Issue #23
Week 7 2021

PUNKAMANIA

Welcome back NFT fanatics! We left off last week with all time high bids being placed on two Alien Punks.

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1.8M-Alien-Bid-1

Well, neither of these bids were accepted or countered. Still, it has been another unprecedented and record-setting week for Larva Labs NFTs! Both CryptoPunks and AutoGlyphs have exploded in price, with a โ€˜floorโ€™ CryptoPunk now costing upwards of 15 ETH each!

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Itโ€™s not just the floor Punks on the move, 4 of the top 10 all time CryptoPunk sales have been made in the past five days!

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Thatโ€™s right. 2 single attribute Apes have broken the previous Alien Punk sales record.

Ape Punk #4156 bought by GaryVee, we are still trying to find out who bought the 800ETH Ape.

The 800 ETH APE #6965 is the highest ETH and USD NFT purchase ever made! 

The previously held Zombie sales record was broken, and two days later broken again!

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What an incredible record-setting week for NFTs! Punks are once again the number 1 NFT project by market cap. Three times the volume of this week's runner-up project, Hashmasks.

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Here is some quick CryptoPunk price and chart data from this morningโ€ฆ

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I am guessing Feb 21st wonโ€™t look like a dip by the end of the day

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Another individual sale well worth mentioning occurred this week, and boy was it exciting to watch! After a couple days of watching the initial listing price slowly reduce, a full set of AutoGlyphs sold for 731 ETH! Big congrats to the new owner SETHS for his purchase, and to the Larva Labs developers for their record breaking Glyph sale. Well earned by both parties. As it turns out, the purchaser of this set also made the recent Alien Punk #2890 sale!

Glyphs-For-Sale-2-21

Though there are frequent special happenings in the Larva Labs Discord, another jumped out at us this week as well. 'NateAlexNFT, long term Larva Labs follower and creator of www.chainfaces.co, www.squiggly.wtf, and infinft.com, sold his all-time favorite NFT, Punk #5684, for the โ€˜lowโ€™ price of 44 ETH back in August 2020.

Punk-5684

With the recent Punk explosion he bid 100 ETH on it in hopes of just maybe 'getting a pity acceptance', which failed. Apparently DANNY says he is never getting her back ๐Ÿ™โ€โ™‚๏ธ For Nate, this is 'un-ironically the Punk that got away'.

โ€˜I started to really love punks in the months I held my best one. I got to know a lot of the Punk OGs and found I enjoyed the community in much the same way I did in earlier day CK. I understood at last, Punks were special. I wanted more but I always was waiting for the price to drop, which never really happened!โ€™ 

Thanks for sharing your story with RLE. Let us all learn from Nate!

Larva Labs Discord welcomes an exciting new member...

garyvee

He wonโ€™t be on his own!

Better hide emโ€™ gang, this is going to be good. Until next time Punkamaniacs!

BREAKING:

At the time of writing some omega level chad scooped the punk floor from 13.5 ETH all the way to 18 ETH.

Total spend was about 560 ETH.

Some early rumors are developing that Chamath Palihapitiya 
was behind the buy. Another prediction made by Redlioneye after he saw the now deleted tweet by MrBeast.๏ปฟ

He might be scooping the punk floor soon for a YT video. In any case, we are living the most exciting NFT days ever! History is happening right in front of our eyes daily!

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BTC ATH

BTC-58K

Bitcoin has set another all time high, surpassing $58,000. Up nearly 100% this year. The total BTC market cap has also surpassed one trillion dollars for the first time in itโ€™s 12 year existence. A massive psychological level which was reached extremely fast!

Is there a news catalyst to search for which explains this latest price surge? Bank of New York Mellon, the oldest bank in the US announced they would soon begin transacting Bitcoin. MicroStrategyโ€™s additional $250 Million treasury to BTC conversion, along with plans to raise another $900 million to buy even more? Tesla taking a massive treasury position in BTC of their own? (Not to mention Elonโ€™s Twitter profile action!)

Grayscale has been continually purchasing BTC faster than it has been mined in calendar 2021. The Motley Fool stock advisement platform has announced a $5 Million BTC investment of their own, siting all those long familiar reasons. Itโ€™s becoming a bit self-evident, isnโ€™t it? The price rise is to do with what has frequently been declared inevitable. Ongoing demand (now institutional demand) meeting dwindling supply. Binance CEO Changpeng Zhao has recently suggested that what we are now witnessing is only the beginning, and most are still unprepared for what comes next...

btc-ath2

โ€œRight now, only 11 companies have announced they are allocating some, like usually less than 1% of their corporate treasury, to Bitcoin. And we think that is most likely what caused the initial price rise. I think Microstrategyโ€™s Michael Saylor started it first. But there are 650,000 companies in the worldโ€ฆ like relatively established companies in the world. And their treasury is huge.

If all of them only allocated 1% to Bitcoin we are going to see, I donโ€™t know, 1,000x more growth in Bitcoin price. And if they allocate more than 1%, thatโ€™s going to be even bigger. So I think people donโ€™t quite get the magnitude of the wave that is about to hit us.โ€

Zhao has also expressed that their exchange is onboarding new individual users at a continual and unprecedented rate, even outpacing their user growth during the 2017 bull run.

