CryptoPunks has been ranked as one of the most well-known and expensive art collections. The prices for some of the rare artwork are reaching millions of dollars.
What are Cryptopunks?
The CryptoPunks are non-fungible token (NFT) images that are 24×24 pixels in size and are designed in an 8-bit style. They are valued highly on the NFT market and represent a novel form of asset tokenization, sometimes fetching millions of dollars.
There are 10,000 of these pixelated, punky-looking images, which include images of both male and female characters as well as those that resemble zombies, apes, and aliens. Each punk is unique and is sometimes sold for very high prices by individual owners as well as at prestigious auction houses like Christie’s and Sotheby’s.
These were developed using the ERC-20 token standard, which is also used by cryptocurrencies like MANA and ENJ, in contrast to the numerous other NFT collections it went on to inspire. Most other Ethereum-based collections today use the ERC-721 standard, which was partly inspired by the collection.
History of Cryptopunks
In 2017, CryptoPunks was released by two programmers at the mobile software company Larva Labs in New York City, which creates apps for iOS and Android gadgets. At first, 9,000 were given away for free while 1,000 were kept by the blockchain developers. At the time, having an Ethereum blockchain was the only prerequisite for ownership. The project was started as an experiment by the creators with the intention of amusing users, but it quickly expanded into something much more significant and valuable.
Larva Labs, the company behind CryptoPunks, makes money by peddling their NFT holdings. Larva Labs, however, chooses not to say how many CryptoPunk NFTs it has.
The developers based the punks’ eccentric appearance on the mid-1970s London punk scene, William Gibson’s 1984 science fiction book Neuromancer, Ridley Scott’s 1982 science fiction film Blade Runner, and the cyberpunk movement that was influenced by the French electronic music group Daft Punk.
What Determines the value of cryptopunks ?
The punks are pixelated representations of both male and female characters that are designed to resemble those in the punk works that served as their inspiration. Punks can also come in the form of zombies, apes, or aliens. There are a total of five types.
The rarity of an attribute is what determines it’s value. For instance, because there are only nine alien punks, their market value is typically higher than, say, the 6,039 male punks.
What makes cryptopunks so expensive?
CryptoPunks are expensive within the crypto community and beyond due to a variety of factors, particularly individual traits and limited supply as they combine digital art and blockchain technology.
There will never be more than 10,000 unique items. So, obtaining one of them must be very alluring to collectors, especially among crypto enthusiasts. Their price may continue to rise as long as their image is used to establish brand recognition across numerous industries, as it is in the case of sports and luxury brands.
The top five Cryptopunks in terms of price
The top five most expensive CryptoPunks are listed below, along with the corresponding prices that investors and art collectors were willing to pay to get their hands on one of the valuable NFTs.
- CryptoPunk #7523
- CryptoPunk #4156
- CryptoPunk #7804
- CryptoPunk #3100
- CryptoPunk #5217
Which Famous People Own CryptoPunks?
The value of CryptoPunks can rise if celebrities own them. The well-known individuals who own CryptoPunks include:
- In April 2021, American rapper, songwriter, and producer Jay-Z paid more than $120,000 in ETH for his first punk.
- Snoop Dogg, a rapper, and businessman is the owner of nine CryptoPunks, including two zombie punks that are each worth $2 million.
- Serena Williams, a professional tennis player, is the owner of CryptoPunk 2950, a gift from her husband, Reddit co-founder Alexis Ohanian.
How Can One Purchase a CryptoPunk?
If you have the money, buying a CryptoPunk is simple. Here are the following steps:
- Step 1: To be able to purchase one, you must first convert your cash into ETH and send it to your online wallet.
- Step 2: After that, you add your Ethereum to your blockchain wallet. MetaMask is one type of blockchain wallet that must support it.
- Step 3: Purchase a CryptoPunk from Coinbase or an owner now that you have ETH.
- Step 4: Make a bid for the punk you like best.
Which CryptoPunk has made the most money so far?
In February 2022, Deepak Thapliyal, CEO of Chain, purchased CryptoPunk 5822 for 8,000 ETH, which was then worth $23.7 million. One of the rarest types of CryptoPunks, the digital avatar is an alien type who wears a blue bandana. However, only 0.09% of punks possess this quality. Unique characteristics raise the avatar’s worth. The total value of trades generated by the Ethereum NFT collection is close to $2.4 billion.
How to buy Cryptopunks NFTs?
Only cryptocurrencies can be used to purchase CryptoPunks. As a result, the first step needed to access the chosen platform and get the necessary permissions to bid on, buy, and sell CryptoPunks is to connect an Ethereum-based wallet, such as MetaMask.
Users of the LarvaLabs platform can check the status of each CryptoPunk NFT based on the color of their background. The CryptoPunk’s blue background suggests that it is not up for bid and is not for sale. A punk with a red background indicates that its owner has put it up for sale. However, one with a purple background indicates that there is an active bid.
It must be purchased using ETH, Ethereum’s native cryptocurrency, in the Ethereum-based wallet. If not, though, it must be obtained through an exchange. With ETH, the buyer can use the CryptoPunks marketplace to bid, buy, and sell CryptoPunks by simply clicking on the punk and selecting “buy.” When the transaction has been approved, the punk will show up in the wallet.
Future of the crypto punks
It is difficult to predict what the future holds for CryptoPunks because a lot of relevant factors are involved. They started a movement, and in just four years, they increased their value from nothing to millions of dollars. CryptoPunks became quite popular. However, ceding them a place in the annals of digital art collections. Given that the designers of CryptoPunks have previously stated they won’t produce any more of these NFT items. However, their scarcity will continue to be a key factor in their appeal. Their worth will depend on how much demand there is.
A CryptoPunk is a work of art and a brand-new type of asset tokenization that can fetch millions of dollars on the NFT market. Many famous people and influential people own one or more of these 24×24-pixel, distinctive 8-bit avatars. There are 10,000 of these images. Which feature pixelated, edgy characters that mimic zombies, apes, aliens, and both male and female characters.