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CryptoPunks’ Floor Price Surges 10% Following Tiffany and Co. Collaboration News

Eli Tan - Coindesk
2022-08-02 04:18
The floor price for the popular non-fungible token (NFT) collection CryptoPunks is up 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 and 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.
The floor price for the collection, which is the cheapest available edition to buy on the open market, is now 74.5 ETH (around $125,000). The collection’s floor price is still below its yearly high of 83 ETH (around $135,000) set on July 16, however.
According to data from OpenSea, CryptoPunks have 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 investors can purchase to gain exposure to the value of a larger CryptoPunk 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.
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