You might have 99 problems, but if you bought a CryptoPunk based on Jay-Z’s NFT investment, it likely isn’t one.
What Happened: Rapper and entrepreneur Jay-Z (also known as Shawn Carter) purchased CryptoPunk #6095 on Apr. 25, 2021. The purchase price was 55 Ethereum ETH/USD, or around $127,000 at the time.
CryptoPunk #6095 has the gold chain (2% of all Punks) and wild hair (4% of Punks) traits. The Punk is also a male, which is a trait seen in 60% of the 10,000 NFT collection.
On June 25, 2021, Jay-Z changed his profile picture on Twitter Inc TWTR to feature his CryptoPunk. The Punk remains Jay-Z’s Twitter profile picture today on the social media platform, where he boasts over three million followers.
The floor price on CryptoPunks is 72 ETH, or $186,564 today. Given the scarcity of the traits on Jay-Z’s punk, it is likely worth more than the floor.
Buying a CryptoPunk After Jay-Z: Investors or NFT collectors who saw Jay-Z make the profile picture change could have seen an investment opportunity.
Jay-Z was one of several celebrities who have purchased CryptoPunks.
The floor price on CryptoPunks was around 30.3 Ethereum when Jay-Z changed his profile picture.
Buying a floor Punk at the time of Jay-Z’s profile picture change would leave little doubt that it has been a great investment.
To anyone who said can I get a CryptoPunk after Jay-Z made the profile picture change, they would have paid an average of 30.3 ETH or $70,174.
The investment of $70,174 would be worth $186,564 today, representing a gain of 166% in less than nine months.
What more can I say, it was probably a great time to buy a CryptoPunk.
Photo: Courtesy of whittlz on Flickr
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