New Episode - @bkbuchanan of @meta4capital talks why they chose to buy grails instead of floors as the thesis for his NFT fund. Talks Punks vs Apes as a metaphor for NFTs as a "pseudo security" vs "completed project". Currently undervalued projects...
We were first made aware of the v1 market through @LeonidasNFT (you can view his NFT timeline via his pinned tweet) We immediately began digging into the story of @v1punks, which are the first iteration of CryptoPunks by @LarvaLabs and pre-dated the collection as we now know it
The history, however, can not be erased or rewritten, and the v1 Punks are the original punks (or “genesis”, or “beta”, or “predecessor” – choose your own descriptor – to everything that followed, despite there being a bug in that initial launch).
We purchased a v1 tiara punk in Dec., joined the v1 discord in Jan., and recognize the monumental efforts of @FrankPoncelet, @irishnftgal, and @soldthebottom in the development of a new wrapper, creation of the v1 marketplace, and ongoing support of the quickly growing community
We view @v1punks as having such a incredible history, one connected to the most iconic NFT project to ever exist (certainly as it relates to PFPs). We liken it culturally to the ‘banned’ jordans which were actually Air Ships.
While we take a long term buy-and-hold approach, and firmly believe we are acquiring rare digital antiquities, we are very much cognizant of the risk/reward profile for the assets we’ve acquired: v1 Punk 5905 (Alien) and v1 Punk 5795 (Ape).
Using the 4:1 floor:floor ratio, CP w/ Alien attribute is 23K E and recent sale (10 months ago) was for 4.2K E, a 1K E price is a generous starting point v1. For CP with Ape attribute, the lowest listing price is 4.5K E and the recent sale is 2.5K E just last month, so 600E est
It is not uncommon for collectibles with errors or that have been recalled in some manner to trade at a premium to their standard issued counterpart. Our hope and belief is that v1s will have the potential to close the floor:floor price ratio and may some day trade at a premium
In the end, we believe the @v1punks and @larvalabs cryptopunks will co-exist, their linkage undeniable. For some buyers, v1 Punks will seem niche. To others, they will seem more rare given the lineage and the unique story that led to @larvalabs having to release the v2s