CryptoPunks were one of the earliest non-fungible tokens (NFTs) to be issued on the Ethereum blockchain. They were initially distributed by Larva Labs in June of 2017. When they started selling for hundreds of thousands of dollars, CryptoPunks made a commotion in the realm of non-fungible tokens.
People began paying greater attention to the CryptoPunks after Gary Vaynerchuk, a Belarusian-American entrepreneur, author, speaker, and Internet personality, purchased one for more over $3 million. Vaynerchuk is also known as “Personality Gary.”
However, by the time the vast majority of individuals were able to capitalize on the excitement, CryptoPunks had become unaffordable for most people, with even the most affordable models selling for thousands of dollars. Since 2021, the NFT trend has been gaining an incredible amount of popularity.
The PolygonPunks NFT collection was released not long after the historic success of the CryptoPunks collection.
But what really is going on here, and should you put your money into PolygonPunks? Keep reading, because we have the answers to all of the questions you have about PolygonPunks ahead.
What exactly are NFTs in PolygonPunks?
PolygonPunks are one of the newest non-fantasy trading card collections available on the market. They were introduced on the Polygon (Matic) network, and they have immediately become very popular.
On August 3, 2021, the entire collection was officially minted via the PolygonPunks website, becoming the first Punks to be minted on Polygon in the process.
The mission statement of PolygonPunks is to stand out from the crowd while at the same time honoring and paying homage to the original “OG” CryptoPunk NFT collections.
How many members of PolygonPunk are there in total?
PolygonPunks are a one-of-a-kind collection of Non-Fungible Tokens (NFTs) that are based on the 10,000 punks that currently exist on the Polygon blockchain. Despite this, PolygonPunks may still be purchased with ETH.
A predetermined rarity scheme ensures that each of the 10,000 PolygonPunks is distinct and possesses characteristics that set them apart from the others.
People hurried to make purchases as soon as they realized that the PolygonPunks minting had come to a halt. As a result of the buying frenzy, PolygonPunks rose to the position of the second most popular NFT collection on the Opensea market in terms of volume in less than twenty-four hours. After another week had passed, the total trading volume of PolygonPunks throughout all NFT exchanges had topped 500,000 dollars. This number represented more than half of the volume that CryptoPunks had amassed over the course of three years.
However, given how similar both groups are and how much competition there is between them, what is it exactly that differentiates the PolygonPunks and the CryptoPunks? The value of CryptoPunks is growing right now, and as a result, acquiring one of these collectibles is becoming increasingly difficult for the vast majority of people. PolygonPunks, who provide a more cost-effective choice, have now entered the picture. It should come as no surprise that the cost of PolygonPunks is a great deal less than that of CryptoPunks. But does that sum up everything?
PolygonPunks Collections can be found here.
PolygonPunks are not like any other NFT collections on the market, which are released and then forgotten in the vast sea before they can even emerge towards the top. PolygonPunks are not like any other NFT collections on the market. The blockchain that PolygonPunks are built on is what differentiates them from other cryptocurrencies.
They are constructed using “Polygon,” which is hailed as one of the networks that is the quickest, most scalable, and most cost-effective currently available. PolygonPunks are related to CryptoPunks and share many of its characteristics, but they exist in a wide variety of shapes and sizes, each with its own set of characteristics and a distinct backdrop color.
Most notably, due to the fact that PolygonPunks are the first “punks” to be created on the Polygon Network, their Ethereum equivalents are considerably more expensive than their PolygonPunk counterparts. As a layer 2 blockchain, Polygon is a cryptocurrency that operates on top of Ethereum. The Ethereum blockchain, which is located below, is the one that is ultimately responsible for securing transactions and processing them.
On the other hand, developers are now also developing supplementary layers on top of current blockchains in order to enhance the number of transactions per second that a network is capable of processing. The purpose of Polygon, which is also being referred to as the “Internet of Blockchains,” is to connect the numerous blockchain initiatives that are based on Ethereum. All of these projects offer a variety of features, but they might not be able to communicate with one another.
Polkadot and Cosmos are two examples of other organizations that have made efforts in the same general direction as Polygon. However, Polygon is not the only organization that is making an effort. By eventually being interoperable with Ethereum, Polygon aims to expand upon these initiatives and eventually tap into the ecosystem and security of the second-largest blockchain.
The proof-of-stake consensus mechanism is utilized by Polygon in order to achieve the goals of simultaneously securing the network and minting additional currencies over time. Both the Ethereum 2.0 blockchain and the Cardano blockchain implement this very same method. Users are required to lock up their tokens in order for them to be randomly nominated to validate new blocks of data when utilizing this method.
