Beeple’s NFT Stunt Fuels 25% Surge for Nakamigos — Troll or Market Play?

Digital art superstar Beeple pulled off a controversial stunt, stirring mixed emotions within the NFT (non-fungible token) market.

After quelling the hype around Ethereum’s NFT Torch weeks ago, Beeple’s move exacerbates the hype in the digital collectibles sector.

Beeple Pulls the Most Controversial NFT Move of the Year

The event at Beeple Studios in Charleston, South Carolina, was meant to celebrate the iconic CryptoPunks NFTs. However, it quickly turned into one of the most talked-about moments in NFT Twitter this week.

During the gathering, Beeple presented what appeared to be a recorded interview with Matt Hall and John Watkinson, the creators of CryptoPunks. In it, they claimed that Nakamigos NFTs came before CryptoPunks and were a secret Larva Labs project.

The pair even counted down dramatically to the “reveal” of so-called “V0 Punks,” tying the fictional backstory directly to Nakamigos. Flyers handed out at the event reinforced the playful claim, further fueling speculation.

Within hours, the floor price for Nakamigos, a popular NFT collection often known for its meme-like community, shot upward by almost 140%, triggering a frenzy of trading activity.

For Nakamigos NFT holders, the sudden spike in value was a welcome surprise, even if short-lived. As of this writing, Nakamigos NFT is up 25% and trading for 0.23 ETH.

However, the video was quickly identified as satire, allegedly crafted using AI. The entire “V0 Punks” story was also said to be fictional.

CryptoPunks was launched in 2017, and there is no evidence of a pre-existing Nakamigos link or Larva Labs involvement.

Meanwhile, reactions across the NFT space were mixed. Some traders saw the move as clever trolling that injected much-needed levity into an industry often weighed down by market drama.

“People are genuinely mad at Beeple for this obvious troll. I think it’s about time we start to make NFTs fun again. If you lost money trading this, it’s on you for not understanding that Beeple is an epic troll,” wrote Beanie, a notable NFT personality.

Others argued the stunt blurred the line between performance art and market manipulation, pointing out that Beeple knew the claim was false while also driving trading activity.

While Beeple has not directly addressed the controversy, the incident again highlights his ability to command attention and move markets with a single creative act.

Whether viewed as a satirical performance piece or a calculated market play, the stunt reflects the volatility and theater that define NFT culture.

Meanwhile, this incident exacerbates the recent frenzy around NFTs, revitalized recently with Ethereum’s 10th anniversary. While hype around Ethereum’s NFT Torch dwindled, Beeple’s latest stunt serves to invigorate the sector.