CryptoPunks are among the first non-fungible tokens (NFTs) to be minted on the Ethereum blockchain. They are a collection of 10,000 unique pixelated characters, with some being human, and others aliens, apes, and zombies. Each CryptoPunk is unique, but non-human CryptoPunks tend to sell for much more than the standard ones due to their scarcity. CryptoPunks are bought and sold in Ether (ETH), the native cryptocurrency of the Ethereum blockchain. To purchase a CryptoPunk, you'll need to connect a software wallet, such as MetaMask, to Larva Lab's website. Once you have enough Ether to purchase your CryptoPunk, you can transfer your funds to an Ethereum wallet and buy a CryptoPunk from someone who already owns one.
Characteristics | Values |
---|---|
Number of Cryptopunks | 10,000 |
Type of NFT | Algorithmically generated 24x24 pixel art |
Currency used to buy Cryptopunks | Ether (ETH) |
Types of Cryptopunks | Male, Female, Zombies, Apes, and Alien |
Rarity | The rarer the Cryptopunk and the rarer the combination of accessories, the more valuable |
Crypto wallet | MetaMask |
Crypto exchange | Coinbase |
Average price paid for a Cryptopunk | $400,000 |
Highest price paid for a Cryptopunk | $16.9 million |
Cryptopunks' share of the whole volume of Ethereum NFT marketplaces | Over 55% |
What You'll Learn
Cryptopunks are the earliest NFTs
CryptoPunks are indeed among the earliest examples of NFTs. They were created in 2017, marking one of the first NFT collectibles minted on the Ethereum blockchain.
CryptoPunks are a collection of 10,000 unique pixelated characters, each with a different level of rarity. The collection includes human characters, as well as aliens, apes, and zombies. Each character is randomly generated from a list of dozens of attributes, resulting in a diverse array of designs.
The creators of CryptoPunks, Matt Hall and John Watkinson of Larva Labs, initially offered them for free as an experiment. However, they quickly gained popularity, and their value skyrocketed. CryptoPunks have been featured in renowned publications and auction houses, including The New York Times, Christie's of London, and Art|Basel Miami.
The unique characteristics of CryptoPunks, combined with their scarcity, have driven their demand and value. As of July 2023, the average CryptoPunk NFT was valued at about 53 ETH (approximately $2000). The most expensive CryptoPunk sold for over $7.5 million.
The high-profile owners of CryptoPunks include celebrities such as Snoop Dogg, Odell Beckham Jr., Jay-Z, and Marshmello, who have further contributed to their popularity and desirability.
The secondary market for CryptoPunks is extremely active, with Punks frequently changing hands and generating substantial returns for investors.
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Cryptopunks are bought and sold in Ether
Once you have purchased enough Ether, you will need to transfer your funds to an Ethereum wallet. The most commonly used software wallet is Metamask, which can be downloaded as a Google Chrome extension. This will allow you to easily interact with websites that transact in cryptocurrency. Other options for Ethereum wallets include Coinbase Wallet, Argent, Rainbow, Exodus, and Loopring.
After setting up your wallet, you can connect it to the Larva Labs CryptoPunks website, where you can browse and purchase Cryptopunks. The Larva Labs website features both a primary and secondary market for Cryptopunks. However, it is important to note that even if the Larva Labs website goes down, you will still own your Cryptopunks and be able to trade them. This is because the Cryptopunks are based on the Ethereum blockchain, which is a decentralised platform.
On the Larva Labs website, you will be able to view all the Cryptopunks currently up for sale in the secondary market. You can either buy these at their listed prices or place a bid. When you are ready to make a purchase, you will need to pay the listed price as well as an Ethereum gas fee. The gas fee is the amount it costs to run your transaction on the Ethereum blockchain, and it fluctuates depending on the transaction congestion across the entire chain.
By following these steps, you can purchase Cryptopunks, which are bought and sold using Ether on the Ethereum blockchain.
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Cryptopunks are generative, pixel art avatars
Cryptopunks are algorithmically generated 24x24 pixel art avatars. They are considered a piece of art and a form of asset tokenization that is highly valuable in the NFT marketplace. They are unique, with no two punks looking alike, and some have rarer traits than others. The pixel art aesthetic of the collection has become recognisable for its creative simplicity and diversity.
