The floor price for the popular non-fungible token (NFT) collection CryptoPunks surged 10% in the last 24 hours, according to data from CoinGecko.
The spike in interest is likely due to the recent partnership between high-end jewelry brand Tiffany & Co. and blockchain startup Chain, which will give Punk owners a chance to purchase up to three diamond-encrusted necklaces for 30 ETH (around $50,000) each on Aug. 5.
The floor price for the collection, which is the lowest-price edition available to buy on the open market, is now 74.5 ETH (around $125,000). The collection’s floor price, however, is still below its yearly high of 83 ETH (around $135,000) set on July 16.
According to data from OpenSea, CryptoPunks has seen 1,400 ETH (around $2.3 million) in trade volume in the last 24 hours, a 2,200% increase from the previous day. Punk Vault, a token investor that can purchase to gain exposure to the value of a larger CryptoPunks collection is also up 5% in the last 24 hours.
Collectors loading up on specific NFTs after an announcement isn’t new. The Bored Ape Yacht Club (BAYC) collection saw a similar spike in floor prices following the announcement of ApeCoin, a token that was rumored to be airdropped to BAYC holders. The floor price for the collection increased as much as 30% in the days following, falling back to pre-announcement levels the next week.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.