What Are CryptoPunks? - Guide to The First NFT Projects Based on Ethereum
Punks are an immeasurably valuable asset, a status symbol, and a piece of digital history all rolled into one. It's possible that they're the most important NFT endeavor ever undertaken. Owning a CryptoPunk is the single most punk thing that can be done with NFTs. The path that the CryptoPunks took to get at a non-fungible domain is intricately connected to the development of non-fungible tokens (NFTs) and the Ethereum blockchain.
In this article, we will learn “What are CryptoPunks” and highlight information about that project.
What are CryptoPunks?
In 2017, CryptoPunk was one of the first NFT initiatives to be established on the Ethereum network.
A mixture of distinct characteristics ensures that each of the 10,000 is absolutely unique.
There are nine aliens, 24 apes, 88 zombies, 3,840 females, and 6,039 male Punks, each with its own unique characteristics, such as mutton chops, 3D glasses, pink cheeks, pigtails, buck teeth, lipstick, and beanies.
Dev Punks is the name given to the initial 1,000 CryptoPunks that were allocated for the project's developers. About eight Punks lack distinguishing characteristics and are commonly referred to as the Genesis Punks, but CryptoPunk #8348 possesses the seven fundamental characteristics and is one of the most prized pieces in the CryptoPunk collection.
Why are CryptoPunks so expensive?
This cryptocurrency's status as one of the very first initiatives on the Ethereum network is one of the primary factors contributing to its rising popularity.
In short, the project is the NFT's forerunner and has inspired numerous other similar works of art, such as Bored Ape Yacht Club and Pudgy Penguins.
In addition, another factor that makes the CryptoPunks collection worthwhile is its uniqueness, as exemplified by Alien Avatar, the rarest and most costly CryptoPunk NFT ever sold.
Consider acquiring a CryptoPunk if you want a piece of what many consider to be a breakthrough digital art form. Due to the attention of major art auctioneers in CryptoPunks, the collection has proven to be a profitable investment for those who identified its aesthetic appeal and cultural relevance early on.
Others who wish to demonstrate their membership in the CryptoPunk community may purchase a CryptoPunk NFT to use as their social media PFP.
NFT lovers curious about how the on-screen popularity of CryptoPunks translates to real-world events and spin-off projects may like to purchase a CryptoPunks-themed NFT.
Where can I buy CryptoPunks?
In addition to designing CryptoPunks, Larva Labs built its own marketplace on the CryptoPunks website. This is where users bid, purchase and sell CryptoPunks. MetaMask can be used to communicate with the marketplace after installation and connection.
CryptoPunks have also made their way to OpenSea, a prominent Ethereum-based NFT marketplace. However, these pixel punks are a bit unique. They have been encapsulated as ERC-721 tokens in order to be traded on NFT platforms.
One may easily convert an ERC-721 CryptoPunk to its original ERC-20 format. The wrapping and unwrapping processes are performed on Wrapped PUNKS using a MetaMask wallet that contains a CryptoPunk.
Who is behind CryptoPunk projects?
This NFT project was created by the Larva Labs studio in the United States. Matt Hall and John Watkinson, two Canadian software developers, formed Larva Labs.
This artwork was inspired by Punk London, a cyberpunk society that includes William Gibson's novel Neuromancer, the film Blade Runner, and the musician Daft Punk.
The Most Expensive CryptoPunks
These are top 5 cryptopunks which has the highest sales.
A CryptoPunk NFT, CryptoPunk #9988, was sold for $530 million on October 28. On secondary markets such as OpenSea, the base price of the renowned collectibles briefly fell below 80 ETH last month. The punks continue to be one of the most-wanted NFTs on the market.
In February, the CEO of the IT business Chain paid $23.58 million for Punk #5822. The digital avatar is an Alien Punk; the collection has just nine such NFTs.
CryptoPunk #7804 is an extraterrestrial who smokes a pipe and wears a cap and sunglasses. It was sold to Dylan Field, CEO of the cloud-based design tool Figma, for $7.56 million.
In March 2021, CryptoPunk #3100 was last sold for $7.51 million. It resembles an alien Punk with white-blue headgear.
The Punk, one of just 24 Apes punks, was sold to DJ Seedphrase, the alias of Danny Maegaard, in November 2020 for 150 ETH ($71,300). Maegaard presently possesses twenty other punks, including his iconic CryptoPunk 8348, which is adorned with a top hat, a large beard, sunglasses, and a cigarette. Then, DJ Seedphrase sold his unique CryptoPunk 2924 to a Texas bidder for 3,300 ether (ETH), or around $4.45 million.
As one of the earliest notable NFT ventures, they inspired a large number of crypto artists and even the ERC-721 token standard for digital collectibles. After several CryptoPunks were sold for millions of dollars in 2021, making them among the most expensive NFTs, the project gained popularity.
Hopefully, you already know the answer to the question "What are CryptoPunks?" For further information, please visit NFT marketplaces or join the project's official website below.
FQAs - What are CryptoPunks
How many CryptoPunk are there?
There are 10,000 CryptoPunks. In 2017, the CryptoPunk NFTs were generated automatically by a computer algorithm upon the introduction of the project.
Are the CryptoPunks an ERC-721 token?
No. The CryptoPunks predate the ERC-721 standard and are a bespoke contract, meaning they do not adhere to any standards. They are nearly ERC20 tokens.
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