A leading fractional investment company started offering stakes in non-fungible tokens recently with the launch of a CryptoPunk offering. The company now has several NFTs on the platform.
What Happened: Rally Rd, which offers fractional ownership in sports cards, sports memorabilia, video games, wine, automotive, first edition books and Apple Inc AAPL memorabilia, is launching more NFT offerings.
The company launched its first NFT offering recently with CryptoPunk #9670 offered at a value of $72,000. The price was well below the current floor price, or lowest price, offered for a CryptoPunk for sale on the secondary market.
Rally priced the asset at $72,000 before a huge run started on the NFTs, leading to the floor price more than double the amount listed on the company’s site and app.
“It was pretty clear the market was moving fast, but no one predicted that fast, us included,” Rally Rd Founder and Chief Product Officer Rob Petrozzo told Benzinga.
The company decided not to change the price and offer a great entry point for new NFT investors. Rally also limited investments to two shares of the Punk per person.
“We want to make sure our customers feel comfortable making the investment.”
Rally offered a second CryptoPunk with the offering of CryptoPunk #8103, a VR punk. The company sold shares at $9.33 each valuing the asset at $559,800 and it is sold out.
Bored Ape Yacht Club Assets: Another popular NFT has recently found its way on Rally.
The company sold out an offering for Bored Ape Yacht Club #601, valuing the asset at $165,000 with shares offered at $10 each.
Bored Ape Yacht Club #7359 is listed on Rally with no release date. The asset will be sold with 19,000 shares at $10 each, valuing the Ape at $190,000.
Both Apes will be valued above the floor price of 39.9 Ethereum ETH/USD that is currently listed on OpenSea for Bored Ape Yacht Club.
Ape #7359 could be particularly interesting as it comes with traits of a spacesuit and a police motorcycle helmet, which both are featured in 1% of the 10,000 Apes.
The floor price on the police helmet is 48.8 ETH, or around $175,000. The floor price on the spacer suit is 63 ETH, or around $226,000.
What’s Next: In an interview with Benzinga, Petrozzo hinted that CryptoPunks were only the beginning for Rally in the NFT space.
“We never go into a space or try to chase a trend,” he said.
Petrozzo said that CryptoPunks were the perfect place for Rally to start with NFT fractional investment offerings: “This is the rookie card of NFTs and this particular NFT is the one that made the most sense for Rally.”
Many could argue that Bored Ape Yacht Club is the second biggest NFT by popularity and valuation.
Another popular and older NFT will join Rally in the coming months. The site has a Meebit listed as coming soon.
Meebits was a series of 20,000 NFTs from CryptoPunks parent, Larva Labs.
The offering will sell 15,000 shares of Meebit #15,511 at $5 each, valuing the asset at $75,000.
The floor price on Meebits is 3.98 ETH, or around $14,000. This Meebit is one of 711 pigs, which have a floor of 20.5 ETH, or around $74,000.
Investors can likely expect more NFT offerings from Rally as Petrozzo told Benzinga that NFTs have proven themselves as a “true asset class and a real collectible.”
Photo: Rally Rd.
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