For sale: a CryptoPunk with an NFT data business attached
December 20, 2021, 5:35PM EST
1 min read
DeGenData.eth, a data provider for non-fungible tokens (NFTs), is being put up for sale -- and its operators are breaking new ground by tying the purchase to a particular CryptoPunk NFT.
As outlined in a tweet thread on Monday, the CryptoPunk in question, #5671, will be offered for sale starting January 1. "The new owner of this Punk will have the rights to claim DegenData product and assets."
"We see the lines of what NFTs are beginning to blur. Digital and physical worlds are intertwined now. NFTs aren't just profile pictures. They are becoming the value of what you create around them. It is time for us to push the space to think more about what NFTs represent," the team wrote, going on to note that DeGenData's parent company operates another data-focused project focused on crypto options.
"Our team feels strongly that we can be pioneers in crypto options analytics and pioneers in DeFi crypto options, for that reason we decided to sell DGD and using the proceeds to help build Genesis Volatility to its full potential, especially as we dig deeper into the DeFi world," they said.
According to DeGenData's official website, the CryptoPunk -- and the business -- will be offered for sale at a price of 420.69 ETH, an amount worth roughly $1.6 million at the current market price.
The crypto space has seen a notable spate of activity around data projects, including Dune Analytics' efforts to raise at a $1 billion valuation and the recent fundraise by Nansen, which secured funds at a $750 million valuation.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.