What is Crypopunk?

CryptoPunk is a collection of unique 24x24 pixel avatars presented in NFT form. Their creation began as an experiment conducted by software developers Matt Hall and John Watkinson in 2017, who eventually developed a program that produced a total of 10,000 avatars.

Why are they so expensive?

In short, this project pioneered NFTs and inspired other similar artistic creations such as Bored Ape Yacht Club, Pudgy Penguins, and many others.

NFTs can be referred to as a technology, and any technology needs to go viral in order to come up and familiarize users with its capabilities. Cryptopunk can be considered the first of its kind, therefore big investors tried to introduce NFT technology as best as possible by making it viral. Additionally, another reason why the CryptoPunks collection is valuable is its fascinating uniqueness, such as the Alien Avatar, which is the rarest and most expensive CryptoPunk NFT ever sold.

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Methodology

In this analysis, our goal is to optain the data related to Cryptopunk and its traders. For this purpose, we use flipside data. The data related to Cryptopunk trading can be found in ethereum.core.ez_nft_sales Table. In this table there is data related to the purchase and sale of NFTs, which can be obtained by filtering the name of the project (‘cryptopunks‘).

First, we provide two definitions.

Trader is a person who buys an NFT at a certain time and at a certain price and then sells it to make a profit from the difference in the buying and selling price.

Holder is a person who has bought an NFT but has not yet sold it and is currently keeping the desired NFT in his wallet.

To specify the trader and holder, we use the above two definitions to get the results.

• To get the best traders in terms of the amount of profit, we first get the wallet address and the purchase volume of each user from ethereum.core.ez_nft_sales, then using the mentioned table, the sales volume of each user is obtained and finally these two values In another table and by joining the above two tables on the address of the buyer and the seller, we subtract from each other to determine the amount of profit and loss of each wallet. In the end, we consider the 10 wallets that have earned the most profit as the best traders.
• To get the holder, use the data in ethereum.core.ez_nft_transfers table, we obtain the NFT transferred (purchased) to the wallet and sort them based on the transfer time from high to low. As a result, the NFTs whose row is 1 are still kept in the wallet, and the user has not sold it, so it is clear which NFT each user keeps.

In the graph on the left,

• the ==number of trades related to the best traders is specified==. As mentioned, address 0x6639c089adfba8bb9968da643c6be208a70d6daa earned more than 50 million dollars, but it is interesting to know that this amount was obtained with only 186 trades, and the highest number of trades is related to address 0x577ebc5de943e35cdf9ecb5bbe1f7d7cb6c7c647, which made 271 trades, and as a result of them It has earned $20.7 million in profit.
• In the chart above, we have shown the best traders have gone to which of the Cryptopunk NFTs and traded it more times. As a result, NFT with ID ==568523== is placed in the ==first place==, and after that, ID ==2274== with 10 trades and ID ==536625== with 8 trades by the best traders are placed in the ==second== and ==third place==, respectively.

• The numbers of trader are 2410 wallets.

• Among these traders, the best trader is: 0x6639c089adfba8bb9968da643c6be208a70d6daa,

  which is in the first place by a large margin. This wallet has earned 50.7 million dollars, with a difference of 20 million dollars compared to the second trader.

• Address 0x6f4a2d3a4f47f9c647d86c929755593911ee91ec is in the second place with a profit of 30 million dollars.

• And address 0x6611fe71c233e4e7510b2795c242c9a57790b376is in the third place with a profit of 24.66 million dollars.

• In general, 3,310 unique wallets hold NFTs of the Crypopunk Collection.

• As stated at the beginning, the total number of NFTs of the Cryptopunk Collection is 10,000, of which 465 NFTs are in address 0xb7f7f6c52f2e2fdb1963eab30438024864c313f6,

  423 in wallet 0xa858ddc0445d8131dac4d1de01f834ffcba52ef1,

  and 218 of them are hold in wallet 0xb88f61e6fbda83fbfffabe364112137480398018.

  In other words, 10 wallets have 1976 NFTs, about 20% of the collection.

The chart on the left

• ==The most valuable (expensive) NFT== is related to ID ==5822==, and its seller is address 0x7eb28b2f14a59789ec4c782a5dd957f9c8f33f6b, sold that for ==$23.7 million==.
• It can be said that the rest of the NFTs were sold at a price below 10 million dollars.
• You can see the 10 NFTs with the highest sold price in the chart on the left.

The chart on the left shows

• the 10 NFTs from the Cryptopunk Collection that traders made the most profit from their trades.
• ==In the first place== is NFT with ID ==4158==, whose trader, address 0xf476cd75be8fdd197ae0b466a2ec2ae44da41897, has made a ==profit of 9.05 million dollars== from its transaction.
• The rest of the NFTs generated profits under $3 million.

In the upper left graph

• the blue line represents the price of ETH, and the red bars represent the number of sales transactions for the Cryptopunk Collection. The purpose is to show the ==correlation between the Ethereum price and the number of sales TXs==.
• As you can see, the ==Ethereum price has increased 5.6 times== from December 13, 2022, to September 4, 2021, also the ==number of sales has grown significantly==, so that on August 23, 2021, 354 sales orders were registered.

In the upper right graph

• The relationship between the sales volume, the number of sell orders, and the Ethereum price is shown.
• The ==highest volume of sales worth 140 million dollars occurred when the price of Ethereum was equal to 3246 dollars==
• The ==highest number of sales orders occurred at the price of 3322 dollars with a volume of 90 million dollars.==

In Table ethereum.core.ez_nft_salesmentioned above, there are two event types related to Cryptopunk.

• sale
• redeem

The first case, clear from its name, is related to NFT sale transactions where the user only pays the transaction fee.

The second case is related to NFT pledging transactions from the NFTX platform. The platform also charges a transaction fee from the user. Also, the value of NFT is calculated based on the NFTX token(Punk Vault).

In the diagram on the left

• The relationship between the price of NFTX token(), the total value of redeemed NFTs, and the number of redeemed NFTs have been researched.

• The highest number of NFTs redeemed occurred when the price of the NFTX token was equal to 35.67 thousand dollars.

• The highest value of NFTs redeemed was done at the price of 378 thousand dollars and with a value of 2.9 million dollars.

As mentioned in the previous section, we have two event types, each of which has a different transaction fee.

• The total transaction fee received by the NFTX platform for event type ‘Redeem’ is 472 thousand dollars.==
• The total transaction fee received by Larva Labs for the ‘sale’ event type was 409 thousand dollars.

Analysis

Conclusion

• Cryptopunk is one of the pioneers of NFT technology and has been one of the first of its kind, that's why it has inspired many NFT projects and has gained great popularity. This popularity has made the price of this collection reach several million dollars.
• Many people have bought and sold NFTs of this collection and until today nearly 2410 traders have traded them.
• The most successful trader in terms of profit is the Address 0x6639c089adfba8bb9968da643c6be208a70d6daa, who has earned nearly 50 million dollars in 186 trade.
• The number of holders of this collection is currently 3,310 wallets, and the top 10 wallets in terms of the number of NFTs held, hold about 20% of the entire collection.
• The most expensive NFT sold was ID 5822 with a value of $23.7 million.
• The highest volume of sales occurred when the price of Ethereum was between 2000 and 3500 dollars.

Contact Me

Thank you for being with me so far in this analysis. If you have any questions, you can ask through the following ways. I will be pleased to answer the questions.

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