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• CryptoPunks is a 2017 Ethereum-based NFT project, making it one of the earliest examples of crypto collectibles.
• Prices have skyrocketed with the expansion of the broader NFT market in 2021, leading to numerous sales exceeding $ 1 million each.

market for collectible cryptocurrencies issued as non-fungible tokens (NFTs) exploded in 2021, with a transaction volume of $ 2.5 billion in the first six months when NFTs entered the mainstream.

boom has also seen NFT enthusiasts rediscover some of the earliest non-fungible tokens, pushing the value of these crypto collectibles to hitherto unknown levels.

One of these early NFT projects is CryptoPunk – A randomly generated set of pixel-based avatars. Some of the rarer and more desirable CryptoPunks have sold for millions of dollars. Seriously!

Here’s what you need to know about one of the most popular NFT collections.

What are CryptoPunks?

Created by the development studio Larvae Labs, CryptoPunk is a series of 10,000 images tokenized as the NFT of its Ethereum blockchain. An NFT is effectively a title deed to a digital item, and in this case, owning a CryptoPunk NFT means that you are the sole owner of a one-of-a-kind pixel avatar.

Each CryptoPunk is randomly generated from a list of dozens of attributes, which means that there are a wide variety of designs: people, zombies, monkeys, and even aliens. Aliens and Zombies are among the most popular avatars that have garnered some of the highest sale prices to date.

Where did CryptoPunk come from?

Believe it or not, CryptoPunks were released for free in 2017. Ethereum’s non-fungible token standard ERC-721 didn’t even exist at the time, and the two-person team at Larva Labs launched them as an experiment. owners of Ethereum wallets took possession of the 9,000 CryptoPunk that were released to the public, while Larva Labs took the rest.

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NFT volume gradually increased over the next three years, but it wasn’t until late 2020 and especially early 2021 that demand for these provably rare digital collectibles skyrocketed. CryptoPunk’s secondary market value has exploded, leading to multi-million dollar NFT sales, auctions at Christie’s and Sotheby’s, and a wide range of CryptoPunk’s being used as profile pictures of.

Did you know

CryptoPunks was responsible for more than $ 870 million in total trading volume, as of Aug 24, 2021.

What is special about them?

One of the biggest drivers of demand for CryptoPunk is that they are one of the oldest NFT projects and the first set of randomly generated profile images that really clicks with the crypto community. y have inspired a rising tide of NFT profile picture sets, from Bored Ape Yacht Club to Pudgy Penguins and many more, all of which only reinforce the influence and legacy of the original design. CryptoPunk also has some high-profile owners, such as rapper Jay-Z and influencer and investor Gary Vaynerchuk.

Additionally, there are clear differentiators that make some CryptoPunk more desirable and valuable to collectors. Alien avatars are the rarest random images and as such alien CryptoPunks are among the most expensive NFTs sold to date. re is also demand for carals of monkeys and zombies. However, most CryptoPunks look human with different features and accessories, and the ones that look simpler are close to the market in terms of selling price in the NFT markets.

How to buy CryptoPunk

While it is possible to View all CryptoPunks on OpenSea, NFT’s main secondary market, you can only buy them through the Larva Labs website.

You will need to log in with an Ethereum crypto wallet, just like MetaMask, and then you can buy, bid and sell CryptoPunks through the official website. Fortunately, Larva Labs has a handy locator that allows you to see all the Punks listed in order of price, from bottom to top.

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Did you know

most expensive CryptoPunk sold to date sold for $ 11.8 million ETH in June 2021 at a Sotheby’s auction at Shalom Meckenzie, the largest shareholder in DraftKings.

future

What is the future of CryptoPunk? Well, they are likely to keep changing hands in secondary markets, which could lead to big returns for investors who bought before the surge.

re is no way of knowing if the current level of demand will continue, but the entry price for punks continues to rise. minimum price reached $ 100,000 in early August 2021 and surpassed $ 150,000 a few days later. That’s well over $ 200,000 now, as of this writing.

Financial services giant Visa became the unlikely owner of a CryptoPunk in late August 2021, calling the NFT a ‘historic business artifact’ and suggesting that ‘NFTs will play an important role in the future of retail, social networks, entertainment and commerce ». . Almost immediately after the announcement, the CryptoPunk market exploded, with over $ 101 million in collectible NFTs sold that day alone, a one-day record at the time of this writing.

Over the past 60 years, Visa has built a collection of historic business artifacts, from the first paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT commerce, Visa welcomes CryptoPunk # 7610 to our collection. https://t.co/XoPFfwxUiu

– VisaNews (@VisaNews) August 23, 2021

It seems unlikely that Larva Labs will come out is more CryptoPunks, much of their appeal is that they are in limited supply and are some of the oldest NFTs out there. Instead, the company began moving on to other projects, such as the 2021 Meebits, a set of 20,000 3D voxel avatars created in the same spirit as CryptoPunks.

That said, there may be more developments yet. around CryptoPunk. For example, in August 2021, Larva Labs announced that it had entered all artwork for existing CryptoPunks. on-chain on the Ethereum blockchain. It is a move requested by collectors to help ensure the longevity of NFTs, so that they do not disappear one day from the web. Although it was expensive to put everything on the chain, the move could increase the “duration” of CryptoPunks’ investments.

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We may even end up seeing CryptoPunks on the big screen. Larva Labs has signed with United Talent Agency to represent the company as it explores taking its sifates into film, television, video games and more. Could a CryptoPunks cartoon be too far away? We’ll have to wait and see.

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