One of the PolygonPunks that can be purchased from OpenSea for 0.0232 ETH.
PolygonPunks Price Now
According to the information provided by OpenSea, there are currently 2,300 owners of the “Polygon Punks – Official Collection.” At the moment, the minimum purchase price for PolygonPunks is 0.019 ETH, which is equivalent to approximately 49.63 USD.
The total volume of PolygonPunks that have been traded up to this point amounts to 309 ETH, which is equivalent to an astounding 779,481 USD. The lifetime average price of a PolygonPunk is currently 0.1037 Ether, which is equivalent to roughly $270.
The day of February 10, 2022 was the most profitable day for trading for the PolygonPunks. On that day, 3 tokens were sold at an average price of 2.0963 ETH. The day had the greatest one-day sale volume for PolygonPunks, with 6.2889 ETH being transacted.
The huge transaction volume of PolygonPunks can be attributed, in large part, to the buying, selling, and trading that takes place on NFTrade, which is one of the most reputable and decentralized NFT marketplaces available. PolygonPunks have surpassed 339,000 USD in transaction volume, making them the most actively traded non-fungible token (NFT) on NFTrade.
The prices of Polygon and MATIC
Polygon (MATIC) is the cryptocurrency that was designed and developed specifically for use on the Polygon Network. Polygon is a layer 2 platform that was developed in 2017. Prior to that, it was known as the Matic Network. The value of Polygon lies in the fact that it enables developers to quickly design and deploy their own own blockchains that are compatible with Ethereum.
Through the utilization of the MATIC sidechain, it also enables other Ethereum-based projects to communicate and trade data and tokens with one another.
It is possible to think of it as a secondary blockchain that is operating in tandem with the main Ethereum blockchain but on a smaller scale. The value of Polygon’s token, known as MATIC, has begun an exponential ascent since the beginning of 2022 due to the singular advantages and cutting-edge qualities that it possesses.
IEO stands for “Initial Exchange Offering,” and it was in 2017 that Binance enabled live trading on the Polygon network. After another year and a half, in 2019, it introduced its very own cryptocurrency known as MATIC. Initially, one MATIC token could be purchased for $0.00263 and there were 3.23 billion of them available.
Sales contributed more than $5 million to the total revenue of the project at the time. After the project was renamed from Matic Network to Polygon Network in 2021, the price of MATIC reached an all-time high of $2.40 and broke previous records in the process. Prior to the recent price increase, the price of MATIC has stayed lower than $0.04 for close to two years.
The starting price of PolygonPunks
A floor price is the lowest price that can be paid for a commodity, service, or good. Economists have used this term to define the lowest price that can be charged for it.
The floor price is one of the measures that has been used to evaluate NFT projects for the longest and has the greatest experience. In the world of non-fungible tokens (NFTs), the term “floor price” refers to the least amount of money that a buyer must spend in order to purchase an NFT or become a member of that project.
It is established when the owner of an NFT in a certain project lists that NFT for sale at a price that is lower than the prices being offered by all of the other sellers in the same project. For the sake of argument, let’s say that the minimum purchase price for Azuki is 10 Ethereum. This indicates that the most affordable way for a person to buy an Azuki and become a member of the club is for them to spend 10 ETH on the transaction.
You can try to make an offer to the seller at a price that is lower than the floor price; however, it is highly improbable that the offer will be accepted because the floor price has already been established. After instance, why would a proprietor who has already listed the lowest price possible out of all the other options accept an offer that is even lower?
The floor price for PolygonPunks is now set at 0.019 ETH, which is equivalent to 48.59 USD at the time of this writing.
Chart of Prices for PolygonPunks
In contrast to CryptoPunks, which have a chart that can be viewed on this page, PolygonPunks do not have a chart on Tradingview because to their lower volume.
There were 142 sales of PolygonPunks NFTs throughout the course of the past week. PolygonPunks had a total sales volume of $8.54k, and the average price of a PolygonPunks NFT was $60.2. There are a total of 2,243 people who own PolygonPunks, and there is a quantity of 9,996 tokens in circulation.
PolygonPunks NFT Analysis
Decentralized finance (DeFi) and non-fiat currencies (NFTs) have been revolutionized thanks to the Polygon Network, which provides a scaling solution for the Ethereum blockchain that is quick, efficient, and inexpensive.
