Perhaps many still do not understand how non-fungible tokens (NFT) CyptoPunks can be sold at a very high price.
Pictures like this are worth millions of dollars? Are you crazy?
Calm down… Let the INTRADAY team explain why NFT CryptoPunks are so expensive.
⦁ Assessment
Just like physical art, its beauty depends on the eye of the beholder, where each art also has a different value to different admirers.
Has a hedonic value that explains the pleasure a person derives from owning their art.
⦁ Age
CryptoPunks is one of the oldest NFTs.
Metadata (information such as the name, attribute, and address of the NFT creator) that details the lifespan of the Ethereum blockchain is a factor of their appeal.
⦁ The quantity is Limited
The value of NFT is subject to its limited quantity, depending on its founder.
CryptoPunks only has 10,000.
The more ‘rare’ an item is, the higher its value.
The features available on each CryptoPunk are different, causing people to be willing to pay a high price to have it.
⦁ Popularity
CryptoPunks is very popular among the NFT community.
Upon gaining attention, they recorded an increase in value which in turn led to demand and led to the emergence of FOMO to own it.
That’s a bit of an explanation of CryptoPunks that nowadays it’s seen as a digital social symbol because only a handful of people own it or can afford it. Eventually, as time goes on, its value will continue to increase as long as there is demand.
