CryptoPunks are among the most respected and valuable NFTs on the market. Released by Larva Labs in June 2017 free, 10,000 NFT profile pictures quickly became popular among crypto audiences and almost exploded in value over the years. Today is the lowest price for a punk currently on sale is 66 ETH, approximately $ 258,000 at the time of writing.
But are there really 10,000 punks available on the market today?
5 punks are certainly lost
According to the tweet thread per @ Punk9863, as many as 300 CryptoPunks can be lost forever; five of them were certainly lost due to the mistakes of the owners. Indeed, there are only five famous “burned” Punks. One “alien” Punk inadvertently burned @ArtOnBlockchain, two Punks were sent to a token contract (a serious mistake, actually burning a token), and two Punks were sent to a wrongly formatted address and thus burned (equally bad mistake).
The reason why we can assume that the remaining 300 CryptoPunks are lost, as he pointed out @ Punk9863, because there has been no activity on their owner’s wallet in the last three years. “More than 50 wallets holding Punks have not made any transactions in the last 1,000 days, including outside the CryptoPunk market,”@ Punk9863 tweets. The probable reason for this is that wallet owners have lost their wallets (private keys).
Four of those wallets hold more than ten Punks. One of them has 141 punks. These 50 wallets contain a total of close to 300 Punks, including one “zombie”, 26 “hoodies”, twelve “3D” and five “Tiaras”. These are among the rarest types of CryptoPunks and are believed to be more valuable than others. Not all punks are equal.
“Some collections are pretty funny, like 0x51306877c61df89ad7b165d6206eb636276d1083, absolute 3D chad”,@ Punk9863 continues.
Lost punks worth $ 100 million
Are these 300 punks really lost? It is impossible to say @ punk9863 tweets, but their owners did not operate for more than three years, although they had an economic interest to at least look for their own meebits, requested NFTs which they gave to cryptocurrency owners for free.
Yet the market can only assume that these Punks are lost. At the current lower price for Punk, the lowest price for any Punk, the 300 or so presumed lost Punks are worth something in the range of 20,000 ETH or about $ 80 million at the time of writing. However, many of the presumed lost CryptoPunks are not so-called floor punks, in which case the total value should be north of $ 100 million.
According to @ Punk9863This may even be a low estimate. ” I only considered wallets that have not performed transactions for more than three years. Other estimates, based on unsolicited meebites, predict over 500 lost Punks. ”
All in all, there may be “only” 9500 CryptoPunks left.
It contains a summary of the most important daily stories in the world of cryptocurrencies, DeFi, NFT and more.
Take it edge in the cryptocurrency market
Access more crypto insights and context in each article as a paid member CryptoSlate Edge.
Join now for $ 19 a month Explore all the benefits