Originally written months ago during the Phunk's minting, I rewrote it to better flow for YouTube. I'm still experimenting with different types of content so I'll be making efforts to post on YouTube too. All the links from the Crypto Phunks team can be found here: https://linktr.ee/cryptophunks
Everyone knows NFT investing has to do with timing, community, and networking, but what does the Christian Reformation have to do with NFTs? More than you think. It revolves around the almighty question, "who gets to determine what?". In today's video, I go over the NFT project I think might just flip punks.
Today we're going to talk about an NFT project that has the potential to be worth more than crypto punks in the long term. If you're reading this - you know what crypto punks are. But if you want a quick refresher, it was one of the first NFT projects on Ethereum, created by Larva Labs in June 2017. It laid the groundwork for the future of 10k profile picture collections. Well, it's 2021 now, and the floor price (the lowest price) is now above 100E(400k~). Since then, we saw the rise of Bored Ape, but even BAYC's floor is ~35E, which is good but still far away from 100E. So what project could possibly flip Punks?
Three words: Flipped. Punks. Phunks.
This is going to take some explaining.
History of the Phunk
There is a lush history for this project that if there's any interest, I can go in deeper, but I'll be giving you the quick rundown for now.
- Project releases
- Get's banned and reinstated twice until an eventual banning from Opensea because Larva Labs sent a cease and desist.
- This shows the hypocrticial nature of both Larva Labs and Opensea. Larva Labs, despite benefiting greatly from the decentralized market, shows that as soon as it benefits them to do so, they will turn their backs on everything that made them.
- Opensea has its own fair share of contrevourseys, one of them being the main developer using inside information to pump and dumb on its users. But the question we care about in this video is "Who get's to determine what". Who gets to determine which projects are legit? I thought decentralization meant we allowed the market to determine what has value and what does not. But apparently, for Opensea, they don't see it the same way.
- After the final banning, the Phunks stood together in defense of decentralization. Slowly building while their price dropped over time... until..
- OG community members of the Phunk project create their own NotLarvaLabs comes back hard as ever with their own identical LarvaLab's website and market place and the price skyrockets.
Okay, that's all the background you need; let's get to what makes this project so exciting.
First and foremost, the current state of things, the original Phunks were minted for 0.05E and has since bubbled up to an average over 1.4E. That's a 28 times increase. That's exciting, but I believe there may be more in store for the phunks.
There is a growing number of punk owners who are looking to pick up their Phunk counterparts. The big question is... why?
Just like all legends, it's because Phunks have a good story. It's David and the goliath. A battle between the small and valiant (Phunk) vs. big and influencial (OS, LL)
Initially, when Opensea first banned the project, the question revolving around the project was "What is considered a derivative?", but come time for the third ban, the conversation shifted to "What does it mean to be decentralized?".
Phunks call into question what being a "punk" means. Is it simply that you can purchase an NFT online? Or is there more behind being a "Punk"? A way to continue carrying the torch of decentralization is to stand side-by-side with fellow holders who see beyond the pixels. As the Phunk community rallies behind producing a more decentralized community, it may make Phunks the new punks in a Post-Punk world.
A battle of beliefs
If it isn't clear yet, Phunks are Punks but with a decentralized twist. The decentralized theme even goes as far as the team setting up their own marketplace with 0% fees. Because Phunks aren't on the biggest market, the devs did their best with having many different ways to purchase. You can get them on Rariable, Cargo, NFTx, etc. I'm a fan of NFT LP pools in particular but that's a topic for another day.
A decentralized punk with a team that pours their efforts in creating decentralized tools and are actively looking to build more..
Sounds like the perfect set up for an parabolic pricing. That's why I feel like this NFT project has the potential to flip punks.
Or maybe not!
Just like how the Christian reformation did not end with the complete destruction of the church but instead arose 2 different factions which agree on most things but differ on major subjects in this case: decentralization.
Which one wins in the end? The one with the most believers.