Patrick JenningsLaunched by Larva Labs in June 2017, CryptoPunks were one of the first NFTs to be launched on the blockchain Ethereum. CryptoPunks caused a stir in the NFT world when they began selling for hundreds of thousands of dollars.
When Gary Vaynerchuk, a Belarusian-American entrepreneur, author, speaker, and Internet personality, bought one for more than $3 million, people started paying more attention to the CryptoPunks.
But by the time majority of people could cash in on the hype, CryptoPunks became out of reach for most, fetching thousands of USD for the cheapest ones. Since 2021, the NFT craze has gained immense hype.
Soon after the landmark success of CryptoPunks, arrived the PolygonPunks NFT collection.
But what is it all about and should you invest in PolygonPunks? Read ahead as we answer every question of yours pertaining to PolygonPunks.
What are PolygonPunks NFTs?
Launched on the latest, Polygon (Matic) network, the PolygonPunks are one of the newest NFT collections in the market and have quickly gained popularity.
The complete range was officially minted via the PolygonPunks website on August 3rd, 2021, becoming the first Punks to be minted on Polygon.
The motto behind PolygonPunks is to be unique but still represent and pay tribute to the original ‘OG’ CryptoPunk NFT collections.
How many PolygonPunks are there?
PolygonPunks are a unique collection of Non-Fungible Tokens (NFTs) based on 10,000 punks that exist on the Polygon blockchain – although they can still be bought with ETH.
All 10,000 PolygonPunks are different and have attributes that make them unique according to a defined rarity system.
As soon as the PolygonPunks minting came to an end, people rushed to make purchases. Such was the buying frenzy that in less than 24 hours, PolygonPunks became the second most popular NFT collection on Opensea market by volume. A week later, PolygonPunks’ trading volume across all NFT markets surpassed half a million dollars. This figure was more than 50% of the volume CryptoPunks had garnered over 3 years.
But with so much similarity and competition, what is it indeed that sets the PolygonPunks apart from the CryptoPunks? The market is witnessing the skyrocketing value of CryptoPunks, which is making them increasingly unattainable for the majority. Here comes the PolygonPunks into the picture to provide an affordable alternative. Of course, the price of PolygonPunks is significantly lower than CryptoPunks. But is that all to it?
PolygonPunks Collections
PolygonPunks are not just like any other NFT collections in the market that are launched and forgotten in the vast sea, before they can even surface near the top. What sets PolygonPunks apart from others is the blockchain on which they exist.
They are built on “Polygon”, touted as one of the fastest, most scalable, and cost-effective networks that exist. PolygonPunks resemble CryptoPunks and have many similar features, but they come in wide varieties with unique features and different background colors.
Most importantly, as PolygonPunks are the first “punks” created on the Polygon Network, they are relatively much more affordable than their Ethereum counterparts. Polygon exists above Ethereum as a layer 2 blockchain. The Ethereum blockchain lying below is the one that ultimately secures and processes transactions.
But to increase the number of transactions per second that a network can process, developers are now also designing secondary layers on top of existing blockchains. Also being called as the “Internet of Blockchains,” the aim of Polygon is to connect various blockchain projects on Ethereum. All these projects have different features but they aren’t necessarily interoperable.
But Polygon is not the only one making an effort; there have been other attempts as well in the same direction, by Polkadot and Cosmos. By ultimately being compatible with Ethereum, Polygon strives to improve upon these projects and eventually tap into the second-largest blockchain’s ecosystem and security.
To simultaneously secure the network as well as to mint new coins with time, Polygon uses the proof-of-stake consensus algorithm. This is the same technique used by Ethereum’s 2.0 blockchain and Cardano. This method requires users to lock up their tokens so that they can be nominated randomly to validate new blocks of data.
One of the PolygonPunks listed at OpenSea for 0.0232 ETH
PolygonPunks Price Now
As per OpenSea statistics, “Polygon Punks – Official Collection” has 2,300 owners right now. The current floor price of PolygonPunks is 0.019 ETH which is around 49.63 USD at present.
The total volume traded so far of the PolygonPunks is 309 ETH, which translates to an impressive 779,481 USD. The lifetime average price of PolygonPunks is 0.1037 ETH or almost $270.
The most successful day at trading for the PolygonPunks has been on February 10, 2022, when 3 tokens were sold at an average price of 2.0963 ETH. The day registered PolygonPunks’ highest 1-day sale volume at 6.2889 ETH.
The high trade volume of PolygonPunks mainly owes to the buying, selling, and trading on NFTrade, which is a true decentralized and one of the best NFT marketplaces. With more than 339,000 USD in trade volume, PolygonPunks are now the number one traded NFT on NFTrade.
Polygon and MATIC price
Polygon (MATIC) is the native cryptocurrency of the Polygon Network. Originally called the Matic Network, Polygon is a layer 2 platform created in 2017. The power of Polygon is that it lets developers create and deploy their own Ethereum-compatible blockchains, in one step.
It also allows other Ethereum-based projects to exchange data and tokens with each other, using the MATIC sidechain.