Access to the realm of NFT has been made easier and more accessible as a result. Polygon’s user base is only going to grow as a result of its low transaction costs as more individuals go into decentralized finance and non-fungible tokens. As soon as institutions start building on Layer 2 networks like Polygon, there will be a surge in the number of users joining those networks.
Opensea, the most prominent virtual currency trading platform, currently has somewhat more than 350,000 total accounts registered on its platform. Based on this data, it is quite evident that we do not even come close to reaching the possible number of NFT players in the market.
The transaction fees associated with using the Ethereum network are one of the most significant drawbacks to the system, which frequently discourages prospective purchasers. As a result, it was a virtual certainty that Coinbase would work toward the integration of Layer 2 technologies.
This action would undoubtedly improve their market share, which would in turn lead to a rise in their profits. All of this would result in a simplified process for bringing investments onto the Polygon network, which would in turn make it simpler to access the NFT marketplaces that are hosted on Polygon.
The objective of the PolygonPunks is to win over the most productive segment of the market’s target audience, namely those individuals who did not participate in the CryptoPunks and did not join the Ethereum Network.
Which non-fungible tokens (NFTs) do you think new users joining this marketplace would search for first? Obviously, something that is recognizable, and the PolygonPunks are likely to be the most familiar non-fictional characters (NFTs) that users will encounter on Polygon.
Now, Coinbase intends to establish its very own NFT Marketplace, and there are significant speculations suggesting that it may be built on the Polygon Network, or at the very least support it. Following the completion of Coinbase’s investment in Polygon via venture capital, an announcement on the integration of Polygon for trading was issued.
Since then, it has become abundantly clear that there is a tendency toward switching to blockchain networks that are more cost-effective. Polygon will experience a surge in popularity not only because it has been adopted by Coinbase but also because it was designed to run in tandem with the Ethereum Mainnet, so capitalizing on the latter’s user base and security.
Despite the fact that PolygonPunks NFTs are a knockoff of the original CryptoPunks, they have managed to generate sales of more than $3 million. The PolygonPunks community has continued to grow, and sales have been quite stable throughout most of this expansion.
The most beneficial aspect of projects with such a decentralized structure is that any group of fervent fans can gather together and contribute their one-of-a-kind ideas to enhance a project and include it into the tradition of the community. PolygonPunks stands out as one of the most successful examples of initiatives of this kind.
Larva Labs, the company that developed the CryptoPunks, has lodged a complaint with the appropriate authorities on the PolygonPunks NFT collections’ alleged violation of their copyright.
As a direct consequence of this, Opensea has temporarily removed the PolygonPunks from their platform until further notice. In response, PolygonPunks sent a DMCA (copyright) counter notice in response to Larva Labs’ notification and ultimately prevailed in the legal dispute.
The PolygonPunks project’s legitimacy and value, which had been subject to growing doubt, were finally put to rest as a result of this development. The PolygonPunks NFT collection was re-listed on Opensea not long after that, and ever since then, its overall trade volume has only continued to rise.
Regardless of the debates that have taken place, the PolygonPunks community has made significant progress over time. The project started out with a slow but steady adoption rate, and then all of a sudden, the final few thousand NFTs were created in a matter of minutes.
Since that time, the project has been going through the price discovery phase, and the developers have been exerting a tremendous deal of work to expand the project. It would appear that it is just a matter of time before further crypto aficionados sign up for the Polygon community and find lucrative NFTs on the network.
The first NFT punks to be sold on Polygon are going to be quite popular with purchasers due to the fact that the collection has a history that is both interesting and recognisable. It is my hope that over time, seasoned professionals in the NFT area would see the value of PolygonPunks, which will also result in a transfer of their capital to the Polygon NFT marketplace and thus create even more demand.
Instructions on how to purchase PolygonPunks NFTs
Ether, the native currency of the Ethereum network, is used to purchase the vast majority of non-fungible tokens (NFTs) (ETH). Ether, like the vast majority of other cryptocurrencies, can be purchased with United States dollars via conversion to and from cryptocurrency on exchanges such as Coinbase, Kraken, and Gemini. Bitcoin, on the other hand, serves primarily as a kind of currency and a method of payment.
1.Creating an account with eToro is the first step.
To get started with eToro, you will need to register for an account with the company. You can accomplish this by going to the eToro website and entering some of your personal information there.
The next step is to deposit dollars into your eToro account and to verify your identity.
After your eToro account has been properly created, you will be asked to verify your identity before you are allowed to deposit any funds. In order to authenticate your eToro account, you will be required to supply some form of acceptable identification, which will then be checked by eToro within a few minutes. After your account has been verified, you can add funds to it in a number of different methods, including by using e-wallets like PayPal and Skrill, by using your debit or credit cards, or even by transferring money from your bank account.
