The Fun Is Yet To Begin, The Punk Craze Is Going To Get More Intense
At the time of writing, there are 6479 punks left and if we are going to continue like this, the number of punks available at the end of the weekend will be close to zero. source
This is what I wrote yesterday morning in my last post. Today is Sunday morning in my part of the world, roughly 24h passed since then. It's Saturday night in the US, so there's still one day left of the weekend and all the punks are sold out. Also I have to mention there was a down time, that lasted an hour or two, I don't know precisely as it was during the night and I was sleeping. ALL THE PUNKS ARE MINTED!!! In less than 48 hours 10k punks are now owned by Hive users.
I'm not sure what Marky has thought, but I think he must be surprised of the high success of the project, as well as we all. Who would have thought, right? With this occasion I'd like to say Thank You to @themarkymark for this great opportunity and the fun that came with it. For me it was a lot of fun as it took me away from the crypto market for two days and enjoyed it a lot. A break is always welcome, especially if it's a lot of fun.
The Market
Compared to what we had available on the market last night, today the offer is way bigger. Now that all the punks are minted, we're going to see more and more punks listed for sale. However, the real fun is going to begin when we'll get the filters, that will help a lot in searching for the right ones. But first Marky has to recover from lack of sleep and overworking himself, let's give him some time, shall we? :)
What Gives Value To Punks?
Right now rarity is the most important of all. This skateboarder is considered rare because it has an eye patch and only 3 punks have eye patches. As you can see, 3333 of the ranking number is because of the eye patch.
Value however is a bit more complicated. This punk is considered valuable as there are not many like this, but at the end of the day, it only worth what people are willing to pay for it.
There was a sale made yesterday, that blew our mind. You can read about it here ->Sold my Punk for 5555 Hive. Based on this precedent, you could say a similar punk with a similar rarity would worth 5555 HIVE but for that to happen, there has to be someone willing to pay as much.
This can be the case when you hold the most valuable punk, but those are just a few. What happens with the rest of 9.9k something punks?
I'm not among the lucky ones as I'm holding only two punks and none of them are rare. However, I can see how the market can shift in the near future.
Right now we don't know what users want to buy. Minting has just finished. We don't have any place to check what has been sold yet. We know about this specific sale because a post was made yesterday, but once the filters will be available, things will change. We'll be able to filter through the offers and also hoping to get some way to check sales history.
source: Blockhead Games Discord
Reading through Discord discussions I have just found out there will be an auction option, which will change the game. Imagine putting up your punk for auction thinking of a price and let the demand decide how much you get. I love auctions even though you can't win every time but as a seller, you may be in a different position.
Collections can become interesting and appealing. Imagine someone collecting all the Santa hat punks or all the ski instructors, while you're holding both.
We are still early so we shall see but I think the best thing to do now is hodl and wait.
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What's Next?
This was a test for both Marky/team and the Hive ecosystem. Apart from the technical problems (I'm not complaining as these things happen and everything is functional again now), things went very well. All the punks got sold in less than 48 hours and there's room for more as many people are regretting not buying more.
The next test will be taking place at the market as we still have to see who's going to pay more for what we're holding in order for us to make a profit.
I'm certain we're going to have more similar projects in the near future as there's demand for it. This was mainly for Hive users as the demand was greater than the supply but maybe the next one can attract more people from outside of the Hive ecosystem, which can be another way to onboard new users. Mark my words, it's just a matter of time till the next one will pop up. Get your funds ready :)
Posted Using LeoFinance Beta
