NGMI

Price Rationale

The strongest evidence is the exact-token onchain sale at 189.05 ETH on 2026-01-05, followed by the nearby THE FUD peer sale at 200 ETH on 2026-03-09. The comparable-sales and cultural appraisals both converge near 195 ETH, and their case is stronger than a forced liquidity discount because the January print is recent and clean. The liquidity appraisal appropriately lowers the bid for no visible order book, while the USD-cycle appraisal usefully frames higher ask optionality but overstates fair value if applied mechanically. I mark fair value at 198 ETH, with a 170 ETH bid and 230 ETH ask.

What Caps The Price

A higher fair value would lean too heavily on preserving the January sale USD amount after ETH weakened. There is no current ask, no current best bid, no grail flag, and the closest recent peer evidence sits around 200 ETH, so the USD-cycle upside belongs mainly in ask optionality rather than the central mark.

What Supports The Price

A lower mark would underweight the recent exact-token 189.05 ETH sale and the March 2026 THE FUD peer at 200 ETH. The earlier Sotheby's OTC result at 150.4232 ETH adds historical support, and the comparable/cultural views both land around 195 ETH, making a deep liquidity haircut too punitive for fair value.