โ€œJust to give people an idea, in 2017 when Bitcoin hit the peak of about $20,000 we were seeing 300,000 new registered users per day. And that only happened for a couple of days and then it kind of trailed off and became slower. Now we are seeing sustained new user registrations above that peak and sustained over like the last 2-3 months. And itโ€™s increasing.โ€

Even once highly skeptical and reluctant financial experts are beginning to adjust their views. Times are changing.

There is no shortage of similarly bullish price targets going forward. โ€˜In a three-way interview on The Investorโ€™s Podcast Network, on-chain data expert Woo reveals that by his estimations, whales are heavily accumulating BTC while retail investors are just getting started, indicating that Bitcoin is still in the early stages of a bull market.

Breaking: ETH ATH above $2,000!

On Saturday, February 20th, following shortly behind BTC, Ethereum has also posted new all-time highs. After breaking through $2,000 the second largest market cap crypto retraced only slightly before finding support near $1,850, rebounding quickly to above $1,950...

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Beepleโ€™s shit is selling at an auction house!

After coming off his recent success of selling his collection โ€œ2020 Everydays,โ€ Beeple has announced his next NFT piece will be auctioned off at a major auction house. This is a crazy motherfucken deal for the crypto community.

Christieโ€™s, the auction house, announced on Tuesday, Feb.16, that they will sell Beepleโ€™s new piece, โ€œFirst 5000 Days.โ€ This will make Christieโ€™s become the first major auction house to sell a completely digital NFT. They also announced they will accept ETH as a form of payment, which is also a first for an auction house.

What better way of Christieโ€™s doing all these first than with Beeple? He is the motherfucker that revolutionized his iconic $1 editions. Beeple seems to continually be pushing the envelope of how NFTs can be sold and marketed. To put it simply, heโ€™s a genius.

Beeple wrote in his Instagram announcement, โ€œI could not be more honored and humbled to be representing the digital art community for this historic sale!!!โ€

First 5000 Days

The piece that is being auctioned off is a stitched picture of all of his works from every day for the past 13 years. From his starting of basic drawings to his more recent 3D works, you get to see his progression through time as an artist.

The auction will start on Feb. 25 and last until Mar. 11 and will begin with a bidding price of $100. One interesting fact, an auction house will usually set an estimated value price of the work, but in Beepleโ€™s case, because it is the first time a fully digital NFT will be sold, the estimated value is unknown.

beeple

One person to look out for in this auction is Metakovan from Metepurse. Letโ€™s take a quick look at what Metakovan has been up to and why he would be a favorite to win the auction. 

After buying up, all of Beepleโ€™s 1/1 NFTโ€™s Metepurse announced Metapalooza, the largest metaverse event in history. The event was to celebrate the launch of the B.20 bundle and the museum of Beepleโ€™s work. The B.20 bundle included 20 of Beeples and was tokenized and sold. This allowed buyers to purchase a part of Beepleโ€™s work which is an interesting concept because instead of just appreciating the artwork a person can now know they own a part of it.

So why would Metakovan be a favorite?

Well, I believe he would want to add to the museum and continue on his work of the B.20 bundle. It definitely is not guaranteed that he is going to win or even bid, but one thing is for sure; the auction will break a recordโ€ฆof the most expensive, completely digital, NFT sold by an auction house.

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Fake Banksy Skem

Last Sunday, Feb. 14, a new account called "Pest Supply" popped up and started selling NFT Banksy look-alikes. 

Pest Supply was able to make 512 ETH off of this ingenious scheme. Because Bansky is known for doing secretive projects, people jump on board.  Pest Supply started selling on Feb. 14 but became super active on Feb. 19, selling most of the pieces. The account eventually got banned on OpenSea, and all of the transaction histories have been wiped. 

The NFT used the same stencil art style, and the pieces have some political undertones Banksy is known for. The works brought much hype, and one was bought by 0xb1 for 34 ETH.

fake-banksy

Why would people buy this?

The first reason is Banksy is known for secretive projects. For example, he once sold original pieces for $60 in Central Park. Secondly, "Pest Control'' is a non-for-profit company run by Banksy that acts as an authenticator for his artwork. Although itโ€™s unlikely in this case, Pest Control is known for denying ongoing works by Banksy. Besides these points, some were able to quickly point out how it was most likely a scam and not a true Banksy work, including us.

Why might these pieces be fake? 

Max Osiris emailed Pest Control trying to get the authentication of the NFT. Pest Control denied any affiliation in any shape or form with the supposed Banksy account. This might be the nail in the coffin for some, but Pest Control is known for denying ongoing works by Banksy.

The most apparent clue that these are fake Banksy's comes from Pest Supply's Rarible bio. It says, "Blocked by decentralized OpenSea as they have no idea who Elaine Sturtevant is and know nothing about art history." For those who don't know art history, Elaine Sturtevant is an American painter known for making replicas of other artists' work. So, Pet Supply is hinting they're trying to be Elaine Sturtevant by making replicas of Banksy.

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A great thread to look at is one made by ETHBULL. Here they explain how Pest Supply's address has been selling other NFTs before creating the Banksy look-alikes.

What has come of this?

Pransky jumped on the train and minted his own Banksy look-alike NFTs. This joke has the very thoughtful name "Pest Demands" and is currently sold at 0.25 ETH. 

Also, Pest Demands has donated 23.2 ETH to Save The Children. The donation was funded by the piece "Save The Children Red Edition." So that's definitely a good thing to come out of it. The guy was able to make over $1 million in this scheme and also made a donation to charity...

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