NFTs such as CryptoPunks are very popular in the crypto world. In fact, you’ll find about 50,000 NTF collections on the blockchain, while about 400,000 people own NFTs.
CryptoPunks, in particular, were distributed for free — at first. Today they are one of the most expensive and popular NFT collections on the Ethereum blockchain.
What exactly is a CryptoPunk token? Who created it, why is it so expensive, and how can you buy it? Let’s find out.
Learn in This Article
What Are CryptoPunks?
CryptoPunks are one of the first NTF projects created on the ETH network. Their design was inspired by the London punk scene of the 1970s and the cyberpunk movement — hence the name.
CryptoPunks are 8-bit pixelated images represented as non-fungible tokens on the Ethereum blockchain. This project contains 10,000 portraits of humans, zombies, aliens, and apes. Each portrait has unique characteristics. Some of them wear glasses and hats, while others smoke pipes.
These NTFs were initially distributed for free. Their holders only had to pay a gas fee. However, the first 1,000 CryptoPunks, known as Dev Punks, were reserved for the project’s developers. Today, the lowest price of one CryptoPunk NFT is around $126,414.
CryptoPunks are popular among collectors for several reasons. First of all, CryptoPunks pioneered NTFs on the ETH blockchain. This is why many collectors consider them to be a form of historical artifact. In fact, CryptoPunks were one of the first NFT collections that were auctioned at Sotheby’s and Christie’s. Secondly, there are only 10,000 CryptoPunks, which makes them extremely valuable in the eyes of collectors. The CryptoPunks’ value will depend on their type, number of attributes, and scarcity. As mentioned above, there are four types of tokens — humans, zombies, aliens, and apes. Zombies, apes, and aliens are more valuable than human punks since there are fewer of them. As for attributes, NTFs with 0, 6, and 7 attributes will also be more valuable due to their limited number. The most sought-after NTFs have the following attributes: beanie, choker, pilot helmet, tiara, and orange side. That said, the most expensive CryptoPunks are: And finally, CryptoPunks show great growth potential. This makes them very attractive to investors. Moreover, they have a large fan base and many celebrities own them. What’s more, even Visa showed its support by buying Punk #7610 for $150,000 in August 2021.Why Are They So Popular?
Who Created CryptoPunks?
CryptoPunks is a project that came out of Larva Labs studio. Its founders are Canadian software developers, Matt Hall and John Watkinson. At first, this project didn’t have a roadmap. It was envisioned as an experiment on the art and value of NFTs. In other words, its goal was to popularize cryptographic art.
After the popularization of NTFs, CryptoPunks was bought by Yuga Labs, a company that creates NFTs and digital collectibles.
When Did CryptoPunks Come Out?
Larva Labs studio was founded in 2005, while CryptoPunks came out in June 2017. As mentioned before, the studio created only 10,000 NTFs. The CryptoPunk creator team decided to keep 1,000 NTFs for themselves and distribute the rest for free to all Ethereum wallet owners.
As the popularity of NFTs grew, CryptoPunks became more valuable. For example, in February and March 2021, CryptoPunk 6965 and CryptoPunk 7804 were sold for $1.5 million and $7.5 million, respectively.
This caught the attention of Yuga Labs, the creators of Bored Ape Yacht Club, who in 2022 bought Larva Labs.
How Many CryptoPunks Are There?
There are a total of 10,000 CryptoPunk NTFs. All NTFs are divided into five groups — male, female, zombie, ape, and alien. With that in mind, there are 6039 male punks, 3840 female punks, 88 zombie punks, 24 ape punks, and 9 alien punks.
Each NTF has a certain number of attributes. On that note, 4501 punks have 5 attributes, 8 have zero, while only one NTF has 7 attributes, making it the rarest NTF in the collection.
The most represented attributes are earrings and cigarettes, while NTFs with beanies and chokers are the least represented.
Who Owns CryptoPunks?
Celebrities who own CryptoPunk NTFs include:
- Gary Vee — 59 punks
- Snoop Dogg — 9 punks
- FaZe Banks — 8 punks
- Alexis Ohanian — 5 punks
- Jay-Z — Punk #6095
- Odell Beckham Jr. — Punk #3365
- Serena Williams — Punk #2950
- Steve Aoki — Punk #6473
- 3LAU — Punk #6708
- Heidi Klum — Punk #3653
- Jason Derulo — Punk #1961
- Marshmello — Punk #8274
- Tobi Lutke — Punk #1719
How to Buy CryptoPunks
There are several ways of obtaining CryptoPunks. You can buy them from the native CryptoPunk marketplace, other NFT marketplaces, and crypto exchanges. Here’s how.
CryptoPunk Marketplace
Visit the Larva Labs website and enter the For Sale section. Here you’ll find all the CryptoPunks that are for sale. Click on the one you like the most and choose whether you want to bid or buy the token at the offered price. If you’re satisfied with the price, confirm your transaction.
Keep in mind that you’ll first need to transfer ETH to your crypto wallet and link it with the marketplace.
At the time of writing, the cheapest CryptoPunk token costs 57.2 ETH or $126,131, while the average bid is 1.17 ETH or $2,574.
Other NTF Marketplaces
You can also buy CryptoPunks on other NFT marketplaces, such as OpenSea. To do this, you need to create an account and connect it with your MetaMask wallet.
Next, you need to enter your account and type CryptoPunks in the search bar. Click on the token you’d like to purchase and tap the Buy Now or Make Offer button. Complete the payment using ETH. If everything goes well, the seller will transfer the CryptoPunk to your MetaMask wallet.
Crypto Exchanges
To purchase CryptoPunks from top crypto exchanges that support NFT trades, use platforms like Kraken and Coinbase.Create an account on one of the mentioned exchanges and link it to your ETH wallet. Enter the trade section and make your offer.
Conclusion
Although it’s a relatively new project, CryptoPunk tokens managed to conquer the NFT market in a short period. Unlike other tokens, their value is still very high, and it will most likely continue to grow due to its large community. CryptoPunk tokens are also very popular among celebrities, like Snoop Dogg, Jay-Z, Serena Williams, and Heidi Klum.
Moreover, the lowest price of CryptoPunks is 57.2 ETH or $126,414, which makes them very lucrative for both collectors and crypto investors.
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