A similar picture holds for Bored Apes, with the most expensive one traded for 3.4 million USD on Octo20, vs an average price of 48,836 USD.Īn hypothesis to rationalise these differences in price considers rarity. The most expensive CryptoPunk to date was sold for 23.7 million USD on Febru18, despite the average price of a punk being “only” 138,179 USD (see also 19). CryptoPunks are not equivalent according to the market. Furthermore, while most CryptoPunks are humans, there are also 88 Zombies, 24 Apes, and 9 Aliens in the collection. So a punk can have, or not have, a “Top Hat”, a “Red Mohawk”, a “Silver Chain”, or “Wild White Hair” among other possibilities. For example, CryptoPunks have a gender (6039 male and 3840 female) and-as for many other collections-a number of traits that distinguish them.

NFTs in a collection are most often distinguishable from one another.

Their market capitalization is 834M USD and 1.2B USD as of June 2022, respectively 17. To be concrete, CryptoPunks is a collection of 10,000 unique images of pixelated human faces algorithmically generated 15, while Bored Ape Yacht Club contains 10,000 profile pictures of cartoon apes that are generated by an algorithm 16. In the prominent case of generative art, NFTs are associated to (virtual) objects made using a predetermined system, typically an algorithm, that often includes an element of chance 14. They have been a driving force for the booming NFT market 9, 13. NFT collections are groups of NFTs that share common features, such as visual aspects or the code that generated them 12. NFT was Collins Dictionary’s word of the year for 2021 11. Throughout 2021, the NFT market grew by more than 61,000%, starting from a monthly sale volume of 8,072,866 USD in January 2021 to 4,968,834,938 USD in January 2022 10. They have swiftly revolutionised the art market 1, the world of collectibles 2, the gaming industry 3, and are promising to do the same with such sectors as luxury 4, fashion 5, music 6, entertainment 7, and real-estate 8, 9. They offer a powerful solution to long-standing issues related to the ownership of virtual and physical assets. Non Fungible Tokens, or NFTs, are digital titles (tokens) to property, either real or virtual, stored on a blockchain.

Spotify plans to nft craze