NICOSIA, Cyprus, May 11, 2021 /PRNewswire/ -- The value of all 10,000 CryptoPunks, the first and best-known NFT (Non-Fungible Token) project and ecosystem based on Ethereum, exceeds $1.95B (€1.60B), according to estimates by researchers at the Institute For the Future (IFF) at the University of Nicosia.
The IFF research team has analyzed CryptoPunk sales data from January 1st, 2021 to present with various machine learning models to estimate a value for each individual CryptoPunk. The team estimates that the aggregate value of the individual CryptoPunks as of May 9, 2021 is 476,113 ETH (or $1.95B at current exchange rates). This is the first time, to the team's knowledge, that a market capitalization has been calculated for a complete NFT ecosystem.
Ali Tayari, team lead, noted: "Establishing ecosystem-wide valuations across thousands or tens of thousands of NFT assets can only be done through automated analysis and is a critical missing link in the NFT ecosystem. We look forward to further refining our valuation models and extending them to other NFT projects in the coming weeks."
Antonis Polemitis, Director of IFF and CEO of the University of Nicosia (UNIC) noted: "NFTs are already a multi-billion dollar industry, in part due to pioneering work by Larva Labs, the creators of CryptoPunks. We believe that, over time, NFTs will extend from arts and collectibles to represent a wide range of assets, services and communities. By the end of the decade, NFTs will represent trillions of dollars in value in a digitally native format. It is critical for all stakeholders in this ecosystem to have robust and credible automated measures of value, and we hope that IFF can play a key role in establishing benchmarks in this exciting field."
The Institute For the Future (IFF) at the University of Nicosia is focused on accelerating technological developments with a particular focus on crypto-assets, blockchain and forecasting. It is a global leader in crypto-asset and blockchain research across a variety of areas, and advises the European Commission on blockchain matters as the academic lead of the EU Blockchain Forum and Observatory.
About the University of Nicosia
The University of Nicosia is the largest university in Cyprus and one of the largest English language universities in southern Europe. In 2013, the University of Nicosia was the first university to offer academic programs in the field of crypto-assets and is considered by many to have the largest and most developed university initiative in crypto-assets and blockchain globally.
John C. Mavris
Marketing Communications Manager
University of Nicosia
t. +357 22 841711 | e. [email protected]
SOURCE University of Nicosia