A hoodie CryptoPunk, No. 2311, sold for more than $500,000 (303 ETH) on Thursday afternoon.
💰 Money Talks
The punk was purchased by BuyPunks.eth, a wallet that now owns seven CryptoPunks valued at more than $1.6 million. The sale of Punk 2311 marks the largest CryptoPunks sale in 2023, notching the seller $516,000 in the process.
📊 By The Numbers
Prior to the sale, CryptoPunk No. 2311 was valued at 295.5 ETH by DeepValueNFT's valuation model. The buyer paid a modest premium for one of the collection's most notable traits.
❗Why It Matters
The CryptoPunks market has been relatively stable of late, but could this sale be a catlyst to more? In the last week two notable bids have been made on Punks, including a bid of 900 ETH early this morning a 3D, Zombie Punk.
CryptoPunk 5577, an Ape with a cowboy hat, received a bid of more than $2 million this morning, according to the Larva Labs marketplace.
❗Why It Matters
Although the bid comes in well below the valuation of the last sale of this Punk, the $2 million bid (1,600 ETH) is the largest outstanding offer on a CryptoPunk at the time of writing. The next closest bid is only 125 ETH, while the CryptoPunk floor price remains at 66.27 ETH.
📊 By the Numbers
CryptoPunk 5577 last changed hands in Feb. 2022 when it traded for 2,501 ETH, approximately $8 million on the day of the transaction according to the Etherscan transaction.
Not only does the $2 million bid fall well short of the previous purchase price, but also well shy of DeepValueNFT's price estimator which values the Punk at 2,562.2 ETH - even higher than the previous purchase price, though it is cheaper in USD. The bid marks a 38 percent discount from DeepNFTValue's estimations.
🎤 Community Quotes
The community chimed in, quickly recognizing the bid was far too small.
lol that's cuteAlex Becker
Tiffany & Co.'s CryptoPunks NFTiff NFT necklaces were rendered and revealed yesterday. To see the full collection, head to OpenSea here.
The 250-piece collection is exclusively created for CryptoPunk holders who purchased the physical Tiffany & Co. necklace back in early August for 30 ETH, or about $50,000.
The jewelry comes with an NFT rendering of the jewelry. The floor price on the NFTiff collection is 40 ETH at the time of writing.
The physical pieces are expected to arrive sometime in 2023.
Yuga Labs announced a bug bounty program through HackerOne on Wednesday, offering rewards of up to $50,000 for those who find vulnerabilities and issues in the company's platforms, social accounts, and communications channels.
HackerOne is a security platform that connects businesses with ethical hackers and cybersecurity testers. Yuga Labs had previously run the bug bounty program since July on an invite-only basis with "a network of 800+ responsible hackers", but is now opening it up to the broader public.
Rewards will be provided for "valid vulnerability reports that impact our services, websites, social accounts, and Discord servers" and "anything that can cause disruption to our community – like taking over, manipulating content, or injecting arbitrary code into our websites," according to the blog.
The payout structure is broken into the following brackets:
- Low severity issues: $250-$1,000
- Medium severity issues: $1,000-$5,000
- High severity issues: $5,000-$25,000
- Critical severity issues: $25,000-$50,000
Collective ownership platform Tessera announced the launch of an ApeCoin staking vault on Monday, with both the lack of a geo-filter and the ability to auto-compound yield providing alternative options to other $APE staking methods.
Happy $APE Staking Day!— andy (@andy8052) December 12, 2022
I am excited to announce @tessera's entrance to the world of Yuga with our ERC4626 compliant $APE vault
With our vault you can deposit your ape and passively compound
Our auto compounding vault takes the staking APY from 197% to 613%
Here is how 👇
The vault currently only serves the $APE-only pool, with the NFT-gated staking pools will be rolled out at a later date.
The auto-compounder feature allows users to automatically deploy rewards back into the pool, passively compounding earning.
ApeStake.io is the official front-end interface from Horizen Labs, the blockchain technology company tasked with building out ApeCoin staking. The platform is currently geo-blocked in several countries (including the United States) due to regulatory concerns, forcing many users to seek out alternatives.
Tessera also announced their second fractionalized vault coming Thursday, with a Chromie Squiggle from Snowfro up for purchase. 250 'raes', or NFTs that represent a share of ownership over the vaulted NFT, will be created and sold utilitizing a last price dutch auction format.
The previous vault, which featured CryptoPunk #4847, was bought out for 82 ETH by notable market-maker PunksOTC.
Tessera's first Vault for CryptoPunk #4847 which went live on Dec. 6 has received its first buyout offer, as shared by Tessera's Twitter account this afternoon.
The bid is for 82 ETH, and each of the Rae owners (fractional shareowners of the vault) are encouraged to view the offer and vote to accept or reject the bid within the next four days. If accepted, all Rae owners will be able to claim a portion of the 82 ETH payout aligned with their respective share of the Vault.
