Punks are different
People who buy
@ROLEX know they are buying into a 1,000,000 yearly production and a scheme whereby the “PEPSI” would get discontinued yet sold through back channels at 1.5x the price so people can by at 2x from resellers.
Paintings have no limited supply, in fact Picasso has over 13,000 unverifiable paintings and drawings.
If you look at
$XAU, there are 220,000 Tonnes available approximately with around 2,000 extra tonnes produced yearly.
Point is, every financial system needs a hedge, a run to safety. It always existed and that’s the premise
$BTC is going for.
Now NFTs
I agree that 99% of NFTs will fail but here is why 2 projects will make it
PUNKS
- 10,000 Limited supply
- No secondaries
- No tokens
- Identifiable
- Solid history
- Access to a network
- Can run Millions through circulating supply
Humans want recognition, a sense of safety, integration, differenciation….
Punks will always be Punks, especially when ownership becomes more provable online.
You can brag about a Rolex that still sells for 10K although it exists in at least 100,000 copies other than fakes, a punk is unique
Will do the arguments for the second project in another post, running late 😀
Some traders saying that CryptoPunks are gonna make a run. It won't happen. Still need to deflate some. Lots of sellers still left with a zero or near zero cost basis. No buyer demand since the DAT rumor run fizzled out. Lets revisit at single digits.