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    CryptoPunks Sales and Traders

    Source: https://www.larvalabs.com

    Description of work

    In this work, we want to analyze CryptoPunks sales and traders. This work includes the following sections:

    1. Introducing CryptoPunks

      • 1 - 1 What are CryptoPunks?
      • 2 - 1 CryptoPunks and Wrapped CryptoPunks

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    2. Analyzing CryptoPunks sales

      • 1 - 2 Sales Volume ( Daily/ Monthly/ Yearly/ Total)

      • 2 - 2 The average price of sold CryptoPunks (Monthly)

      • 3 - 2 Top most expensive CryptoPunks ever purchased

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    3. Analyzing top Cryptopunks traders

      • 1 - 3 Top 10 traders in terms of the most significant volume of CryptoPunks purchased

      • 2 - 3 Top 10 traders in terms of the most significant volume of CryptoPunks sold

      • 3 - 3 Top 10 traders in terms of most profit earned from CryptoPunks sales

      • 3 - 4 A closer look at the most profitable traders

      • 3- 5 Top CryptoPunks sold by Top 10 profitable traders

      • 3 - 6 Number of CryptoPunks owned by Top 10profitable traders

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    4. Analyzing top Cryptopunks owners

      1 - 4 Top 10 CryptoPunks owners

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    5 - Conclusion

    Notes

    • 1 - The timespan considered for calculations.

      • CryptoPunks sales data is available from 2017-06-23
      • Because the data about the price of tokens in Flipside Crypto is available from 2020-05-05 onwards([ethereum.core.fact_hourly_token_prices] table); therefore, for sales before 2020-05-05, the sale price in dollars cannot be calculated using Flipside Crypto data.
      • For this reason, All the calculations in this work are from 2020-05-05 to 2022-08-31 (dashboard writing day).
      • The volume and number of transactions made before 05-05-2020 equal 1649.33 Ether and 2933 transactions, respectively.
      • By calculating the average price of ETH in this period of about 3 years (about $316.26), the volume of calculations is about $521,518, which is very small compared to the volume of transactions after 05-05-2020 ( about $2B) and can be ignored.

    • 2 - Ignored transaction.


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    1 -1 What are CryptoPunks?

    CryptoPunks are a set of 10,000 unique digital collectible characters stored on the Ethereum blockchain. Each item in the collection is a 24x24 pixel, 8-bit-style portrait with a unique set of attributes and traits.

    CryptoPunks was one of the first non-fungible token projects and has since paved the way for other successful NFT collections such as CryptoKitties, Bored Ape Yacht Club, and CrypToadz.

    Launched in June 2017, CryptoPunks cost nothing for anyone with an Ethereum wallet, as long as they were willing to cover the nominal minting fee. Four years later, during the 2021 NFT explosion, CryptoPunks saw a significant increase in market value.

    Some CryptoPunks have been sold for tens of millions of dollars. This created a brand new breed of millionaires out of some of the very first CryptoPunks owners — who acquired one for free. The rarest pieces in the collection, such as the limited number of alien images, are also among the most valuable pieces of digital art ever sold. They have helped to legitimize the significance of NFTs as an artistic movement and technology.

    CryptoPunks can most broadly be categorized into five different types of increasing rarity: male, female, zombie, ape and alien, respectively. Each pixelated CryptoPunk is randomly generated with a unique set of accessories like hats, facial hair, glasses, earrings, and more.

    Unlike the many other NFT collections it went on to inspire, CryptoPunks were created using the ERC-20 token standard, the same used by cryptocurrencies such as MANA and ENJ. The ERC-721 standard, which the collection helped inspire, is used by the majority of other Ethereum-based collections today.

    Source: kraken.com/learn

    1 - 2 Sales volume ($) (Daily/ Monthly/ Yearly/ Total)

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    ✔️Observations

    • CryptoPunks total sales volume equals $2.02B.

      • Of this amount, $1.5877B is related to 2021, $427.21M is related to 2020, and $3.28 million is related to 2020.

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    • The highest daily sales volumes of CryptoPunks were recorded on August 28, 2021($140.69M), August 23, 2021($89.99M), and August 27, 2021($59.48M), respectively.

    • The highest monthly sales volumes of CryptoPunks were recorded on August 2021($650.25M - 32.2% of total sales volume), September 2021 ($184.08M - 9.12% of total sales volume), and October 2021 ($135.45M - 6.71% of total sales volume) respectively.

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    2 - 1 The average price of sold CryptoPunks

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    ✔️Observations

    • The average price ($) of CryptoPunks sold has been steadily increasing since 2021. But in 2022, the average price ($) of sold CryptoPunks has decreased until June 2022.

    • From June 2022 until now, the average price ($) of CryptoPunks sold has increased.