It can be considered as a smaller, secondary blockchain running parallelly with the Ethereum blockchain. Owing to its unique benefits and innovative traits, the price of Polygon’s token, MATIC, has started skyrocketing since the starting of 2022.
In 2017, the Polygon network went live on Binance via an “Initial Exchange Offering” or IEO. Two years later, its own cryptocurrency MATIC was launched, in 2019. The initial price of MATIC was $0.00263 and it had a supply of 3.23 billion tokens.
The project raked in over $5 million at the time with sales. In 2021, the project was rebranded from Matic Network to Polygon Network, following which MATIC’s price hit an all-time high of $2.40. Before the price rise, MATIC price remained less than $0.04, for around two years.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
PolygonPunks Floor Price
Floor price is a term that was frequently used by economists to describe the lowest price that can be charged for a commodity, service, or good.
Floor price is one of the most well-established metrics that can help in evaluating an NFT project. In the NFT world, the lowest amount of money a buyer needs to spend to own an NFT or become a member of that project is called floor price.
It is established by the owner of an NFT in a specific project, by listing the NFT for sale at a price lower than all other sellers in the same project. For instance, let us assume that the floor price for Azuki is 10 Ethereum. This means, that the cheapest option for someone to buy an Azuki and become a member of the club is 10 ETH.
Although you can try and make an offer to the seller at a price lower than the floor price, it is highly unlikely the offer will get accepted. After all, why would an owner who has already listed the cheapest price among all others, accept an even lower offer?
At the time of writing, the PolygonPunks have a floor price of 0.019 ETH, which is 48.59 USD.
PolygonPunks Price Chart
Due to their smaller size PolygonPunks aren’t charted on Tradingview unlike CryptoPunks, the chart of which you can view here.
PolygonPunks NFTs were sold 142 times in the last 7 days. The total sales volume for PolygonPunks was $8.54k and the average price of one PolygonPunks NFT was $60.2. There are a total of 2,243 PolygonPunks owners with a total supply of 9,996 tokens.
PolygonPunks NFT Analysis
The Polygon Network has transformed decentralized finance (DeFi) and NFTs because it is a fast, efficient, and cheap scaling solution for the Ethereum blockchain.
It has simplified and amplified access to the NFT world. As more people venture into DeFi and NFTs, the Polygon user base is only going to expand due to its cheap transaction fees. This surge in onboarding will be through Layer 2 networks, like Polygon, as institutions begin building on them.
The biggest NFT marketplace, Opensea, has just over 350,000 total accounts registered on it. This figure clearly indicates that we are nowhere near the potential number of NFT participants in the market.
One of the biggest detractors of the Ethereum network, which often turns potential buyers away, is the transaction fees. Therefore, it was pretty much given that Coinbase would work towards integrating Layer 2 solutions.
This move would certainly increase their market share and maximize their profits. All of this would translate into easier access to NFT marketplaces on Polygon, as it would become easier to bring investments onto the network.
The PolygonPunks aim to capture the most effective target audience in the market, the ones that missed out on the CryptoPunks and refused to step into the Ethereum Network.
PolygonPunks is the first NFT collection on the Polygon network
What NFTs do you think new people onboarding to this marketplace will look for? Obviously, something familiar and the PolygonPunks may just be the most familiar NFTs awaiting users on Polygon.
Now, Coinbase is planning to launch its own NFT Marketplace and rumors are strong that it may be built on the Polygon Network, or at least support it. After Coinbase’s venture capital investment in Polygon, an announcement of integrating Polygon for trading was made.
Since then, it has become quite evident that there is a tendency to switch to more affordable blockchain networks. Polygon will become particularly popular after Coinbase’s adoption and also since it is built to work in tandem with the Ethereum Mainnet, harnessing its user base and security.
Despite being an imitation of the original CryptoPunks, the PolygonPunks NFTs have fetched more than $3 million in sales. The PolygonPunks community has continued to expand and the sales have been largely consistent.
The best part about such decentralized projects is that any group of enthusiastic supporters can come together and lend their unique ideas to improve a project and integrate it into the community culture. PolygonPunks has been one of the finest examples of such initiatives.
The creators of the CryptoPunks, Larva Labs, filed a copyright infringement notice against the PolygonPunks NFT collections.
As a result, Opensea pulled the PolygonPunks off of their platform until further notice. In return, PolygonPunks responded to Larva Labs’ notice with a DMCA (copyright) counter notice and won the case.
This marked an end to the uncertainty looming around the legitimacy and value of the PolygonPunks project. Soon after, the PolygonPunks NFT collection was re-listed on Opensea and since then its trade volume has only increased.
Irrespective of the controversy, PolygonPunks community has seen positive growth overtime. The project began with gradual adoption until suddenly the last few thousand NFTs were minted within minutes.
Since then, the project has been in price discovery and the developers have been putting in great efforts to grow the project. Looks like it is only a matter of time before more crypto enthusiasts join the Polygon community and discover valuable NFTs on the network.
