CryptoPunks NFTs: A complete guide
CryptoPunks NFTs are collectible crypto images released on the Ethereum network. They are 10,000 little 8-bit Punks, each with a unique appearance and personality.
As one of the earliest well-known NFT initiatives, CryptoPunks has influenced many crypto artists and even expanded the ERC-721 token standard for digital collectibles.
In this article, we’ll introduce you to the CryptoPunks initiative, how it works, and what it means for digital art and NFTs.
CryptoPunks on the rise
In 2021, some CryptoPunks were sold for millions of dollars, making them one of the most costly NFTs.
The mere possession of one of these odd-looking Punks may buy you anything from a little flat to a massive house. There is incredibly high demand for these NFTs, which can be traded on some of the major NFT exchanges.
Unlike some of the more recent NFT projects, CryptoPunks don’t stake, fight, or do anything aside from being the cool jerks that they are.
Each punk has a unique ID and its own personality, determined by its code and name. This unusual combination of features is what makes CryptoPunks such collectible items.
Other specific features of a CryptoPunk include:
-A distinctive visual appearance: Each punk has a random combination of physical features, hairstyles, and clothing.
-A unique ID number: All 10,000 CryptoPunks have been assigned a unique ID number, which is encoded into the blockchain.
-An immutable personality: The personality of a CryptoPunk cannot be changed, as it is determined by its code.
-A limited supply: There are only 10,000 CryptoPunks in existence, and no more will ever be created.
Once you’ve acquired a CryptoPunk, you can store it on your own Ethereum wallet and trade it in secondary marketplaces like OpenSea or Rare Bits. You can also use them to make games since they are ERC-721 tokens.
What exactly is CryptoPunks NFT?
CryptoPunks NFT was one of the first non-fungible tokens (NFT) to be released on the Ethereum network in June 2017. The project was created by the American firm Larva Labs, a two-person team comprised of Canadian software engineers Matt Hall and John Watkinson.
The crypto art blockchain project was the inspiration for the ERC-721 standard for NFTs and the present crypto art movement, which has grown to become an ever-expanding aspect of the cryptocurrency and decentralized finance ecosystems on various blockchains.
Each CryptoPunk NFT is created at random from a list of hundreds of qualities, resulting in a variety of designs such as humans, zombies, apes, and extraterrestrial creatures. Zombies and aliens are two of the most popular avatars, with some of the highest selling prices to date.
How much does a CryptoPunk Cost?
Although the idea of CryptoPunks wasn’t really taken seriously in the beginning, this pioneering NFT has now turned into a million-dollar industry.
Cryptopunk NFT 1422 was purchased for $74 four years ago. On October 27 of last year, the holder sold it for a whopping $2 million, a nearly 27,000-fold increase. And that wasn’t the only one to catch investors’ attention.
In the same month, CryptoPunk NFT 8770 was sold for $1.4 million. The seller received a 15-fold return on his investment with this single sale.
The honor of the highest-valued CryptoPunk, however, goes to Punk#7523, also known as “Covid Alien.” Billionaire Shalom Mecknizer, Draftkings’ largest shareholder, acquired the rare alien punk at Sotheby’s auction in June for more than $11.7 million.
Given these high-profile sales, it’s not surprising to learn that the CryptoPunk NFT project is the second-largest participant in the NFT marketplace. The CryptoPunk NFT craze is second only to Axie Infinity in terms of all-time sales.
Why are CryptoPunk NFTs expensive?
The scarcity of an object increases its worth. As previously said, no two CryptoPunks are same; hence, scarcity leads to individuals spending exorbitant rates to obtain one.
The value of an NFT also depends on its popularity. Individuals are willing to pay more for a highly sought after item, and CryptoPunks are incredibly popular.
CryptoPunks has the distinction of being one of the very first NFT projects. This gives the series quite a bit of prestige, which naturally increases their status and the price people are willing to pay for them.
Lastly, rarity plays a part in determining the price of these NFTs. As only 10,000 CryptoPunks were ever made, they are a coveted NFT that not everyone will have access to. In addition, each CryptoPunk is entirely unique, and some features are rarer than others.
For example, the “Covid Alien” mentioned above is one of only 9 “alien punks” ever created. It is also the only CryptoPunk wearing a mask. These rare features combine to make it the most highly-valued NFTs in the collection, and in fact, one of the most expensive of all NFTs.
Where can I purchase CryptoPunk NFTs?
Larva Labs established their store on the CryptoPunks website in addition to building the CryptoPunks NFT. Users may place bids, purchase, and sell CryptoPunks there.
To get your hands on these uniquely-made, expensive NFTs, you’ll need to have Ethereum (ETH), as that is the only form of payment that Larva Labs accepts.
Once you have ETH, go to the CryptoPunks website and click “Get Punk.” This will take you to the store page where all the available CryptoPunks are displayed. If you see one you like, click “Bid Now” and enter how much ETH you’re willing to pay for the punk. You’ll need to have a MetaMask wallet set up and connected to the site in order to make a bid.
CryptoPunks have also made their way to OpenSea, an Ethereum-based central NFT marketplace. They are also accessible for transactions in other marketplaces such as Coinbase and Binance.
Chances are, the popularity of CryptoPunk NFTs is going to continue growing in the coming years. With the prices they command today, it’s clear that investors see real value in this pioneering crypto art project. Whether you’re looking to buy or sell a CryptoPunk, or simply want to learn more about this unique asset class, there are plenty of options out there for you. So why not dive into the world of decentralized finance and explore all that crypto art has to offer?
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