Per the Tessera platform, "Users can submit a bid to buy out the underlying NFT. The bidder must propose a price and put up Raes + ETH as collateral. Rae owners have 4 days to accept or reject the proposal."
The buyout offer is an exciting development for Tessera, having officially launched the platform just two days ago with the introduction of its first CryptoPunk Vault. This will be the first true test of their "collective ownership" concept and how the individual Rae owners can collaborate to decide on the best outcome for this Vault and its Raes.
The offer itself seems reasonable, as the Smile trait holds an 80 ETH floor currently, and the next highest trait floor Crazy Hair is 72 ETH. But this is a very aesthetic Punk, and with the current Vault implied value of 100 ETH, the offer may be a bit low.
Additionally, Rae buyers paid 0.088 ETH per Rae, and this buyout offer would result in just 0.082 ETH paid out (about a 7% loss). The Rae floor on the secondary market is even higher, at 0.1 ETH currently, thus the offer would be 18% below the floor.
So this seems like a likely "No" vote, but time will tell.
Popular DJs Steve Aoki and Justin "3LAU" Blau are joining forces to create a new CryptoPunks-inspired music supergroup, PUNX.
The pair will use their Ethereum-based NFTs (CryptoPunk #6748 and CryptoPunk #6708) as alter egos to create a new and unique electronic music sound.
"[Ten] years of friendship has led to this moment," 3LAU and Steve Aoki tweeted. "We are excited to introduce a conceptual music/art project partly inspired by our own CryptoPunks NFTs. The sound of PUNX will be different from either of our current sounds."
The duo offered a sound bite from what is seemingly a yet-to-be-released song.
Despite the group's affiliation with CryptoPunks, this project is not dropping an NFT at the moment.
"A lot of the inspiration for this current project came from us exploring a variety of new sounds and spaces, but also - how we can potentially involve the web3 community in this project," 3LAU explained. "This isn't an NFT."
Blau did leave open the possibility of utilizing blockchain technology down the road.
"But that doesn't mean there won't be future moments where our music and blockchain tech won't be intertwined," he continued. "We're excited to explore what this will mean for all of us. Whether you're a hodlr or not, this is something you won't want to miss."
This isn't the first time popular musicians used NFTs as alter egos for upcoming releases. Snoop Dogg and Eminem released a music video for "From The D 2 The LBC" using their Bored Ape Yacht Club PFPs, which now has more than 64 million views.
Universal Music Group also has a Bored Ape band called Kingship, which features Grammy-winning producers Hit-Boy and James Fauntleroy.
It is, however, the first major supergroup for CryptoPunks, one of the reasons Aoki and 3LAU decided to use their Punks.
"It hadn’t been done on the Punk side as [much] compared to how many Ape projects were launched," 3LAU told Decrypt. "And that’s sort of how Steve got into this space in the first place. I told him about all this stuff toward the end of 2020, so Punks just made the most sense."
The floor price of Bored Ape Yacht Club has flipped the CryptoPunks floor once again, as the two vie for the top PFP project in a challenging NFT market.
The floor price on OpenSea is 69 ETH for the Apes and 66 ETH for the Punks on the CryptoPunks website Saturday. The floor price for the Apes on Blur (about 67 ETH) is also just above the Punks floor.
The two projects have been flipping each other since August of this year, when Punks flipped Apes for about 45 minutes, taking the top spot for the first time since December of 2021, when Apes first flipped Punks.
BAYC is up 17 percent since Nov. 22 when the floor price hit an 11-month low of 58.87 ETH. The increase comes despite concerns that the ApeCoin staking contract website was geofenced for the United States and Canada.
Yuga Labs, the parent company of BAYC and the one-time owner of the Punks IP before it relinquished rights to Punks holders, recently announced a roadmap item — the trial of Jimmy the Monkey —on Thanksgiving.
The Macy's Thanksgiving Day Parade's metaverse counterpart will take place on Thursday at 9 a.m., with viewers able to vote for one project to become an IRL balloon in next year's physical celebration.
Five galleries from NFT collections are available to explore in the OnCyber metaverse during the parade, featuring Boss Beauties, Cool Cats, gmoney, SupDucks, and VeeFriends. The contest lasts from Nov. 24 through Sunday, Dec. 4, with holders of the five featured projects carrying additional voting power. Gmoney qualifying projects include CryptoPunks, 9dcc, Admit One, and Adidas Into the Metaverse.
The metaverse parade and contest can be accessed Thursday on Macy's website, and the first 100,000 voters will also receive a free Macy's digital collectible.
CryptoPunks #7261 sold for 285 ETH (~$322k) on Tuesday with the seller accepting an offer within 90 minutes of it being submitted.
The buyer, 2.punksotc.eth, now owns 61 punks in its wallet. There are only 44 Punks with the Beanie trait and this is the first sale since October 11 of a Beanie Punk — the last sale going for 333 ETH.