Bidding prices for CryptoPunks, a popular NFT collectible, have surged 10 per cent in the past 24 hours, according to CoinGecko.
The surge in interest in CryptoPunks could be due to a recent partnership between high-end jewelry brand Tiffany and blockchain upstart Chain that allows CryptoPunk owners to be able to sell 30 ether tokens (around $50,000) each,
Buy up to three limited-edition diamond necklace pendants on August 5.
Tiffany will sell 250 custom diamond-encrusted pendants to CryptoPunks NFT holders for 30 ether tokens each.
According to Tiffany’s website, each pendant will contain 30 diamonds and precious stones.
The pendant will be available on August 5, and only CryptoPunk owners will be able to buy it in NFTS that can be exchanged for physical pendants.
If it sells out, Tiffany will net $12 million, plus more from reselling the rights.
Online reaction to the news has been mixed, with some criticising the price tag and others praising the collaboration as a way to further boost the collection’s image.
The CryptoPunks collection is currently trading at a low of 74.5 ether tokens (about $125,000), though it is still below its high of 83 ether tokens set on July 16.
According to NFT platform OpenSea, CryptoPunks traded 1,400 ether tokens (about $2.3 million) in the last 24 hours, a 2,200-percent jump from the previous trading day.
Punk Vault, a token that allows you to buy exposure to a rise in the value of CryptoPunks, is also up 5% in the past 24 hours.
It’s not unusual for collectors to rush in to buy specific NFTS after news breaks.
For example, the price of such NFTS also spiked after BAYC’s earlier announcement of ApeCoin.