Arthur Hayes Bets on ‘Internet Status’ Over Tech in the Punks vs. ETH Trade This Cycle
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- Hayes called this an “internet status game”, similar to wealthy individuals buying luxury cars and art to show off.
- CryptoPunks saw extraordinary activity this past weekend, with over $26 million in trades
- Back in May, NODE, a newly formed nonprofit backed by VC Ribbit Capital, purchased the CryptoPunks IP from Yuga Labs for around $20 million
Arthur Hayes, co-founder of BitMEX, posted on X that CryptoPunks will outperform Ethereum this cycle in US dollar terms, arguing it’s less about blockchain fundamentals and more about status signaling in the digital age.
He framed it as an “internet status game,” similar to how wealthy individuals buy luxury cars and art to show off. Hayes believes investors will likely shift their ETH gains into rare, high-end NFTs like CryptoPunks.
CryptoPunks are one of the earliest and most iconic NFT collections, with a fixed supply of 10,000. As such, their deep-rooted cultural significance in Web3 offers scarcity and prestige.
Latest surge in trading volume supports the theory
Interestingly enough, Hayes’ prediction and theory could have merit considering the recent resurgence in on-chain NFT volume. For i…
The post Arthur Hayes Bets on ‘Internet Status’ Over Tech in the Punks vs. ETH Trade This Cycle appeared first on Coin Edition.
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