This week we saw yet another explosive project in the NFT world come into fruition. The latest pixel art pfp project to see viral success, drawing speculation that it could replace the Crypto Punks project is the CryptoSkulls NFT project. CryptoSkulls, a collection of 10,000 pixelated skull pfp NFTs, has drawn massive attention in the last 24 hours. The buzz comes after investor and celebrity entrepreneur Gary Vaynerchuk revealed in a Twitter space on Friday that he has purchased a CryptoSkulls NFT for 100 ETH.
Vaynerchuk’s decision to purchase a CryptoSkulls NFT came as no surprise to those that have paid attention to what the entrepreneur likes about older NFT projects. CryptoSkulls, an NFT project that launched in 2019, was one of the first 10,000 NFT projects to launch on Ethereum. The significance of the project's early adoption of NFT technology does not go unnoticed, and since Vaynerchuk disclosed his interest in the project, NFT enthusiasts and investors have been buzzing with speculation that the project could be the next to see explosive growth in value over the next several months.
Attention was first brought to the CryptoSkulls project several days ago, when collector Medved discussed the project on Twitter after finding it last fall. Right now, a CryptoSkull will cost you around 2 ETH or more, with the prices averaging around there for most that are listed on OpenSea right now. Vaynerchuk, who purchased a CryptoSkulls for 100 ETH, or around $300,000 USD, says that some of the oldest NFT projects are what grabs his interest the most calling them “vintage. WIth so many new projects entering the NFT space in recent months, older projects are creating more value for themselves as collectible items.
Long term, many experts predict that the NFT space will become a place of day to day consumer use, where things like concert tickets, digital merchandise and other collectibles are sold as an NFT with the ability for instantaneous authentication and consumer rewards as a major incentive for mass adoption. Today, investors are utilizing the space for collectibles, trading one popular project for another, with 2 major investors selling their Crypto Punks for Cryptoskulls and more considering it.
Regardless of where pfp NFTs will end up, there is no denying that the industry is ripe with massive investment opportunities that incentivize NFT enthusiasts to continue looking for the next big project. Currently, pfp NFTs are being sold for massive numbers, often outdoing single pieces of art that are sold on OpenSea as individual pieces. CryptoSkulls, which has a lot in common with other successful projects like Crypto Punks and Bored Ape in terms of its massive community and celebrity investors, has quickly shot up in both trading volume and floor price to nearly 4 ETH. The project also gives holders full licensing rights, which is another similarity it shares with other successful NFT projects.
To hear about the latest projects that major investors are interested in, keep up with our blog. There are many opportunities for growth within the NFT space, and massive projects are popping up on a regular basis. With more people selling their Crypto Punks for CryptoSkulls, there is no question that the 2019 project could become the next major one to give investors massive returns. Since the Twitter Live, the project has shot up on OpenSea to one of the top selling projects over the last 7 days.
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