryptoPunks, with extremely rare traits like <\/span><a href=\"https:\/\/www.larvalabs.com\/cryptopunks\/search?query=Alien\" rel=\"nofollow\"><span style=\"font-weight: 400\">Aliens<\/span><\/a><span style=\"font-weight: 400\"> (0.09%) fetching a far greater price than ones with more common traits. In the case of Punk #6046, its trait of 3D glasses (3%) would be worth considerably less than extremely rare traits.\u00a0<\/span><\/p>\n<figure id=\"attachment_473910\" aria-describedby=\"caption-attachment-473910\" style=\"width: 3584px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473910 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?resize=3584%2C1970\" alt=\"CryptoPunks\" width=\"3584\" height=\"1970\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=3584 3584w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-16-at-2.26.38-AM.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-473910\" class=\"wp-caption-text\">Historical sales prices on CryptoPunks, @eliasimos on <a href=\"https:\/\/twitter.com\/richerd\/status\/18895105\" rel=\"nofollow\">Dune Analytics <\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The average price of a CryptoPunk has skyrocketed over the past year, with data from DuneAnalytics showing a 1300% increase in average sales price since the beginning of the year. Despite these meteoric increases in price, the NFT space is still in relative infancy. <\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/company\/forget-nft-avatars-owning-and-trading-nft-colors-could-be-the-next-nft-trend-on-opensea-rarible-and-foundation\/\">Forget NFT Avatars: Owning and Trading NFT Colors Could be the Next NFT Trend on OpenSea\u00a0<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">Coinbase, which recently announced its plans to release an NFT marketplace, saw over 1.5 million sign ups \u2013\u00a0a number trumping <\/span><a href=\"https:\/\/dappradar.com\/ethereum\/marketplaces\/opensea\" rel=\"nofollow\"><span style=\"font-weight: 400\">OpenSea\u2019s user base <\/span><\/a><span style=\"font-weight: 400\">by several fold. According to dappRadar, OpenSea has a total user base count of 263 thousand. With Coinbase entering the NFT space, there&#8217;s little to no doubt that the industry will continue to grow exponentially.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly enough, @richerd explained the reasoning behind rejecting the offer. He implied that his brand and online persona was largely connected to his CryptoPunk, and selling it would effectively sever this bond. \u201cMy identity, along with [the] identity of other iconic Punks, have value beyond the NFT itself. We have our own brands similar to any other brand and that has value. Because I value my personal brand and identity, this was an easy rejection for me.\u201d\u00a0<\/span><\/p>\n<pre>Featured image from Larva Labs<\/pre>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier today, the owner of the non-fungible token CryptoPunks #6046 declined a bid of $9.5 million dollars in Ethereum (ETH), which would have been the highest on-chain NFT transaction to date. The bidder, who goes by an ENS of poap.eth, placed the record-setting bid after the CryptoPunks owner tweeted: \u201cMy punk is not for sale. Don\u2019t care what anyone offers me.\u201d\u00a0 CryptoPunks is an NFT collection of 10,000 randomly generated images created by Larva Labs, and is widely touted and recognized as the #1 collection across the entire NFT space.\u00a0 Related Reading | Cryptopunks are Headed to Hollywood The project is an all-time leader in total transaction volume at 552,073 ETH, or approximately $2.1 billion.\u00a0Bored Ape Yacht Club (BAYC), which is the next largest collection on OpenSea, has recorded 1\/5th of CryptoPunk\u2019s all-time sales volume. According to data from Larva Labs, the most expensive transaction to date was $7.57M for Punk #7804 back on March 11, 2021.\u00a0 Come on Richerd. Don&#39;t you want to go down in history as the top cryptopunk sale to date? pic.twitter.com\/JEeIMo2MEm &mdash; POAP &#8211; Bookmarks for your life (@poapxyz) October 15, 2021 If the bid made by poap.eth were to have been accepted, CryptoPunk #6046 would have become arguably the most valuable CryptoPunk by more than 500 ETH. Interestingly enough however, the owner himself admitted that the \u201cvalue\u201d of his NFT was nowhere near the ballpark of $9.5M: [#]6046 is probably not worth 2500 ETH, it\u2019s a mid tier punk due to its defining 3D glasses traits. So why would someone offer 2500 ETH on it?\u201d\u00a0 How Exactly are CryptoPunks Valued? Within NFT collections, the value of an individual piece is often determined by the rarity of its traits and characteristics. This is the case for CryptoPunks, with extremely rare traits like Aliens (0.09%) fetching a far greater price than ones with more common traits. In the case of Punk #6046, its trait of 3D glasses (3%) would be worth considerably less than extremely rare traits.\u00a0 The average price of a CryptoPunk has skyrocketed over the past year, with data from DuneAnalytics showing a 1300% increase in average sales price since the beginning of the year. Despite these meteoric increases in price, the NFT space is still in relative infancy. Related Reading | Forget NFT Avatars: Owning and Trading NFT Colors Could be the Next NFT Trend on OpenSea\u00a0 Coinbase, which recently announced its plans to release an NFT marketplace, saw over 1.5 million sign ups \u2013\u00a0a number trumping OpenSea\u2019s user base by several fold. According to dappRadar, OpenSea has a total user base count of 263 thousand. With Coinbase entering the NFT space, there&#8217;s little to no doubt that the industry will continue to grow exponentially.\u00a0 Interestingly enough, @richerd explained the reasoning behind rejecting the offer. He implied that his brand and online persona was largely connected to his CryptoPunk, and selling it would effectively sever this bond. \u201cMy identity, along with [the] identity of other iconic Punks, have value beyond the NFT itself. We have our own brands similar to any other brand and that has value. Because I value my personal brand and identity, this was an easy rejection for me.\u201d\u00a0 Featured image from Larva Labs &nbsp;<\/p>\n","protected":false},"author":536,"featured_media":473909,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,83565],"tags":[1393,6664,1557,12765,15369,83589,4257],"class_list":["post-473908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-nft","tag-coinbase","tag-crypto","tag-cryptocurrencies","tag-cryptopunks","tag-nft","tag-opensea","tag-twitter"],"acf":[],"yoast_head":"\n<title>CryptoPunks Owner Declines Record-setting $9.5 Million Offer, Explains Why\u00a0<\/title>\n<meta name=\"description\" content=\"Earlier today, the owner of the non-fungible token CryptoPunks #6046 declined a bid of $9.5 million dollars in Ethereum (ETH), 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