Valuing NFTs might be more art than science. What's impossible to deny is that prices for ether (ETH) – used to value many NFTs – have tanked this year. thesamreynolds explains.
DeepNFTValue uses an artificial intelligence-based pricing algorithm to determine a CryptoPunk’s value and compare it to the asking price and time on the market.“Only about 10% of Punks have active bids and offers at any point in time, and only a few hundred Punks trade on a given day. Most Punks don't sell for months, and have many have never been exchanged for ETH since they were acquired,” is how the DeepNFTValue team describes the market.
Overall, for the nearly 775 CryptoPunks DeepNFTValue tracks, the average delta is 907%. The average time on the market for a punk is 152 days, with approximately 40% of them being on the market for six months or longer. When you narrow down the tracker to only the punks that have been on the market for a month, that delta in price narrows to 140%. Interestingly, however, when you look at the two-to-four month period this average delta shrinks to 48% suggesting that when punk holders really want to sell they will tempter their expectations.
Diamond hands these are not. But it's tough to blame anyone for wanting to sell, especially in a bear market when their other positions might have been rekt – crypto slang for wiped out – due to the broader downturn., we can see that the filtered 24-hour volume is 82 ether while the unfiltered volume, including wash trading, is closer to 2,304 ether.Despite the NFT community’s enthusiasm for the asset class, lots of the demand remains fake.
Three Arrows' founders are due in court this week, and the hedge fund's creditors are requesting a list of wallets, crypto, and other assets they have. Let's see the valuation they put on these NFTs then.
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