Why is everyone talking about CryptoPunks NFTs? And why are CryptoPunks so expensive? A lot of Cryptocurrency enthusiasts have started switching to the NFT train, and buying CryptoPunks for a lot of money—a whole lot of money!
Even corporate giants in the FinTech are not left behind with Visa recently announcing they acquired one of those NFT-based digital avatars for about $150,000 in Ethereum. In this article, we will take a look at what CryptoPunks are and why are CryptoPunks so expensive.
CryptoPunks has the unique advantage of being among the earliest NFT projects developed on the Ethereum blockchain. The NFT comprises 10,000 programmatically generated 24×24 unattractive pixel portraits with random attributes such as a man on glasses or a mob boss smoking a pipe.
While it was initially possible to buy a CryptoPunk free of charge, the increased demand for NFTs and the rarity of the CryptoPunk itself has shot the price to high heavens.
How Did CryptoPunks Start
Three years ago, two self-styled creative technologists and founders of Larva Labs, Matt Hall and John Watkinson put their brilliant minds together for the creation of the CryptoPunks art project on the blockchain in New York.
The duo generated 10,000 unique, strange-looking characters and hosted them on the Ethereum blockchain in 2017.
Back then, any crypto enthusiast could claim a CryptoPunk for free. All they had to do was just pay the gas fee to cover the computing energy, which, at that time, was considerably lower, before NFTs and DeFi became a buzzword.
Larva Labs kept 1,000 of the portraits for themselves, while the rest was claimed with the speed of light.
Today, things have changed and the only way to acquire a CryptoPunk is by purchasing it directly from an owner.
Back then, Mashable, a global, multi-platform media and entertainment company predicted that CryptoPunks could change the way people think about digital art. That prediction was right, for presently, CryptoPunk is rightly regarded as the precursor to today’s CryptoArt movement.
Why Are CryptoPunks So Expensive
There are a few things that make CryptoPunks special as a project. Firstly, the prestige of being one of the first NFT projects on Ethereum blockchain adds to its appeal. This was before the launch of CryptoKitties, the first widely recognized blockchain game.
Secondly, there are 10,000 CryptoPunks in existence. There will never be more than that. This limitation creates scarcity among collectors and enthusiasts.
For instance, there are just 24 apes and nine aliens. 44 of them wear a beanie while 48 wear a choker. 78 of them have buck teeth, while 128 of them were designed with rosy cheeks.
Eight CryptoPunks are bland with no defining attributes, and one (#8348) has seven attributes all to itself. A CryptoPunk with lots of rare attributes is typically worth more.
However, the rarity of the CryptoPunks isn’t the only factor in how much one is worth. Some of the portraits are desired just because a collector likes the look. Strange, right?
What next for CryptoPunks?
With so many contenders and pretenders for the attention of the general public, CryptoPunks is one of the collections which has maintained a bright, shiny future.
Despite the advancement of projects like Bored Ape Club Yacht Club, Meebits, Cool Cats, and lots of others, CryptoPunks continues to be the most popular and influential in the market
