The year 2021 was crazy for Non-Fungible Tokens (NFTs). In 2021, the NFT space got the acknowledgment it deserves. NFTs were so hyped during 2021 that a market bubble was caused. In the fourth quarter of 2021, the NFT space apparently got bearish. This was because tens of collections were launched each day, and many of them were scams or rug pulls. However, though, serious projects with vision, a solid roadmap, and a serious team strived even during this time.
The technology behind NFTs is mindblowing. In some sense, NFTs serve as a bridge between real-life and blockchain technology. This makes them very valuable. Despite this fact, NFTs have been called fraud from their very first days in the market. People thought of NFTs as useless and kept claiming that anybody can just screenshot them and own them without having to pay. Tell that to the people who play Axie Infinity and make $2,000 a month just by playing 2 hours a day. Or tell that to the people who own a Bored Ape and attended the party hosted ONLY for Bored Ape owners.
The OG NFT collection is CryptoPunks. This collection shaped the NFT space that we see today. Initially, CryptoPunks were given out for free. Today, however, each one of them is worth hundreds of thousands of dollars.
What are CryptoPunks?
But what is so special about a collection of pixelated characters? Well, CryptoPunks are not just some NFT collection that offers nothing other than the artwork of pixelated characters. One of the necessities of being a human being is constantly expressing yourself. It is a basic human need to express yourself in whatever way possible. As the digital world grows, so does the desire of individuals to express themselves in this space. That is why we have profile pictures, bios, headers, and so forth.
However, though, these were not enough for people to properly express themselves. Then, people began creating avatars. There are games where you have to pay real money just to look cooler. That is when the creation of the digital identity began taking shape. Yet, this was not enough. Because numerous people could use the same avatar or in-game skin, they began losing their value. Today, with blockchain technology and NFTs, people can own an NFT that is unique and represents them and only them.
Since CryptoPunks is the first-ever NFT collection of its kind, they are considered the OGs of the NFT space. Therefore, owning a CryptoPunk gives you higher status in the digital world. People who own a CryptoPunk meet and hang out despite their differences. Moreover, they are respected and considered as OGs as well. Imagine if you got a free CryptoPunk back in 2017 and now you get to hang out with Jay Z, Logan Paul, or Gary Vee just because of that… crazy right?
How Low Can CryptoPunks Sell for in 2022?
We cannot stress this enough… the CryptoPunks are OGs in the NFT space. That being said, it is highly unlikely that a CryptoPunk will ever sell for less than Ξ55 (Ξ stands for Ethereum). As time passes by, the value of this collection is likely to increase. In 2022, the yearly low could be Ξ65. The only way that a CryptoPunk could sell for lower than Ξ65 is if people who own more than 10 CryptoPunks decide to make some quick gains. However, that is highly unlikely. At the end of the day, who would decide to sell something for less than it is worth?
How High Can CryptoPunks Sell for in 2022?
The highest price a CryptoPunk sold is Ξ4,200. There is a CryptoPunk that sold for around Ξ124,000. However, this is believed to be an internal trade, meaning that the guy who owned CryptoPunk #9998 sold it to himself. As for 2022, CryptoPunks could break their all-time high and maybe sell for more than Ξ5,000. If the whole cryptocurrency market continues to be bullish, there might be CryptoPunks selling for more than that. However, we believe that Ξ5,000 is a realistic expectation for a yearly high for the CryptoPunks collection.
Crypto Academy Price Prediction 2022
After careful analysis of the NFT market, we at Crypto Academy came up with our own forecast for CryptoPunks. Buying a CryptoPunk has yet to result in a loss, however, the NFT market is just as volatile as the cryptocurrency market.