The first NFT punks on Polygon will be a favorite among buyers as the collection seems familiar and has an interesting history behind it. Hopefully, veterans in the NFT space will embrace the PolygonPunks’ value overtime, which will also shift their capital over to the Polygon NFT marketplace and drive even more demand.
How to buy PolygonPunks NFTs
A majority of NFTs are bought with the native currency of the Ethereum network, Ether (ETH). Similar to most other cryptocurrencies, Ether can be converted from U.S. dollars on fiat-to-crypto exchanges like Coinbase, Kraken, and Gemini. Bitcoin, however, acts mainly as a cryptocurrency and a payment gateway.
Step 1: Setting up your eToro account
To start with, you would need to set up an eToro account. You can do this by visiting the eToro website and providing some personal details.
Step 2: Verifying your eToro account and depositing funds
Once your eToro account is successfully created, you would be required to verify the same before you can deposit any funds. To verify your eToro account, you would have to provide some sort of a valid identity, which eToro then verifies in a matter of minutes. After your account verification is done, there are multiple ways to add fund to it such as e-wallets like PayPal and Skrill, using your debit or credit cards, or even via bank transfers.
Step 3: Buy Ethereum
After the funds have been added to the account, you can successfully buy Ethereum. To make a purchase, proceed to the Search bar at the top right corner and type in Ethereum. Simply type in the amount of Ether you want to purchase. The amount you enter will be then deposited to your account and can be used to buy NFTs.
Step 4: Connect your wallet to an NFT Marketplace
Once you have Ether, the next step is to conect your wallet to any of the popular marketplaces like OpenSea with the help of WalletConnect. Start by going to the OpenSea Website and select the account icon on the top-right hand side. Click on the WalletConnect option that pops-up there and then you can either scan the QR code or else you may also provide your personal wallet address. Once you are done your eToro wallet will be connected to OpenSea.
Where are PolygonPunks listed for sale?
Although PolygonPunks are listed on their official website, there are none available for sale now as all of them have been sold already. On OpenSea, you can search for the PolygonPunks collection first and find the NFT of your choice to buy.
Simply click on “Buy now” and a page mentioning the details of that NFT will open up. Among other things, the page lists the description, properties, current price, etc. There are three options to proceed further:
- Buy now
- Buy with card
- Make offer
Although NFT marketplaces like Binance and Crypto.com do not have PolygonPunks listed as of yet, they do have a variety of other Punks, available at much affordable prices with some options at $1.
For instance, “Polygon Punk” is available at a floor price of just $1 at crypto.com. Similarly, Firo Punks, which is a collection of 999 unique algorithmically generated NFT collectibles on Binance Smart Chain are offered at Binance for a floor price of $22.
Are PolygonPunks the Best NFT to Buy in 2022?
PolygonPunks NFTs could be a good investment and follow in the footsteps of the very successful CryptoPunks collection. There are also newer NFT collections yet to be minted in 2022 if you’d like to be an early investor in an NFT project. One such upcoming option is the Lucky Block Platinum Rollers Club collection, scheduled to launch this month – we rate it among the best NFTs to buy right now.
One of the best altcoins in the market at present is Lucky Block as they offer a unique perspective on the conventional lottery mechanism. But there is also something else that has caught the investors’ attention. That is the upcoming collection of Lucky Block’s 10,000 NFTs. Every NFT in the Lucky Block collection will be a kind of access pass to Lucky Block’s daily NFT prize draws. To clarify, these daily draws are conducted separately from the lottery draws held by Lucky Block. These daily draws offer a jackpot to one lucky winner every day worth $10,000.
There are 25 ‘Rare Edition’ NFTs in the Platinum Rollers Club collection and each of these allows the NFT owner to double their prize amount if they win the daily jackpot. You can soon mint your own Lucky Block NFTs for $1,500, a proposal that has caught many people’s attention on the Lucky Block’s Telegram group.
After LBLOCK, witnessed a price hike of more than 3,200% in the initial weeks of listing on PancakeSwap, there is huge scope for Lucky Block NFTs to grow in the secondary market as well.
Conclusion
Unlike their Ethereum counterpart, i.e. CryptoPunks, PolygonPunks are a much cheaper option to invest in, which is appealing for first-time investors.
Another affordable option is the Platinum Rollers Club collection by Lucky Block. This collection of 10,000 NFTs is set to drop in March, allowing owners to participate in promising prize draws held daily.
Due to the success of Lucky Block up until this point, there is already a significant buzz around this NFT collection – so these assets will likely sell out fast. If you’re interested in this collection, click the link below to join the Lucky Block Telegram group and learn more about the upcoming NFT drop. You can also read our article on the best NFT drops of 2022 for more info.
Next NFT to Blow Up - Lucky Block
- #1 NFT Competitions Platform - luckyblock.com
- Daily NFT Jackpot Draws - Free Entry
- Lifetime Platinum Rollers Club Benefits
- LBLOCK Token Listed on LBank, Gate.io, MEXC, PancakeSwap (V1 Token)
- 10,000 NFTs Minted - nftlaunchpad.com
FAQs
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This article was written for Business 2 Community by Patrick Jennings.
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