Let's Punk!

Two days ago I bought my first Punk and now I'm a proud owner of three Punks. Yes, I bought one and minted two :)

When the minting was over, which lasted 36 hours in total by the way, I thought I would be left with my two Punks I minted as buying from the market at that time seemed out of the question for me. The hype was at such a level that made prices sky rocket. It was kind of obvious everyone wanted to be a billionaire in a day or two by trying to sell Punks at BTC's price.

Let's Talk Finances

At the time of minting, I remember the minting price for 1 Punk was 20 HIVE (during HiveFest) and HIVE was at $0.8 at that time. So each Punk was basically $16.

A few rare Punks got sold right after the minting was over, among which, the most expensive so far was sold for 5,555 Hive. Imagine selling a Punk for 5,555 Hive (minus 10% fee at that time), that was minted for 20 HIVE ($0.8/HIVE at that time), then HIVE reached its ATH at $3.41.

5,555 HIVE - 10% = 5000 HIVE
5000 * $3.41 = $17,050

Obviously this is speculation (or simulation) as we don't know what the seller did but was a possibility to make some money.

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Since then, we got some good functions at https://punks.usehive.com which allow us to monitor the market based on a few important criteria. I've been watching what has been happening and I can say there have been waives of selling and buying, depending on one's focus and interest.

Two days ago Hadleigh Mendoza, a businesswoman showed up on the market at 13 HIVE and I could not get her out of my mind. She's not so rare, as her rarity score is 102, but I liked her a lot, so she's mine now. If I look at the dollar value of this Punk, it costed me a little over $13, cheaper than the minting price. Hive was trading at $1.02 or so when I bought it.

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Where Is The Punk Market Going?

When the punks were minted I was thinking what's going to happen next, when the hype is over. As usual, some have sold their Punks for a quick profit, others have tried to sell their Punks that are not so rare, to get their initial investment back and there has been a few high value sales as well.

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Like these. 3000 means sold for 3000 HIVE.SWAP. Not bad at all for $16 the initial minting price, even if you count the selling fee.

So now comes the question, where is the punk market going? What's happening right now?

We've seen a few interesting moves, which led me to believe people are collecting Punks based on certain criteria, not just price.

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These Punks have been bought by the same buyer, which makes me think they are collecting these type of Punks. These are the simplest one, so their price is kind of floor level.

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Again, these have been bought by one individual and as you can see, the main idea has been (most likely) to collect the ones with that interesting red hat.

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I can see the same goal here, making a collection by buying the same type of Punks. Most likely there are people collecting Punks based on occupation and other criteria, but it's hard to search those at the moment.

The floor price is varying all the time, at the time of writing the cheapest Punk is at 17.5 HIVE with a rarity index of 78. So right now I think Punks are migrating from one wallet to another, sometimes you see really cheep Punks, sometimes you see a few high value sales, but I think many are just HODLing, waiting.

What's The Future Looking Like For Hive Punks

Right now, apart from enjoying holding these Punks and using them as your avatar, there's not much use of them (I'm not complaining). But I need to mention that it's still very early. It's been only three months or so since Punks were minted.

Obviously no one knows what the future holds for these Punks, but I've seen discussions regarding possible future development. We could be having games including these Punks. If that happens, the market will look very different and maybe there will be need for a leasing platform as well.

There are further things to come, like the auction platform, which will be not only fun but useful as well. Auctioning something is always fun.

I still think the best option for now is to HODL and buy if you have the necessary funds. You never know when some cheap Punks can show up, giving you the opportunity of your lifetime.

Last, but not least, I'd like to thank @themarkymark once again, for all the work he's doing.

Also please check out his last post My thoughts after selling 10,000 NFTs in 36 hours, to learn more about the process. It's an interesting read.

Another interesting read comes from Empo. Using HivePunks as a tool to onboard people on Hive & my punks on hive experience so far. There is use for them, you just have to be open minded :)

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Anyway, I'm looking forward to the next NFT project on Hive, as I'm sure there's more to come. I'm going to make sure to have enough funds to participate. Minting is kind of like playing the lottery, but it is profitable, if you play big. They say go big or go home and in this instance, those who were minting bigger batches, had the chance to get some really valuable ones. I wasn't ready honestly (yeah, my loss), so I did what I could without selling my kidney, but I'm not complaining as my Punks are not the most commons. One has a rarity index of 206, the other 290. It's way better then getting two of 75 or so :)

So what about you? Are you buying or selling Punks? Are you ready for the next adventure?

Posted Using LeoFinance ^Beta