Many well-known cryptocurrencies have had impressive runs in 2021. One name that has increased more than 400% in 2021 is Ethereum (CRYPTO: ETH). Part of the increase in the rise in valuation could be credited to the rise of non-fungible tokens.
What Happened: Larva Labs launched CryptoPunks on June 23, 2017. The 10,000 NFT series featured 24×24 pixel art images built on the Ethereum blockchain.
The project was not an early success but has quickly become the standard among NFT collections attracting investments from celebrities and investors and even Visa Inc (NYSE:V).
Related Link: CryptoPunks Land Deal With Largest Talent Agency: What Investors Should Know About Groundbreaking Deal
Investing $1,000: At the time of the CryptoPunks launch, Ethereum traded under $350. On June 23, 2017, Ethereum hit a high of $348.01.
If you invested 1,000 in Ethereum on this historic day, you could have bought 2.8735 ETH. That investment from 2017 would be worth $11,296.41 today, based on today’s Ethereum price of $3,931.24.
That would mark a return of over 992% in four years and two months.
CryptoPunks have outperformed Ethereum and Bitcoin (CRYPTO: BTC) both in 2021 and currently have a floor price of 94.99 ETH or around $359,510.
An investment in any of these assets at the time would have produced strong returns.
Image: Photo by Nick Chong on Unsplash / Courtesy CryptoPunks