Party Of The Living Dead
Party Of The Living Dead
Inside The Vault
Top 10 Vault Owners
In 2017, Larva Labs released what is now widely recognized as the most iconic NFT collection: a set of 10,000 8-bit characters each randomly generated with unique, distinguishing features and accessories. None of the 24x24 pixel punks are alike. The most desirable types include Aliens (x/9), Apes (x/24), and Zombies (x/88), while certain accessories like hoodies and 3D glasses are fiercely sought after. Astute collectors will also value specific edge case rarities such as a specific number of attributes, among other nuanced valuation techniques.
Christie’s auction house is set to auction a collection of 9 Cryptopunks with the centerpiece being #635, an Alien with a bandana and sunglasses. Notably, this is also the only Alien with a sub-1000 series number. Conservative projections for the auction estimate the value to be between $7M to $9M. Not to be outdone, Sotheby’s is mirroring its rival by planning its own Punk auction. #7523, an Alien punk with a mask, beanie, and earring is one of the most desirable Punks in existence and set to sell in an auction setting in June.
Cryptopunks are one of the few projects to transcend the crypto space into the traditional art world. In May 2021, Christie’s Auction House turned heads by featuring a lot of 9 Cryptopunks. Headlined by Punk #635, an Alien with a bandana and sunglasses, the package sold for nearly $17M USD, drastically outperforming previous appraisal estimates of $7M-$9M. A month later, auction house competitor Sotheby’s, featured its own Alien auction: Punk #7523. This alien with a facemask and beanie hat, sold for $11.8M, breaking the record for any single punk sale. These auctions confirmed the acceptance of NFTs as an integral part of traditional art coverage.
Totalling sales of over $400M USD, Cryptopunks is one of the highest volume NFT sets. In March of 2021, Cryptopunk #7804, an Alien with a pipe, broke the record for highest sale for 4,200 ETH. The highest recorded non-Alien sale was ape #6965, also more commonly known as the fedora ape. This rare ape sold for 800 ETH in February of 2021. Recently, several 800+ ETH bids for apes have been rejected. On 7/5/21, Punk #6297 broke the sales record for most expensive Zombie with a price of 520 ETH. As of July 2021, the lowest price Cryptopunk on the secondary market is priced at approximately 20 ETH.
Cryptocurrencies are inherently risky, and emerging asset classes like NFTs are no exception towards the rule. In fact, as a whole, this asset class may carry even higher volatility than other crypto assets. While the NFT space has seen strong momentum, that may not always be the case; research accordingly and proceed with caution.
Frequently asked questions
Answers to the top questions asked by the fractional community.
Who is the custodian of a vault?
There are no custodians and vaults are fully decentralized, audited smart contracts.
What are the curator fees?
Curator fees are similar to an asset under management fee. Annually, a curator will earn a percentage of the total ownership token supply. These fees are set by the vault’s curator, but restricted by governance to prevent inordinately high fees.
What is the reserve price?
The price (in ETH) required to initiate an auction for a vault and its NFT(s).
What is a buyout?
A buyout can happen when there is an external party who deposited ETH that is greater than or equal to the reserve price. This will kick off an auction. At auction completion, the NFT will be withdrawn and fractional owners will be able to trade in their tokens for ETH.
How is the reserve price set?
The reserve price is set by the weighted average of all ownership token holder votes. If less than 50% of token holders have voted, a reserve price will not be set. Token holders cannot set a reserve price greater or less than 5x the current weighted average.
What is an auction?
An auction is a public sale of a vault and all its contents, which is triggered when someone deposits and offers an amount of ETH greater than or equal to the vault’s reserve price. The individual offering the highest price at the time the auction completes wins the buyout.
What happens to fractional owners after a successful auction and buyout?
Once completed, fractional owners are able to trade all their ownership tokens in for the ETH that was deposited by the auction winner on a pro rata basis. The ownership tokens that are traded in for the ETH are then burned by governance.
How do I learn the status of a vault?
The status of your vault is indicated by the tags (e.g., ‘Live Auction’) that can be found underneath the vault’s name.
What do the different vault tags mean?
A ‘normal’ tag indicates a vault exists and its ownership tokens have been minted. A ‘live auction’ tag indicates a vault is currently being bid on for its contents. A ‘closed’ tag indicates that a vault has been bought out.
What is the visual representation of the tokens/fractions?
Fractional ownership is represented through ERC20 tokens, there is no accompanying visual representation of the specific ownership tokens.
Does fractional support ERC-1155 tokens?
Currently only ERC-721 tokens are supported for fractionalization. Support for ERC-1155 tokens is planned for a later date.
Fractional plans to progressively decentralize the protocol to ensure long-term resilience & upgradability.