$PUNK Valuation
This is a quick exercise to see if $PUNK — the index fund that aggregates 5 different NFTX CryptoPunk funds — value is fair or not at the moment.
$PUNK exploded in price in the last few days. As I mentioned before, I like looking at it in ETH, as this is the currency Punks are priced
A quick and dirty way of doing this is to take the current lowest price for each CryptoPunk category (the “floor”) and the average 90 days sale price and use whatever is lower for each of the funds that make up $PUNK
(20%) PUNK-BASIC: 8.4 ETH / 9.16 ETH
(20%) PUNK-FEMALE: 8.8 ETH / 11.59 ETH
(20%) PUNK-ATTR-4: 10 ETH / 10.35 ETH
(20%) PUNK-ATTR-5: 39.9 ETH / 21.70 ETH
(20%) PUNK-ZOMBIE: 277 ETH / 92.45 ETH
Taking the lower numbers: 25.6 ETH/PUNK
Taking the higher number: 66 ETH/PUNK (very skewed by the Zombie Punks)
Taking the higher, except for Zombies: 29 ETH/PUNK
Current $PUNK price: 36 ETH/PUNK
Conclusion: Even assuming some premium for liquidity, $PUNK looks expensive at the moment.