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Cryptocurrency12 hours ago (Mar 13, 2022 15:40)
© Reuters. If You Bought A CryptoPunk When Jay-Z Changed His Profile Picture, Here’s How Much Your Investment Would Be Up
You might have 99 problems, but if you bought a CryptoPunk based on Jay-Z’s NFT investment, it likely isn’t one.
What Happened: Rapper and entrepreneur Jay-Z (also known as Shawn Carter) purchased CryptoPunk #6095 on Apr. 25, 2021. The purchase price was 55 (CRYPTO: ETH), or around $127,000 at the time.
CryptoPunk #6095 has the gold chain (2% of all Punks) and wild hair (4% of Punks) traits. The Punk is also a male, which is a trait seen in 60% of the 10,000 NFT collection.
CryptoPunks were released in 2017 by Larva Labs and are considered one of the first Ethereum non-fungible token collections of all-time.
On June 25, 2021, Jay-Z changed his profile picture on Twitter Inc (NYSE: NYSE:) to feature his CryptoPunk. The Punk remains Jay-Z’s Twitter profile picture today on the social media platform, where he boasts over three million followers.
The floor price on CryptoPunks is 72 ETH, or $186,564 today. Given the scarcity of the traits on Jay-Z’s punk, it is likely worth more than the floor.
Related Link: Biggest NFT News Ever? Bored Ape Yacht Club Parent Yuga Labs Acquires CryptoPunks And Meebits Rights
Buying a CryptoPunk After Jay-Z: Investors or NFT collectors who saw Jay-Z make the profile picture change could have seen an investment opportunity.
Jay-Z was one of several celebrities who have purchased CryptoPunks.
The floor price on CryptoPunks was around 30.3 Ethereum when Jay-Z changed his profile picture.
Buying a floor Punk at the time of Jay-Z’s profile picture change would leave little doubt that it has been a great investment.
To anyone who said can I get a CryptoPunk after Jay-Z made the profile picture change, they would have paid an average of 30.3 ETH or $70,174.
The investment of $70,174 would be worth $186,564 today, representing a gain of 166% in less than nine months.
What more can I say, it was probably a great time to buy a CryptoPunk.
Photo: Courtesy of whittlz on Flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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