The floor price of CryptoPunks NFTs has surged by almost 40% in the previous seven days, defying the bear market.
Noah Davis, Christie's head of non-fungible tokens, has announced that he will join Yuga Labs to lead the iconic CryptoPunks collection that Yuga Labs purchased a few months ago.
In a Twitter post, he announced that he would be joining Yuga Labs as the Brand Lead for CryptoPunks
I’m humbled and honored to announce I’ll be leaving my current post in July to steward the CryptoPunks as Brand Lead under the umbrella of @yugalabs before I say anything else it’s important to confirm what we WON’T be doing… simply put: I WILL NOT FUCK WITH THE PUNKS… 🧵👇🏻
— Noah (@NonFungibleNoah) June 19, 2022
He also stated that the CryptoPunks collection would not include any "rushed utilities or thoughtless airdrops."
Davis went on to say that the CryptoPunk NFTs would be guided by the community and that he was willing to meet Punk holders at the NFT NYC event.
Davis is well-known in the NFT community for his work at Christie's, a traditional British auction house. He was a major player in the auction of Beeple's 'The First 5,000 Days,' the most valuable NFT at $69 million.
Christie's made $150 million in NFT sales under his leadership in 2021.
Yuga Labs confirms that Punk holders will soon have commercial rights.
According to a tweet from Yuga Lab co-founder Garga, Punk holders will soon have commercial rights to their NFTs.
We love CryptoPunks. It’s no secret that Matt and John’s creation was a massive inspiration for BAYC. @GordonGoner and I see Punks as fine art - a generative art experiment etched onto the blockchain, adopted by a diverse community that stuck around in 2018 when so many left.
— Garga.eth (@CryptoGarga) June 19, 2022
Garga claims that the goal has always been to transfer rights to holders. However, because of CryptoPunks' industry standing, there was no need to rush the process.
Garga also confirmed Noah Davis' hiring.
CryptoPunks believes there will be no bear market.
The iconic NFT collection appears to be defying the current bear market trend, as transaction volume has increased and the floor price has risen.
According to CryptoSlam data, its transaction volume has dropped by more than 16% in the last 24 hours. It is, however, the most traded collection, with over $6 million in transactions during the time period.
The collection has had the second-highest sales volume in the last seven days, with over $22 million in sales.
CryptoPunks are currently trading at 68 ETH ($73,372), up 10% in the last 24 hours and 40% in the previous seven days, according to nftpricefloor.