CryptoPunks Price Prediction 2022 Q1
CryptoPunks have broken all kinds of records in 2021. Throughout 2021, CryptoPunks has been the leading NFT collection. However, though, another NFT collection is also climbing up real fast. Recently, Bored Ape Yacht Club has been getting more attention than CryptoPunks. Although BAYC has been accumulating value over the months, we must once again state that CryptoPunks are the OG collection. That being said, we believe that the floor price of CryptoPunks could reach an all-time high of Ξ65 (~$260,000) by the end of the first quarter of 2022.
CryptoPunks Price Prediction 2022 Q2
As for the second quarter of 2022, there is a lot of uncertainty about how the whole cryptocurrency market will move. However, though, the NFT space is likely to continue the 2022 bullrun in the second quarter as well. During Q2 of 2022, CryptoPunks may experience a spike in the number of sales because the NFT market could become very bullish. The cheapest price for a CryptoPunk during this period of time could be between Ξ60-Ξ66 (~$268,000).
CryptoPunks Price Prediction 2022 Q3
The third quarter of 2022 could be very lucrative for CryptoPunk owners. Although the cryptocurrency market could be on a downtrend during Q3, the NFT market is likely to follow its own trends and be bullish. Today, owning a CryptoPunk is quite a big deal, imagine how much of a big deal will it be after some time. We believe that there will be several CryptoPunks sold during the third quarter of 2022. That being said, the floor price for CryptoPunks could sell for Ξ68-Ξ70 during the third quarter of 2023.
CryptoPunks Price Prediction 2022 Q4
Usually, at the begging of the fourth quarter of each year, the overall market tends to get very hyped. This may lead to more influential people joining the NFT space. For people such as Gary Vee and Jay Z, CryptoPunks are the best options out there. This is mainly because CryptoPunks represent status. People who own such an NFT are considered OGs to the NFT space, similar to people who bought Bitcoin for less than $10,000.
As mentioned before, there is a high demand for CryptoPunks. Considering that there are only 10,000 CryptoPunks (currently none for sale), this NFT collection could continue to be the most valuable one even by the end of 2022. The lowest price a Punk could sell during Q4 of 2022 might be Ξ72-Ξ74.
Frequently Asked Questions (FAQ)
Why are CryptoPunks so expensive?
CryptoPunks are very expensive because of several reasons. First off, the CryptoPunks collection is the first-ever collection of its kind. Essentially, the CryptoPunks collection paved the way for every other NFT collection with a fixed supply. Moreover, very influential people such as Gary Vee, Logan Paul, Jay Z, and Snoop Dogg have purchased at least one CryptoPunk. That being said, CryptoPunks are the equivalent of Bitcoin in the cryptocurrency market.
How many CryptoPunks are there?
The CryptoPunks collection has a fixed supply of 10,000. This means that there will never be any more than 10,000 CryptoPunks in the market. Moreover, each CryptoPunk has unique traits and no two CryptoPunks are the same. Each CryptoPunk has 5 or 6 traits. This makes it even more valuable since new NFT collections usually have more than 5 traits.
How to make CryptoPunks NFT?
To put this lightly, you cannot create a CryptoPunk NFT. This is because only the CryptoPunks that already exist will ever be considered CryptoPunks. However, you can create a fake CryptoPunk NFT for your pleasure, though, it will never be the same as the OG CryptoPunks. Since the CryptoPunks are stored in the market, you can never create an official CryptoPunk.
Takeaways
- The Non-Fungible Token (NFT) space is growing rapidly. In 2022, this growth is expected to accelerate even more.
- As time passes by, people are understanding the true potential of the technology behind NFTs.
- The CryptoPunks collection is the first-ever collection of its kind. It consists of more than 10,000 unique CryptoPunks.
- Influencers such as Gary Vee, FaZe Banks, Logan Paul, and Snoop Dogg own at least 1 CryptoPunk.
- The all-time high of a CryptoPunk sale currently is Ξ4,200.
- The CryptoPunks are expected to reach a high of Ξ5,000 during 2022. Furthermore, their floor price could rise up to Ξ74 by the end of the year.