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September 07, 2021

Visa, Steph Curry and NFTs

"Visa purchased their first NFT, CryptoPunk #7610, which is one of 3,840 female punks, for $150K. CryptoPunks is widely considered one of the first NFT projects on Ethereum. Launched in 2017 by Larva Labs, CryptoPunks are a collection of 10,000 images, with randomly generated characteristics making each image unique. The most expensive CryptoPunk ever sold was #3100 on March 11, 2021 for 4.2K ETH ($7.58mm). The current floor price for CryptoPunks has reached ~118 ETH ($381K). Over the past 4 weeks, 203.8K ETH ($637mm) worth of CryptoPunks have been sold and 466K ETH ($1.18B) since inception.

Steph Curry, All-Star NBA player on the Warriors, is now a part of the Bored Ape Yacht Club, purchasing 1 of 10,000 Bored Apes pictured below for 55 ETH. Bored Ape Yacht Club (BAYC) NFTs have been some of the best-selling NFTs over the past few months with CryptoPunks and Art Blocks. The floor price of an Ape today is roughly 45 ETH.

NFTs may be a fad but the resurgence in demand and mainstream adoption will help create some stability in the space."

-Harsharn Singh, Investment Associate @ Ember Fund

Thank you for reading!

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