The bear market, the time of opportunity, the time of panic, and the time people get to doubt theirselves and everything they know or have learnt in crypto. But not this NFT buyer who spent almost $4.5 Million buying a crypto punk. Wow? Are we still in this NFT phase, I thought it had passed, those moments of oppression where we see lots of people paying a lot of money for these jpeg images. Crypto punk is one NFT collection I can’t understand where the value is coming from, because aside the NFT being an NFT, I don’t see anything else attached to it like the bored ape NFT collection.
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So whenever I see post like this, I wonder, and ask why? Is there something these buyers are not telling us? There is no difference between the crypto punk NFTs and the Ether rocks. So why are people spending hundreds of thousands and Millions of dollars on these NFTs. NFT investment wise, this man did a great job buying the dip, because, they spent 3,300 ETH, during the Bull season, at all time high this would have cost $13.8 Million. That would have cost really much, it’s still expensive in my opinion, but the bear market made it seem cheaper than it would be in the Bull season.
If you look at the history of some of these Cryptopunks, you will realize that these NFT holders actually deserve the value of their NFTs, because most of them bought these NFTs a long time ago, when no one really knew about NFTs, cared about it, or thought it was wise to spend over a $100 on some random Jpeg image. These people spent a lot of money buying these NFTs 2 years ago or more, imagine someone spending over $50,000 on an NFT in 2020. That is what the seller of this NFT did, they spent about 150 ETH when the price was at $71,000. So they have successfully converted their 150 ETH to 3,300 ETH.
While this NFT might not seem so special in the NFT world to me, in the crypto punk NFT collection it’s quite rare as it’s just among the only apes in the collection of 10,000. There are only just few apes about 24, and this person got 1 for $4.5 Million. So in this case, it’s just a matter of one man’s thrash equals another man’s treasure, because I don’t see myself spending $4.5 Million on this NFT, I rather spend it on Bored Ape NFTs.
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No I wouldn't.
Wise choice
I laugh in Nigerian Naira hahahhahanononononono
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It's not my thing. But, if you consider them art, there is a lot of money in art. Some of it is real appreciation. But, there's speculation and, I suspect, some degree of money laundering. It's easier to move a painting than ill-gotten cash. And, there are no currency restrictions on art. Like Rolex watches and jewelry, art is a place to stash money. Your bank might only insure deposits up to $200K. Whereas art can be insured for full value.
Are Bored Ape NFTs art? I don't think so. But, I don't invest in art either.
Never. I'd rather put my funds into my two favorite DeFi platforms, CUB and Meshswap.
That’s a wise decision