NiftyNoon: What is the story behind CryptoPunks and Blur?

CryptoPunks soar to new heights due to artificial Blur activity (March 21, 2023)

Nifty Thought

• CryptoPunks, after comfortably hovering in the 60-65 ETH floor price range, has seen an explosion in price action over the weekend. With a floor price peaking at 75 ETH, CryptoPunks (through their ERC721 wrapped counterparts) quickly became the top profile picture by a wide margin. Sadly, much of this increased demand and volume was artificially inflated by Blur farmers that took advantage of the CryptoPunks 0% royalty. Other collections on Blur have a minimum 0.5% royalty which makes purchasing NFTs to immediately flip at the same price quite costly. With CryptoPunks, the cost to flip is eliminated to just gas. This has led Blur farmers focusing purely on CryptoPunks for farming which gave it more volume and therefore more Blur bid points. This increased earning potential then enticed more Blur farmers to begin farming the collection in a vicious cycle.

• This farming came to a seemingly temporary pause when large CryptoPunk holders began selling their NFTs into bids. This sent the top bid on CryptoPunks from 75 ETH down to 62 ETH in the matter of an hour. The largest Blur farmer, Machi, currently owns around 100 CryptoPunks. This may prove to be an opportunity in the future as Machi begins dumping the CryptoPunks into the open market to free up his locked capital. While their price is currently being manipulated, the past year has shown that the fair market price for CryptoPunks should be at least 60 ETH without a major increase or decrease in ETH price. Therefore, any dump caused by Machi below that price is likely to be a good buy. Regardless, anyone seeking to invest a substantial amount of money into NFTs should do their own research and make their own financial decisions. 

Project News

• Gamma.io presents its Bitcoin ordinals marketplace, revolutionizing the way users create and trade digital assets:

  Gamma.io @trygamma

  We’re proud to present our trustless #Bitcoin ordinals marketplace, revolutionizing the way users create and trade digital assets! This builds upon our 18-month journey in the Bitcoin NFT space.

• Magic Eden shares cryptic heart tweet:

  Magic Eden 🪄 @MagicEden

  . 🟧 🟧 🟧 🟧 🟧　　 🟧 🟧　 🟧 🟧　　　 🟧　　 　 🟧 🟧 　　　 　　　 🟧 🟧 @21March2023 🟧 　　 🟧　 　 🟧 🟧 🟧 🟧 🟧 🟧

• Valhalla introduces Clans, a suite of tools for supporting trait-based DAOs:

  VALHALLA @valhalla

  Introducing Clans, a suite of tools for supporting our trait-based DAOs. Key Features: ▸ Clan Grants ▸ Clan Investments ▸ Clan Royalties ▸ Marketplace Integration ▸ Financial Dashboard ▸ DAO Management (via @loredotxyz) joinvalhalla.com/clans 1/8

• Pudgy Penguins announce Pudgy NYC is back with an immersive and interactive Pudgy experience at The Lightbox planned for April 12th:

  Pudgy Penguins @pudgypenguins

  It’s official, Pudgy NYC is back. On April 12th, we’ll be taking over NYC with an immersive and interactive Pudgy Penguins experience at The Lightbox. RSVP details to follow next week.

  

• FrankDeGods shares pic posing with Hasbulla:

  Frank @frankdegods

  met the 👑

  

  Hasbulla @Hasbulla_NFT

  Such a fire pic I have to post again🐐👑 Team Hasbulla 🤝🏽 @frankdegods

  

Community News

• Pudgy Penguin #949 bought for 40 ETH ($ 70,118.40) on Blur:

  Pudgy Penguins Sales Bot 🤖️ @PenguinsBots

  Pudgy Penguin #949 bought for 40.00 ETH (70,118.40 USD) on Blur #PudgyPenguins opensea.io/assets/ethereu…

  

• Community reacts on machibigbrother mass dumped on in the Wrapped CryptoPunks Blur pool with price going fast from 75 to 68 ETH:

  pablopunkasso.eth @PabloPunkasso

  Looks like @machibigbrother just got mass dumped on in the Wrapped CryptoPunks blur pool. 10,000E volume in the past hour with price going from 75E to 68E very fast. They now hold 78 punks.

  

  

  foobar @0xfoobar

  Blur was a 12-month psychological study conducted by Stanford University to determine just how many "blue chip" NFTs we could dump on machi big brother before he caught on. We have now concluded, thank you for your participation

  

Quick Stats:

• OpenSea Daily Volume: 5,991 ETH (▲ 10.09%)

• Blur Daily Volume: 23,320 ETH (▲ 23.04%)

• BTC: $28,008.88 (▼ 0.63%)

• ETH: $1,761.02 (▼ 1.06%)

• Solana: $22.31 (▼ 3.21%)

• Polygon: $1.12 (▼ 2.22%)

NFT Daily Winners:

• 🧬 Clone X: 3.48 ETH (▲ 3.98%)

• 🐧 Pudgy Penguins: 4.84 ETH (▲ 1.47%)

• 🌈 Doodles: 3.72 ETH (▲ 1.31%)

NFT Daily Losers:

• ⛩️ Azuki: 13.31 ETH (▼ 0.27%)

• 🥃 Proof Collective: 12.60 ETH (▼ 1.19%)

• 🧝🏼‍♀️ DigiDaigaku: 6.13 ETH (▼ 1.44%)

• 🏳️‍🌈 Chromie Squiggles: 10.69 ETH (▼ 1.47%)

• 🦉 Moonbirds: 3.92 ETH (▼ 1.48%)

• 🐈‍⬛ VeeFriends: 3.28 ETH (▼ 3.53%)

• 🧟 Mutant Ape Yacht Club: 12.70 ETH (▼ 4.28%)

• 🦧 Bored Ape Yacht Club: 57.88 ETH  (▼4.99%)

• 🚬 CryptoPunks: 64.23 ETH (▼ 14.1%)

Notes:

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