When CryptoPunks are trading at $100k per piece, you have to wonder if we're witnessing one of the biggest valuation bubbles in digital assets. Think about it—what tangible utility or revenue stream justifies a six-figure price tag for a pixelated avatar?

Sure, they've got historical significance as OG NFTs. And yeah, the brand recognition is undeniable. But strip away the hype cycle and community sentiment, and you're left with a JPEG that doesn't generate yield, unlock exclusive access to anything substantial, or even promise future development.

Compare that to productive assets or even other crypto holdings that stake, earn, or participate in network security. At current prices, CryptoPunks might just be the poster child for irrational exuberance in the NFT space. The scarcity argument only holds water if demand remains—and we've seen how quickly sentiment shifts in this market.