    • The highest average price ($) of CryptoPunks sold was recorded in October 2021($485.51K), November 2021($464.43K), and December 2021($408.16K), respectively.

    1 - 3 Top most expensive CryptoPunks ever sold

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    ✔️Observations

    1 - 3 Top 10 traders in terms of the most significant volume ($) of CryptoPunks purchased

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    ✔️Observations

    2 - 3 Top 10 traders in terms of the most significant volume ($) of CryptoPunks sold

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    ✔️Observations

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    3 - 3 Top 10 traders in terms of most profit earned ($) from CryptoPunks sales

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    ✔️Observations

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    4 - 3 A closer look at the most profitable traders

    When we checked the list of buyers and sellers and the most profitable traders in previous sections, we noticed that there were 3 addresses with the similar names:

    • punksotc.eth

    • vault.punksotc.eth

    • 2.punksotc.eth By checking the transactions between these addresses in Etherscan, we found out that these 3 addresses belong to a trader called Punks OTC. Therefore, once again, we have done the calculations related to the most profitable traders, assuming that these 3 addresses belong to the same trader. All the calculations that have been done from this part onwards are based on the assumption that these 3 addresses belong to the same trader.

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    ✔️Observations

    The final results based on the changes made in the calculations are as follows:

    5 - 3 Top Cryptopunks sold by Top 10 profitable traders

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    ✔️Observations

    1 - 4 Top 10 CryptoPunks owners

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    ✔️Observations

    1 - Introducing CryptoPunks

    2 - 1 CryptoPunks and Wrapped CryptoPunks

    As mentioned in 1-1, CryptoPunks were created using the ERC-20 token standard.

    On the wrappedpunks , you can convert your CryptoPunk to Wrapped CryptoPunk for sale on ERC-721 markets (OpenSea - rarible) and vice versa(Change from ERC-721 token standard to ERC-20 token standard).

    When you wrap your CryptoPunk, it will be transferred to the Wrapped CryptoPunks smart contract, and then a Wrapped CryptoPunk with the same TokenId will be minted and sent to your address.

    The total number of Wrapped CryptoPunks is 492 (Results link - This query belongs to Mercury#8660) so far.

    The total volume of transactions related to Wrapped CryptoPunks so far is equal to $7.27M (Results link), which is very small compared to the volume of transactions of CryptoPunks (about 2 billion dollars).

    Wrapped Cryptos have been considered in all the calculations made in this work, but due to the smaller number and volume of transactions, we have not counted them separately, and in all calculations, the term “CryptoPunks” also includes Wrapped CryptoPunks, unless In the text, the term Wrapped CryptoPunks should be mentioned separately.

    2 - Analyzing CryptoPunks sales

    Methodology

    • In this section, we have used the data in the [ethereum.core.ez_nft_sales] table to calculate the sales volume of CryptoPunks.
    • CryptoPunks smart contract - 0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb
    • Note: In Cryptopunks sales transactions, the ‍BUYER_ADDRESS for about 2500 transactions equals 0x00000000000000000000000000000000000000.

      • These transactions occur when the owner of a Cryptopunks accepts a Cryptopunks purchase offer (acceptBidForPunk function).

        Price and Price_USD for this type of transaction equals 0.

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    • Wrapped CryptoPunks smart contract - 0xb7F7F6C52F2e2fdb1963Eab30438024864c313F6

      • Note: In Wrapped Cryptopunks sales transactions, the ‍BUYER_ADDRESS for some, transactions equals 0x00000000000000000000000000000000000000.

        These transactions occur when the owner of Wrapped Cryptopunks wants to unwrap its NFT.

        Price and Price_USD for this type of transaction equals 0.

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    3 - Analyzing top Cryptopunk traders

    Methodology

    • In this section, as in the previous section, we use the data from [ethereum.core.ez_nft_sales] table table.
    • To calculate the traders' profit from selling CryptoPunks, for each address, we subtract the total amount earned from selling NFTs (when an address is in seller_address) from the amount spent on buying NFTs (when an address is in buyer_address).

    6 - 3 Number of CryptoPunks owned by the Top 10 profitable traders

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    ✔️Observations

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    4 - Analyzing Cryptopunks owners

    Methodology

    • To calculate the Top 10 CryptoPunks owners - not including Wrapped CryptoPunks, we have used [ethereum.core.ez_current_balances] table data.

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    • We have used the [ethereum.core.ez_nft_transfers] table to find the top 10 owners of Wrapped CryptoPunks.

      We use the last transfer date of Wrapped CryptoPunksto find their current owners.

      • You can also use the [ethereum.core.ez_balance_deltas] table to find the top 10 owners of Wrapped CryptoPunks.

        But the results are slightly different from the values shown in Etherscan.

    ✔️Observations

    Conclusion