by Pranay Singh Bayas
As non-fungible tokens (NFTs) reached the spotlight in 2021, the market for crypto collectibles skyrocketed, with $2.5 billion in transaction volume in the first six months. NFT aficionados have also discovered some of the first non-fungible tokens as a result of the surge. NFTs are transforming the art world, and CryptoPunks is one such initiative. Let us get in depth with the hype behind it.
What are CryptoPunks?
Matt Hall and John Watkinson, the creators of the New York-based software business Larva Labs, devised a software program in 2017 to produce thousands of interesting characters. CryptoPunks was one of the first non-fungible tokens (NFT) launched on the Ethereum network in June 2017. A CryptoPunks NFT is a deed of ownership to a digital item, and possessing one implies you are the only owner of a one-of-a-kind pixel avatar. The digital art world has received a lot of attention, thanks to CryptoPunks and were also an inspiration for ERC-721 standards.
Origin of the Punks
This project began as an experiment rather than a serious venture. However, as time passed, this initiative evolved into something completely different, changing the entire digital art scene. CryptoPunks, believe it or not, were given away for free in 2017 and could be claimed by anyone with an Ethereum wallet. London punk scenes, the novel Neuromancer, the cyberpunk movement, electronic music artists Daft Punk, and the film Blade Runner were all inspirations for Hall and Watkinson. Each Punk gets its page with information about its unique qualities as well as comprehensive transaction history.
Get to know your Punks
The CryptoPunks are a crew of 10,000 unique characters created at random. Each one is unique, and only a single individual can officially own it on the Ethereum blockchain. The CryptoPunks are 24x24 8-bit-style pixel art pieces, each with their fantastic set of randomly produced attributes and own personality. CryptoPunks NFTs have been divided into five categories. Male (6039), female (3840), ape (24), zombie (88), and aliens (9) are among them. Because there are only nine alien punks, they are precious and have a high market value. All of these punks may have different attributes or accessories.
The rarity of various features and varieties of characters adds to CryptoPunks’ collectible appeal. Every CryptoPunks have distinct attributes. Cigarette, Nerd Glasses, Eye Patch, Beanie, Gold Chain, and various other additional attributes are just a few examples. These are also responsible for making CryptoPunks unique and, as a result, raising the price. A punk can have a maximum of seven attributes and can also have no attributes, making it rare and expensive.
How to buy your first CryptoPunks?
- You’ll need an Ethereum crypto wallet, such as MetaMask, to log in. In NFT markets, MetaMask is incredibly popular. As a result, you need to create a MetaMask account.
- To buy a punk, you need Ether. Make sure you only buy Ether from reputable and well-known crypto exchanges.
- After you’ve completed steps 1 and 2, go to Larva Labs’ official website to purchase, sell, and bid on CryptoPunks. All of the listed Punks are shown on the site in order of price, from low to high.
Non-fungible token demand is at an all-time high in 2021, and the punks are here to stay for a long time. CryptoPunks sparked a community of collectors over time. There have been about 13,443 sales during the previous 12 months, with an average sale price of punk at 36.43 ETH. Currently the lowest price of a punk is at 90 ETH. CryptoPunks has Become the Second Ethereum-Based NFT Project after Axie Infinity to achieve more than $1 Billion in Lifetime Sales.