What are CrytoPunks?
The majority of CryptoPunks are computerized representations of boys and girls, with zombies, apes, and the occasional alien thrown in for good measure.
Punks are an incomprehensibly valuable item, a status symbol, and a piece of internet history. They could be the most important NFT endeavor ever. Owning a CryptoPunk is the pinnacle of Punk in NFTs.
The history of NFTs and the Ethereum blockchain are entwined with the CryptoPunks’ quest to a non-fungible domain. Bored Ape Yacht Club (BAYC), a well-known exemplary project, is closely connected to the CryptoPunk mold. The mainstream media, on the other hand, is still a long way from embracing NFT benefits.
The CryptoPunks are a group of 10,000 randomly generated, casually sketched characters developed in 24×24 pixel art graphics. The majority of CryptoPunks are computerized representations of boys and girls, with zombies, apes, and the occasional alien thrown in for good measure.
Every Punk has a profile page that lists their characteristics and current status. Additionally, the CryptoPunks on the Ethereum blockchain are formally owned by specific persons.
The original plan was for everyone with an Ethereum wallet to be able to claim CryptoPunks for free, but it just took a few seconds to take all 10,000. As a result, they can now be purchased on a blockchain-enabled marketplace. You can bid and trade punks on such a marketplace.
Where did they come from?
CryptoPunks were, believe it or not, distributed for free in 2017. At the time, Ethereum’s ERC-721 non-fungible token standard didn’t exist, therefore Larva Labs’ two-person team issued them as an experiment. The 9,000 CryptoPunks that were released to the public were quickly snapped up by Ethereum wallet users, while Larva Labs hung on to the rest.
The supply of NFTs gradually increased over the next three years, but demand for these provably scarce digital artifacts didn’t explode until late 2020 and especially early 2021. CryptoPunks’ secondary market value skyrocketed, resulting in multi-million-dollar NFT sales, Christie’s and Sotheby’s auctions, and a slew of CryptoPunks used as Twitter profile images.
What is so special about them?
The fact that CryptoPunks is one of the oldest NFT projects existing, and the first set of randomly generated profile images to actually connect with the crypto community, is one of the main sources of demand. They’ve spawned a slew of other profile image NFT sets, from Bored Ape Yacht Club to Doodles and a slew of others, all of which serve to amplify the source project’s influence and legacy. CryptoPunks also has some high-profile owners, including Jay-Z, Logan Paul of YouTube, and tennis champion Serena Williams.
Furthermore, certain CryptoPunks have distinct characteristics that make them more coveted and expensive to collectors. Alien CryptoPunks are among the most expensive NFTs sold to date since alien avatars are the rarest of the randomized images. Designs of apes and zombies are also popular.
The plainer-looking CryptoPunks are close to the market floor in terms of asking price on NFT marketplaces, and most of the CryptoPunks basically look like humans with varied characteristics and accessories.
How to buy CryptoPunks?
While you can see all of the CryptoPunks on OpenSea, the most popular secondary market for NFTs, you can only buy them from Larva Labs’ website.
You’ll need to log in with an Ethereum crypto wallet, such as MetaMask, and then use the official site to buy, sell, and bid on CryptoPunks. Larva Labs offers a helpful tracker that allows you to see all of the Punks listed in order of price, from cheap to high.
Process of getting a CryptoPunk.
If you want to buy a CryptoPunk but aren’t sure where to begin, just follow these steps:
- To begin, download and install Metamask, a Chrome browser extension. This gives websites that you authorize access to your Ethereum account.
- Second, if you’ve recently opened a new account, buy some Ether. You may buy Ether from Coinbase using a built-in Metamask button.
- This website will recognize the plugin and add buttons to the interface that allow you to bid on, buy, and sell punks once you’ve installed it. For example, Punk #2524 may be purchased for 67.98 ETH ($262,552.35 USD).
CryptoPunks in the Future
Despite being only a few years old, CryptoPunks is already a milestone project in the NFT sector. All required information on the project has been available to the public for a long time. Punks were created on the Ethereum blockchain and will reside there indefinitely, so it’s logical to assume they won’t change.
Given the growing growth of the NFT sector, Punks will always be a landmark project, which is excellent for both its founders and collectors. GMoney says, “CryptoPunks will continue to be a fundamental component of the NFT community.” To secure their position in history, they don’t need to evolve or experience anything.
Nonetheless, innovation is still a novel notion in the Punks’ world. GMoney, Beanie, and Punk4156, all well-known members of the community, have created different identities based on their Punks. While these three have made a name for themselves through their punk personas, there are a few things to bear in mind when it comes to making money as a CryptoPunk.
The application of copyright law to non-profits is yet unknown territory. Most creators, like Larva Labs, choose to purchase an NFT license because they can easily create their own collector usage thresholds based on where and how they mint an NFT.
Punks can also sell their Punk merchandise and earn up to $100,000 every year. The disadvantage of this agreement is that owners are not permitted to alter the art of the 24 x 24 Punk or sell third-party items in conjunction with it.
Owning a CryptoPunk is not only a smart financial investment, since their value continues to rise, but it’s also a status symbol. Essentially a VIP pass, holding a CryptoPunk grants you access to a select group of people who believe in the decentralized future.