BitMEX co-founder Arthur Hayes asserts that the CryptoPunks NFT collection will surpass Ethereum in the upcoming cycle, linking this to status culture online.
The Role of Status and Intangible Assets
Hayes states that as Ethereum gains institutional traction, holders will increasingly showcase their wealth through digital art and status NFTs like CryptoPunks.
> “Cryptopunks will outperform $ETH this cycle in $ terms bc $ETH bag holders will flex in NFTs,” he tweeted. “It’s an internet status game.”
Surge in NFT Demand and Market State
Amid rising NFT market volumes and the bullish momentum of Ethereum, Hayes has sparked active debate among analysts and collectors. Investor Parzival pointed out the scarcity factor:
> “8,000,000,000 people on earth, 10,000 CryptoPunks. Do the math.”
Digital art collector Balon highlighted the skyrocketing floor price of CryptoPunks, which has already reached 100 ETH.
Conditions for Ethereum and NFT Growth
On July 21, NFT enthusiast Jediwolf reported a significant purchase of 76 Punks for approximately $13.5 million, marking the largest transaction since 2021. On the same day, CoinGecko noted a substantial $1 billion single-day surge in NFT market cap, fueling speculation about a new growth phase for non-fungible tokens. Hayes ties this to increasing demand for Ethereum, which has been purchased by institutional investors and corporate treasuries for over $10 billion since May 15.
The resurgence of interest in emotionally significant assets, combined with the observable growth dynamics of Ethereum, creates potential conditions for significant appreciation of both ETH and NFTs like CryptoPunks.
