As an avid user of social media, this topic excites me due to the numerous celebrities utilizing it. Crypto Punks are a set of 10,000 different pixelated figures that are all being valued highly on the auction house. The founders of these punks, Matt Hall and John Watkinson stated that the inspiration for these punks came from the punk scene in London. Celebrities like Faze Banks, Logan Paul and Diplo have made it very clear about investing in these cryptopunks as a large portion of their social media “stories” have been dedicated to showing their purchases.
One common question that I have both heard and wondered is what caused the fame of these strange figures? The simple answer is that the idea of owning a cryptopunk and showing it off to millions via social media profile photos is a lot more fun than investing in stocks and hoping for a solid return. Since there are 10,000 of these cryptopunks, there are thousands of characteristics that can make punks rare, for example a certain style of hair, a unique hat or really anything. Another characteristic which can make a punk rare is the person who owns the punk, which in my opinion should not really matter. Moving on, these punks can only be acquired through ethereum which means that if anyone had invested in ethereum before the rise of these punks, they are in very good hands. Lastly, another factor that has definitely contributed to the rise of these punks is allowing people to bid for certain punks. This allows for a competitive nature for the ones bidding and also allows for the seller of a certain punk to gain maximum profit.
The future of these cryptopunks is something that is unknown, is this a trend which will die by the end of 2021?, or is this a concept that makes investing more fun and is here to stay? Personally I feel that these punks are here to stay because of the newer generations’ involvement with the concept. Because of the millions of followers celebrities like Logan Paul, Faze Banks and Diplo have, the concept of doing the same things their mentors are doing is probably very appealing to them. Even though this will obviously not be every person’s reason for getting into trading punks, my point is that with the reach celebrities have nowadays, many more people will get interested in a new idea like this.
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