Nick Tomaino Reveals Why He Bought Punk 4156 for $3.3 Million
CryptoPunk #4156, better known as Punk 4156, sold on Jul. 15 for $3.3 million at the time of purchase, or 2,691 ETH. And now, its buyer has an explanation for why he purchased the NFT.
In a Twitter thread, Nick Tomaino, the founder and general partner of cryptocurrency-focused fund 1confirmation, revealed that he bought Punk 4156 because "it has venture upside over a 5+ year time horizon, and grail purchases make NFTs more 'real' to the masses, which is great for creativity in the world."
In short, Punk 4156 will likely be worth more money in five years time, and NFTs are helping creatives bridge the gap between their work and potential consumers.
"If you look closely at any creative medium prior to Ethereum and NFTs (e.g. television, traditional art, web2 social media, traditional music, etc.), you realize there have been gatekeepers at both the distribution and business model layers that have restricted creativity," Tomaino explains. "NFTs remove the gatekeepers and give true ownership to creators and consumers."
CryptoPunks Is the OG NFT Grail Project
As more creators understand the power of blockchain and NFT technologies to change how the world interacts with art, games, collectibles, and more, the more valuable original, or OG, NFT projects will become.
"A new global asset class is emerging," Tomaino continues. "CryptoPunks is the authentic 10k pfp that catalyzed the movement. It's the grail pfp. The thousands of pfps that came after (Nouns, BAYC, Clone X, Doodles, etc.) are all derivatives of Punks."
Some might object to listing the Yuga Labs-created Bored Ape Yacht Club as a CryptoPunk derivative because Yuga Labs now owns the IP (intellectual property) rights of Punks. But Tomaino thinks that gives Punks more power.
"The success of Punks is purely community driven," he says. "There's no centralized team or individuals that the community depends [on] to grow Punks. It's the collective belief and will of the group."
But Why Punk 4156?
And Punk 4156 is special because of what the community (and the original Punk 4156 holder) built around the NFT.
"[Punk] 4156 has one of the strongest brands in crypto thanks to punk4156 and the community of artists that have created works around the ape," he continues. "There’s digital scarcity and a strong meme around [Punk] 4156, and just like belief in Da Vinci or Picasso in traditional art has grown, we think belief in the [Punk] 4156 meme will grow over time."
As the entire web3 community grows, CryptoPunks should also continue to grow.
"One day crypto wealth may overtake traditional wealth in the world, and the strongest crypto native artwork will be the most desired," Tomaino concludes. "[Punk] 4156 will be in the discussion."