The researchers at University of Nicosia’s Institute For the Future (IFF) have estimated that the value of all CryptoPunks, the first and well-known NFT (Non-Fungible Token) project and ecosystem based on Ethereum, exceeds $1.95 billion.
As far as the IFF research team knows, this marks the first time that a market capitalization has been calculated for a pure NFT ecosystem.
The IFF team has studied CryptoPunk’s sales data from January 1, 2021 to current time in order to estimate the unit value. The aggregate value of each CryptoPunks is estimated to cost 476,113 ETH (equivalent to $1.9 billion as of writing) on May 9, 2021.
Establishing ecosystem-wide valuations across thousands or tens of thousands of NFT assets can only be done through automated analysis and is a critical missing link in the NFT ecosystem. We look forward to further refining our valuation models and extending them to other NFT projects in the coming weeks.
Ali Tayari, Team Lead of IIF Research Team
NFTs are already a multi-billion dollar industry, in part due to pioneering work by Larva Labs, the creators of CryptoPunks. We believe that, over time, NFTs will extend from arts and collectibles to represent a wide range of assets, services and communities. By the end of the decade, NFTs will represent trillions of dollars in value in a digitally native format. It is critical for all stakeholders in this ecosystem to have robust and credible automated measures of value, and we hope that IFF can play a key role in establishing benchmarks in this exciting field.
Antonis Polemitis, Director of IFF and CEO of the University of Nicosia
The valuations of CryptoPunk are recalculated every day. The latest estimations can be found at NFTValuations.com.
