CryptoPunks are now part of the world’s most popular and valuable NFT collection. This project was the spur for the entire NFT space. By 2021, non-fungible tokens had become a significant trend in the cryptocurrency space.
Several artists, celebrities, and inventors have started many new NFT projects to fulfil the unstoppable demand for new asset classes.
CryptoPunk is one of the most popular and oldest NFTs. The value of these NFTs is even more surprising. Punks are now worth more than a decent house for the most part if not all.
But, given their current popularity, the question here is why are Cryptopunk so expensive? What is so special about it? Here is an ultimate guide to CryptoPunks that will teach you all you need to know.
What are Crypto Punks?
CryptoPunks are 24×24 pixel art images of typically punk-looking men and women. It incorporates various unusual features. Examples are apes, zombies, and aliens.
Moreover, these digital avatars come from the United Kingdom’s punk scene in the 1970s. It also highlights the anti-establishment and rebellious spirit of blockchain’s development.
In 2017, John Watkinson and Matt Hall published 10,000 punks using an automated system. The Ethereum blockchain records its ownership. Hall and John Watkinson used numerous wigs, glasses, and headgear to create these pixelated figures known as CryptoPunks.
Initially, Hall and Watkinson wanted to use a software program to make apps. Still, the avatars quickly claimed to be a success. Since its introduction, the CryptoPunks platform has completed over $2 billion in transactions.
You can currently buy CryptoPunks in 6-7 digits. However, they are free upon launch to anybody with an Ethereum wallet.
Types of CryptoPunks
There are designs showing people, zombies, aliens, and apes in the CryptoPunk collection. It is a rare collectible if it has a unique feature set. Furthermore, each punk has different attributes.
Among the famous collection, nine are alien punks, 24 are monkeys, and 88 are zombies. Moreover, 3,840 are female punks, and 6,039 are male punks. They have mutton chops, 3D glasses, hats, and other attributes.
The first 1,000 CryptoPunks, known as DevPunks, are reserved for project developers. About eight punks are known as genesis punks since they have no distinct function.
Valuation of a CryptoPunk (at least 200 words total)
NFT art is known to sell for millions of dollars at auctions. Different audiences give interest to other varieties of digital art, just as they do physical art.
Consider the works of Pablo Picasso. Anyone may copy his paintings, but the originals are one-of-a-kind and valuable. It distinguishes his work from others. Cryptopunk is the same way.
When you purchase art as Non-fungible tokens, you automatically become the owner by utilizing the blockchain data of all previous owners. CryptoPunks is a good choice for investors that believe in the NFT market due to its uniqueness.
Of course, worldly value exists in judging all art, including NFTs. That is, how much pleasure you can derive from art.
There are other considerations to consider while assessing NFTs for CryptoPunks.
Cryptopunks are minimal. There are no two Cryptopunks that are alike. Furthermore, each crypto punk has unique characteristics, some of which are pretty unusual. These are braids, headgear, tiny sunglasses, and several gold chains.
Furthermore, there are significantly fewer Cryptopunks than Bitcoin, so it is valuable. Only 10,000 CryptoPunks exist, just like there are only 21 million Bitcoins. The rarer an item is, the more uncommon it is.
The NFT creator must determine if they want unusual things or a new version of the NFT. In any case, You may utilize the NFT’s unique IDs and metadata to confirm its authenticity.
Popularity is another essential factor to consider while evaluating expensive Cryptopunks sold. Celebrities like Jay-Z and Serena Williams and Youtuber Logan Paul are other demand drivers for the NFT series.
Investors used the image as a profile photo on social media sites. The crypto community has already clicked on it, indicating that demand has increased.
CryptoPunks are well-known from late 2020 through early 2021. In August, Visa’s crypto head, Cuy Sheffield, stated that it had acquired CryptoPunk #7610 for $150,000.
Another consideration is an aged NFT. CryptoPunk’s high ranking might boil down to the fact that it is an original and one of the earliest NFT projects. Thus, it is giving it socio-cultural significance and a historical landmark.
Their value has surged because they are one of the earliest collections of NFTs ever made. In general, Cryptopunk is a cultural icon.
Why are Crypto Punks so Expensive? | The “Rare Syndrome” (at least 100 words)
Non-fungible Tokens are scarce and one-of-a-kind. At any time, only one NFT may exist. It means that no more NFTs of the same type may exist. It is one of the answers to why are Cryptopunks so expensive. Everything comes down to the characteristics of NFTs.
Crypto Punks are, therefore, unique from one another. In addition, one punk has different features from the other. We call this Rare Syndrome.
However, only a handful of Cryptopunks is now available due to these factors. Each Crypto Punk character has its style, qualities, and characteristics, making them highly unusual.
The Most Expensive CryptoPunks Ever Sold
It is exciting to know the most expensive CryptoPunks ever sold like any art. The following are some of the most extravagant amounts that investors paid. These are also rare CryptoPunks they bought:
CryptoPunk #7523 is one of just nine alien punks in the collection. Earrings, a knitted cap, and a medical mask define this punk.
“CryptoPunk #7523” was sold for $11,754,000. Shalom Meckenzie bought it. He is an Israeli entrepreneur and a significant stakeholder in the digital sports firm DraftKings.
In December 2021, CryptoPunk #4156, one of only 24 primate monkey punks in the collection, was auctioned for $10.26 million. It’s the second most valuable punk ever.
The Bandana is the only thing this punk has.
Cryptopunk #7804 is a computer-generated teal pipe-smoking alien punk. It is wearing a cap and sunglasses. The owner sold it for 4,200 ETH ($7.5 million) on the open market. Moreover, Dylan Field bought it. He is the founder and CEO of Figma, a cloud-based design tool.
As the market for digital collectibles grows, Cryptopunk #7804 sets a new milestone for the most money paid to punk.
CryptoPunk 3100 is one of nine alien punks in a group. It also wears a headband worn by over 400 other punks.
According to the Larva Labs website, the unique CryptoPunk3100 costs $90.5 million. Larva Labs, a two-person company, produced CryptoPunks.
CryptoPunk #5217 is a red knitted headdressed ape punk with gold chains. The unknown owner sold it for $5.44 million.
How to Buy a Piece of CryptoPunks
CryptoPunks are currently exclusively available for purchase on the LarvaLabs website. Matt Hall and John Watkinson, the original inventors of CryptoPunks, control this site.
The website offers a CryptoPunk marketplace where you may purchase or sell avatars from other users. Hundreds of various CryptoPunks are available for purchase on the LarvaLabs website.
On the LarvaLabs Marketplace, you may also discover strange CryptoPunk zombies and alien avatars. However, these are not cheap.
The “cheapest” zombie avatar on the market costs $5.9 million. The most affordable alien avatar sells for around $80 million.
The Future of CryptoPunks
CryptoPunks have established themselves as pioneers of the crypto art trend. It has also drawn some of the industry’s most renowned investors. A single defect has gone from practically nothing to millions of dollars. This all happened in just four years.
It’s impossible to say whether the present CryptoPunk and NFT demand will continue for years. But one thing is sure. These are the original series, and they will always be a big part of the NFT world.
CryptoPunks may have a bright future if the present collection of NFTs in circulation will continue. The project is still the most well-known and influential on the market.
Our article is not a piece of investment advice. Your ability to invest will determine your future.
Regardless of its popularity, conduct your research and invest in what you can afford to lose. Always keep in mind that the cryptocurrency industry is an unstable one.