One of the most successful NFT projects, the CryptoPunks, and the first of many projects looking to create a unique collection of characters that can be used as profile pictures. The collection is made up of 10,000 unique characters, each with unique traits and rarity levels, no two are exactly alike. Each character is an NFT living on the Ethereum blockchain which means it has a unique identifier that can be used as proof of ownership. Continue reading to know more about these characters, how they originated and what they are worth today.
How did the Cryptopunks originate?
In June 2017 the project was launched by LarvaLabs, a company founded in 2005 by two Canadian software developers, Matt Hall and John Watkinson. Before CryptoPunks, Larva developed apps for mobile devices and worked for important clients such as Google and Microsoft. Larva Labs came up with an algorithm to automatically generated the 10,000 unique punks. The collection of punks reflects a particular vibe and was inspired by the London Punk movement of the 1970s. Earlier this year, Yuga Labs, the creators of Bored Ape Yacht Club, bought the intellectual property rights of this project and Meebits collections from Larva Labs.
Why are Cryptopunks so expensive?
This is it! This is the project that inspired the modern cryptoart movement allowing so many people and artists to discover the potential of NFTs. Each CryptoPunks was initially offered for free; they were claimed quickly after they were released. Now, the punks are worth thousands and even millions of dollars. But, how is it possible? Can a 24×24 pixel picture be worth millions of dollars? First, CryptoPunks is seen as one of the first and most valuable collections of NFTs; this ‘perceived value’ raises the value of the NFTs and the rarer a character is, the more valuable it is. There are all kinds of characters, and most of them are boys or girls with different traits and accessories, however, there are a few mixed-in apes, zombies, and aliens; these are the most sought-after and expensive punks. The largest sale to date is Cryptopunk #5822 an alien punk that sold for 8K ETH or $23,7 million dollars.
How can I get a CryptoPunk?
The only way to get a punk is through the secondary market and many of them have sold for millions of dollars. You need a MetaMask wallet and lots of Ether that you buy from Coinbase, an online cryptocurrency platform. Once you have funded your crypto wallet, you will be able to place bids on the Cryptopunks available for sale.
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