The collection consists of five different types of characters, with increasing rarity: male, female, zombie, ape, and alien. Each punk has a unique set of accessories, such as hats, facial hair, glasses, and earrings. The rarer the punk and the rarer the combination of accessories, the more collectors are willing to pay for them. For example, there are only 44 punks wearing a beanie, 48 wearing a choker, and 78 with buck teeth.
The creators of Cryptopunks, Matt Hall and John Watkinson, can't mint any new pieces, so the supply will never exceed 10,000 NFTs. This creates scarcity among collectors. Cryptopunks were also among the first NFTs to make the leap from online forums to prestigious auction houses such as Sotheby's and Christie's, further adding to their value.
The distinctive artistic direction of Cryptopunks is derived from the unique attributes that they possess. The pixelated characters were inspired by the London punk scene, the 1984 science fiction novel Neuromancer, the 1982 science fiction movie Blade Runner, and the cyberpunk movement inspired by the French electronic music duo Daft Punk.
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Cryptopunks are VIP passes
Cryptopunks are becoming the VIP passes of the internet. They are increasingly important to some businesses trying to attract them, and are often seen as being above average. Cryptopunk owners are seen as a special community, and owning a Cryptopunk is considered a privilege. Cryptopunks are often used as avatars on social media platforms, and their simple pixel art style means they work across all domains.
Cryptopunks are the first 10,000 NFT collection, and there is a desire to own them. They are unique and different from each other, as part of being a non-fungible token. They are also highly liquid compared to other NFTs and physical art. There will always be buyers for Cryptopunks, whether on the Larva Labs marketplace or wrapped punks on OpenSea.
Cryptopunks are also becoming increasingly important to businesses. For example, Tiffany & Co. recently sold out 250 customised pendants for Cryptopunk holders at $50,000 each. Cryptopunks are also being used as avatars by celebrities such as Snoop Dogg, Odell Beckham Jr, Jay-Z, and Marshmello, who use them as their Twitter profile pictures.
Cryptopunks are also being targeted by crypto investment groups, who are buying them together. For example, Flamingo DAO already owns one alien Cryptopunk. As the metaverse develops, digital VIP passes are becoming an unavoidable part of life, and Cryptopunks will be in demand from younger generations as they mature.
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Cryptopunks can be purchased on Larva Labs
To purchase Cryptopunks on Larva Labs, you will need to set up a digital wallet, such as Metamask, and buy some Ether (ETH), the native cryptocurrency of the Ethereum blockchain, which is used to buy Cryptopunks.
Once you have set up your wallet and purchased ETH, you can connect your wallet to the Larva Labs website. This will allow you to browse the Cryptopunks available for sale and place bids. The Larva Labs website will show you all the Cryptopunks currently up for sale in the secondary market, and you can either buy them at their listed prices or place a bid.
When you find a Cryptopunk you want to purchase, simply hit the "Buy" button, and a window will pop up for you to review and confirm the transaction. You will also see a transaction fee called the "Gas Fee", which is the cost of running your transaction on the Ethereum blockchain. Once you confirm the transaction, it will be processed through the blockchain, and the NFT will be sent to your Ethereum wallet.
It is important to note that Cryptopunks are bought and sold in ETH, so you will need to ensure you have enough ETH in your wallet to make the purchase. Additionally, the prices of Cryptopunks can vary widely, so be sure to check the current prices and set a budget before making your purchase.
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Frequently asked questions
Cryptopunks are algorithmically generated 24x24 pixel art NFTs. There are 10,000 unique characters, most of which are human, but some are aliens, apes, and zombies.
Cryptopunks are bought and sold in Ether (ETH) so you'll need to turn your cash into ETH. You can do this on a cryptocurrency exchange like Coinbase. Then, you'll need to transfer your ETH to a digital wallet like MetaMask. Finally, connect your wallet to the Larva Labs website and select the Cryptopunk you want to buy.
The price of Cryptopunks varies depending on their rarity and the accessories they have. At the time of writing, the lowest-priced Cryptopunk is listed for 15.4 ETH ($30,603.34) but they have sold for as much as $16.9 million.
As with other forms of art, the value of Cryptopunks is largely based on perception and demand. The rarer the Cryptopunk and the rarer the combination of accessories, the more collectors are willing to pay for them.
Cryptopunks are increasingly being held in top investment portfolios. They are revered by crypto investors and can generate yield. They are also highly liquid compared to other NFTs and physical art. However, investing in Cryptopunks is risky as their prices are highly speculative and they offer little intrinsic value.