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CryptoPunks’ Floor Price Surges 10% Following Tiffany & Co. Collaboration News
The collection has seen $2.3 million in sales since Sunday’s partnership announcement, a 2,200% increase.
The floor price for the popular non-fungible token (NFT) collection CryptoPunks surged 10% in the last 24 hours, according to data from CoinGecko.
The spike in interest is likely due to the recent partnership between high-end jewelry brand Tiffany & Co. and blockchain startup Chain, which will give Punk owners a chance to purchase up to three diamond-encrusted necklaces for 30 ETH (around $50,000) each on Aug. 5.
STORY CONTINUES BELOW
The floor price for the collection, which is the lowest-price edition available to buy on the open market, is now 74.5 ETH (around $125,000). The collection’s floor price, however, is still below its yearly high of 83 ETH (around $135,000) set on July 16.
According to data from OpenSea, CryptoPunks has seen 1,400 ETH (around $2.3 million) in trade volume in the last 24 hours, a 2,200% increase from the previous day. Punk Vault, a token investor that can purchase to gain exposure to the value of a larger CryptoPunks collection is also up 5% in the last 24 hours.
Collectors loading up on specific NFTs after an announcement isn’t new. The Bored Ape Yacht Club (BAYC) collection saw a similar spike in floor prices following the announcement of ApeCoin, a token that was rumored to be airdropped to BAYC holders. The floor price for the collection increased as much as 30% in the days following, falling back to pre-announcement levels the next week.
Read more: Rare CryptoPunk Sells for $2.6M as Collection Continues Resurgence
Eli Tan
Eli was a news reporter for CoinDesk who covered NFTs, gaming and the metaverse. He graduated from St. Olaf College with a degree in English. He holds ETH, SOL, AVAX and a few NFTs above CoinDesk's disclosure threshold of $1000.
