Expert Sees Upside in CryptoPunks NFT Collection

Former Goldman Sachs top executive and macro investor Raoul Pal pointed to the investment upside in NFT-collection CryptoPunks.

Punks are starting to get very interesting…they have held up in dollar terms at around $100k but in ETH the tax season plus Blur farming has led to near-distressed prices.

As ETH rises over time, excess gains get recycled into trophy assets, with a lag. Same as Trad art when… pic.twitter.com/hUib2ZyYtY

— Raoul Pal (@RaoulGMI) April 16, 2023

«CryptoPunks are becoming very interesting. In dollar terms they are around $100,000, but the Ethereum tax season and launch of Blur led to a drop in NFT prices», he said.

Pal noted that as Ethereum—the second-largest cryptocurrency by market capitalization—rises, collectible assets also strengthen, albeit with a small lag.

He also noted Ethereum investors’ tendency to reinvest profits into non-fungible tokens even amid inflation, focusing solely on social signals.

In a recent interview with digital artist FVCKRENDER, the expert said that NFTs are changing the game and allow creators to act as “pioneers” for the mass adoption of Web3.

«[Artists] have drawn millions of people to the blockchain. Frankly, artists are the people who truly lead movements, whether they are musicians or painters», the macroeconomist added.

In October 2022 an unknown trader bought CryptoPunk #2924 for 3,300 ETH (more than $4.4 million at the time of the deal).

In March 2023, collector Brandon Riley accidentally burned his NFT from the same collection worth about $129,000.