A couple of days ago I talked about Punks and the lack of activity in NFT trade. After my interactions in the publication, I realised that perhaps there's a cultural difference between me and western societies that hinders my understanding of the concept.
In any case, themarkymark likened the concept to baseball trading cards and that kind of stuff that I've never encountered in my life. I've seen them being referenced in Hollywood movies, I'm aware that they often have value and are also traded.
So, I decided to get in the groove of Punk trading/flipping and figure out how much value I could derive from the activity.
At the time of writing, the punk market on Hive is still a narrow corridor. Data shows that only a limited number of people are buying and selling the NFTs but when you consider the limited amount of the collection in the market, I guess it is not so bad.
Anyway, prior to buying my first punk off the market, I sold two punks for 20 Hive each and paid a fee of 2 hive for each sale. These two represent my first and second sales of any pfp NFT I've ever owned.
I've been looking at different aspects of punks and how the trading works. From what I've deduced so far, the punks with a higher rarity score are traded for higher prices.
In the past couple of weeks, it has been mostly lowly rated punks being traded but if you scroll further down the market history, you'll see some interesting deals.
Data in the market history shows that between May and June, 500 Hive is the maximum paid for a punk that had a rarity score of 830. Putting it into perspective, the rarest of all punks has a score of 5,332.
It is a free market and everyone can sell their punk at the price they choose but if we were to scale up the price of the rarest punk based on the aforementioned 500 Hive sale, it will cost at least 3200 Hive.
On the market, there are also a couple of punks with low rarity punks that are outrageously priced. Well, we're in the magic internet money industry, I guess nothing is too big to dream of.
Right now, I hold a total of 8 punks. It use to be 9 but I sold two and then bought a different one back from the market.
At the time of writing, I only have two punks on the market while the other 6 are just sitting in my gallery. One of them is currently my verified profile picture.
My rarest punk is Darius Vega with a score of 319 and it's listed on the market as well. If the sale goes through, I'm going to be watching the market to see if I can pick up another with a higher rarity.
I'm going to slowly get in the groove of Punk trading and maybe this could be my gateway to understanding the NFT pfp flipping market.
My view about pfp projects hasn't changed but at the same time, what's the point in whining about the game when I can just play it by the rules?
