- CryptoPunks NFTs are a piece of art and a form of asset tokenization sold for millions of dollars.
- These are 24×24 pixel art images, generated algorithmically, and involve punky-looking girls and boys.
In the weird wide world of Non-Fungible Tokens (NFTs), CryptoPunk is not an exception and is considered one of the most valuable assets. It is a 24×24 pixel image, developed algorithmically, and includes punky-looking boys and girls. A fixed set of 10,000 unique characters with proof of ownership is available on the Ethereum (ETH) Blockchain. CryptoPunks are one of the earliest examples of NFTs on ETH and an inspiration to ERC-721 empowering digital art and collectibles.
History, pricing, and How to Buy?
CryptoPunks is a project launched by Larva Labs in June 2017 and is acquired by Yuga Labs in the year 2022. It is one of the first NFTs collections over the ETH blockchain consisting of 10,000 unique art images involving 6,039 males, 3,840 females, and rare characters like 88 zombies, 9 aliens, and 24 apes. The London punk movement of the 1970s sparked the distinctive traits and features within the CryptoPunks collection. At the initial stage, the blockchain developers offered around 9,000 punks for free and kept 1,000 NFTs, offered with the purpose to have an ETH blockchain.
Many celebrities and influencers including Jay-Z, Serena Williams, Gary Vee, and FaZe Banks own one or more of the CryptoPunks. The CryptoPunks are available in four different types: Human, Zombie, Alien, and Ape, and seven attributes including top hat, earring, buck teeth, shades, cigarette, mole, and big beard. It is possible to have zero traits but most users tend to have around two to three attributes to make the NFT unique. Alien CryptoPunks also known as the Blue Bandana are categorized as the rarest CryptoPunks and are recognized by their light blue skin tone.
The current value of one CryptoPunks is around 49.4499 ETH and mostly the value of the punks depends on the collection of attributes. However, the ownership of the celebrities for CryptoPunks played a key role in boosting the value of the NFTs. Jay-Z, an American producer, rapper, and songwriter purchased his first punk in 2021 for around $120,000 worth of ETH. Similarly, Tennis champion Serena Williams received a CryptoPunk from the co-founder of Reddit worth $177,123.
If an individual can afford the price of CryptoPunks, buying them is an easy process.
The buying method requires converting the cash into ETH and sending the same to the digital wallet. Afterward, transferring the ETH to a blockchain wallet like MetaMask which mainly supports the CryptoPunks NFTs helps in purchasing the same. The final stage is the purchase of the NFT from Coinbase or any owner. The status of the respective CryptoPunk can be understood through the background color. Punks acquiring blue backgrounds are not for sale whereas Punks with red backgrounds are available for sale by the owners. Purple background Punks indicate availability for active bids.
CryptoPunks NFTs are 10,000 uniquely developed characters available on the ETH blockchain, launched in 2017. One CryptoPunks value is around 49.4499 ETH at present and is expected to increase in the near future. Individuals can purchase or sell the NFTs, and the CryptoPunk status can be understood through the background color.