Step 3: Buy Ethereum
You will be able to make a successful purchase of Ethereum once the funds have been added to the account. Proceed to the Search box located in the top right corner of the screen and put in Ethereum when you are ready to make a purchase. Simply enter the quantity of Ether that you wish to purchase into the appropriate box. The amount that you provide will then be transferred into your account, where it will be available for use in purchasing NFTs.
Connect your wallet to an NFT Marketplace, which is the fourth step.
After you have obtained enough Ether, the next step is to utilize WalletConnect in order to link your digital wallet to one of the many well-known marketplaces, such as OpenSea. To begin, navigate to the OpenSea website and click the account button located in the upper-right hand corner of the page. After you have clicked on the WalletConnect option that appears in the pop-up menu, you will be given the choice to either scan the QR code or supply the address of your own personal wallet. After you have completed all of the steps, your eToro wallet will be linked to OpenSea.
Where PolygonPunks may be purchased if they are currently available?
Despite the fact that PolygonPunks are advertised on the company’s main website, none of them are currently up for grabs because every last one of them has been purchased. You can begin your hunt for the NFT of your choosing to purchase on OpenSea by conducting a search for the PolygonPunks collection.
Simply click on the “Buy now” button, and a new page that describes the NFT you’re interested in will open. On this page, among other things, you’ll find a description, a list of properties, the current price, and so on. The next step can be taken in one of three different ways:
• Buy now
• Pay with a credit card
• Submitted an offer
Even though NFT marketplaces like Binance and Crypto.com do not currently have PolygonPunks listed, they do have a wide variety of other Punks that are available for purchase at significantly more reasonable pricing, with some alternatives priced at just $1.
For instance, “Polygon Punk” can be purchased at crypto.com for a floor price of merely $1. In a similar vein, Binance is selling a collection of 999 one-of-a-kind NFT collectibles called Firo Punks for a floor price of $22 each. Firo Punks were developed by an algorithm and are part of the Binance Smart Chain.
Is PolygonPunks Going to Be the Best New Token to Invest in in 2022?
PolygonPunks NFTs have the potential to be a profitable investment and are intended to replicate the immense commercial success of the CryptoPunks collection. If you are interested in becoming an early investment in an NFT project, there are even newer NFT collections that have not yet been minted in the year 2022. The Lucky Block Platinum Rollers Club collection is one such upcoming option; its release is planned for this month, and we consider it to be one of the top non-fiction titles available to purchase at the moment.
Lucky Block is now one of the most valuable alternative cryptocurrencies on the market because it provides a novel take on the traditional method by which lotteries are run. But in addition to that, there is something else that has captured the interest of the investors. That will be the collection of Lucky Block’s 10,000 NFTs that is coming soon. Each NFT that is added to the Lucky Block collection will serve as a sort of entry pass for the daily NFT prize draws that are hosted by Lucky Block. Just so there isn’t any confusion, these daily draws take place independently from the lottery draws that Lucky Block hosts. The grand prize for these daily drawings is $10,000, and it is awarded to one lucky winner each and every day.
The Platinum Rollers Club collection includes 25 NFTs referred to as “Rare Editions,” and each of these gives the owner of the NFT the ability to double the amount of prize money they receive if they win the daily jackpot. A suggestion that suggests individuals may soon be able to mint their own Lucky Block NFTs for the price of $1,500 has garnered the attention of a lot of people on the Lucky Block Telegram group.
In light of the fact that the price of LBLOCK increased by more than 3,200% in the first few weeks after it was listed on PancakeSwap, there is a significant opportunity for Lucky Block NFTs to increase in value on the secondary market.
Conclusion
PolygonPunks are an option for investment that is significantly less expensive than their Ethereum-based counterparts, known as CryptoPunks. This makes them an attractive choice for first-time investors.
The Platinum Rollers Club line by Lucky Block is yet another attractive and reasonably priced alternative. The release of this collection of 10,000 NFTs is scheduled for the month of March, and it will give owners the opportunity to participate in daily prize drawings that offer attractive prizes.
Because Lucky Block has been so successful up to this point, there is already a substantial amount of talk about this NFT collection; consequently, it is anticipated that these assets will sell out very quickly. If you are interested in purchasing this collection, please follow the link provided below to become a member of the Lucky Block Telegram group so that you can receive additional information regarding the forthcoming NFT drop. For additional information, take a look at the post that we have written about the most significant NFT dips of 2022.
