March 7, 2021

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CryptoPunks NFT Index Integrated on SushiSwap as PUNK Tokens

2 min read

CryptoPunks is one of the hottest things in the non-fungible token market at the moment. A new index for the pixelated characters has now been incorporated into the SushiSwap exchange.

NFT interest and sales are at record levels and one of the most popular collections is CryptoPunks. These are tiny pixelated characters with unique attributes represented by an Ethereum-based non-fungible token.

NFTX, the platform for making ERC-20 tokens that are backed by NFTs, has created funds or indexes based on these desirable collections. Using its NFTX DAO, the platform has now migrated five new funds onto the SushiSwap DEX for traders to invest in or provide liquidity for.

Go Ahead PUNK, Make My Day

PUNK is a token that represents the combined CryptoPunks index fund backed by multiple single CryptoPunks fund tokens. There are five token variants representing different types of characters.

A $PUNK-BASIC token is a single fund backed by any NFT from the collection. There are $PUNK-FEMALE variants backed by female NFTs and two other that are backed by four and five attribute CryptoPunks. The last token is $PUNK-ZOMBIE which are, you guessed it, backed by zombie-based characters from the collection.

Owners of the NFTs can supply them to one of these indexes to become a liquidity provider. As with regular pools, a second token, usually ETH, is also provided in order to start earning PUNKs. There is a caveat, however;

“Be aware that supplying your NFT as collateral mixes them with all other similar NFTs in that fund, making it a possibility that you will not be able to redeem the exact NFT when you redeem your fund token later.”

These CryptoPunks can vary wildly in value with the most expensive one being sold for a whopping 605 ETH in late January. This is the equivalent of approximately $747,000 according to NFT data aggregator CryptoSlam.

Record Sales of NFT CryptoPunks

Sales of these CryptoPunks have been going through the roof recently. CryptoSlam has reported that $2.8 million worth has changed hands in the past 24 hours.

Over the last seven days, NFT traders have snapped up $13.4 million in pixelated Punks while monthly sales are a whopping $23.3 million.

According to CoinGecko, the PUNK token itself was trading at $69,650 after hitting an all-time high of $73,500 on Feb. 16.

There were 10,000 CryptoPunks created originally, a capped supply — all unique and a successful experiment in digital scarcity. Billionaire investor Mark Cuban recently labeled NFTs as “game-changing”.

The post CryptoPunks NFT Index Integrated on SushiSwap as PUNK Tokens appeared first on BeInCrypto.

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