One of the most sought-after non-fungible token collections remains CryptoPunks. The series' valuation has risen dramatically in 2021 and now investors could get their hands on a fractional stake in a Punk for $10.
What Happened: Fractional asset ownership company Rally Rd. has offered sports cards, video games, wine, cars and Apple Inc AAPL memorabilia to investors and collectors.
The company will launch what could be its most anticipated launch in recent history with a fractional offering of CryptoPunk #9,670.
The offering is listed as coming soon with no listing date. The asset will be sold as 7,200 shares in the NFT at $10 each.
CryptoPunk #9,670 is one of 3,840 female Punks, one of 414 with crazy hair and one of 572 with nerd glasses. CryptoPunk #9,670 ranks #7,350 out of the 10,000 punks for its rarity.
Related Link: CryptoPunks Have Outperformed Bitcoin And Ethereum In 2021
Why It’s Important: Launched in 2017, the 24x24 pixelated NFTs called CryptoPunks remains one of the most valuable and demanded projects.
The cheapest CryptoPunk was $4,300 on Jan. 1. A punk was purchased by Gary Vee recently for $3.76 million. At the time of Vee’s purchase, the floor price for the cheapest Punk was $81,910.
Currently, the cheapest Punk for sale is 45 Ethereum ETH/USD, or around $137,432 at the time of writing.
Rally Rd. acquired the asset for $65,046 based on the wallet history for the Punk.
Unless Rally changes the offering price, investors could have a chance for a nice return on the asset. The Punk will likely see strong demand and sell out.
Assets are offered for trading every three months for a short window when bid and ask offers calculate a closing price for the asset.
Based on a current floor price of $137,000 and with continued rising demand, shares of this asset could be priced at double its offering three months from the listing.
Rally Rd. has also attracted buyout offers for several of its assets. Shareholders vote on the buyout offers. This Punk could see a quick buyout offer from a collector hoping to get the Punk somewhere between the listing price and floor price.
Image: CryptoPunk #9,670, Courtesy CryptoPunk
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