BitMEX co-founder Arthur Hayes believes CryptoPunks NFTs will outperform Ethereum in this market cycle, at least in dollar terms. In a recent post on X, Hayes argued that Ethereum holders, who are now enjoying their spoils, will funnel their profits into NFTs. He sees iconic collections like CryptoPunks benefitting a lot as individuals will want to flex their NFTs as a status symbol within the crypto community.
“$ETH bag holders will flex in NFTs,” Hayes wrote, predicting a surge in demand for blue-chip digital collectibles. His comments come as the broader NFT market saw a dramatic revival, with total NFT market cap soaring 21% overnight to $6.3 billion earlier this week, its sharpest uptick in months.
CryptoPunks, often viewed as the OG status symbol of NFTs, have historically led market trends during bullish phases. With their cultural cachet and limited supply of just 10,000 pieces, they’ve retained value even through prolonged downturns.
Hayes suggests this dynamic is likely to accelerate, especially as Ethereum becomes more “financialized” and institutional adoption continues. With investors rotating from liquid tokens into rarer digital artifacts, Punks are poised to benefit.
Another reason for Hayes’ conviction is the rising enthusiasm around NFTs as luxury assets. Just as traditional investors flaunt watches or art, crypto-native participants may increasingly turn to high-value NFTs to showcase success, which in turn could fuel demand and price appreciation.
The CryptoPunks floor price has already begun climbing, reflecting growing anticipation. While Ethereum remains a foundational layer of the crypto ecosystem, Hayes’ view reframes NFTs not just as speculative bets, but as cultural assets absorbing capital from the protocol’s success.
Source: NFTPriceFloor