What is Crypto Punks?
Cryptopunk is one of the most popular collections - the legend of the NFT market. The collection was invented by the Lavra Labs team back in 2017 and instantly created a buzz and gathered a bunch of fans around it. The collection consists of 10,000 unique avatars generated on the Ethereum blockchain.
Crypto Punk’s creators Hall and Watkinson actually created the collection by accident as an experiment. Initially, the task was to create a program that could generate thousands of unique characters, but in fact they created a blueprint for the digital art movement as we know it today.
Cryptopunk became the epitome and inspiration of the London punk scene, displaying the “anti-establishment spirit” of the early days of the blockchain movement.
Initially, tokens were distributed for free. Until one person was willing to pay a transaction fee on the Ethereum network. Despite the fact that NFT was a fairly new concept at that time, all cryptopunks were in demand in the shortest possible time.
Cryptopunks weren't the first NFTs, but they became a cult piece and gained real popularity. After the launch of the project, the company opened a marketplace for trading tokens on its website and added analytical tools to the collection.
About Crypto Punks collection
Collection contains 5 varies types of cryptopunks: men, women, zombies, apes, and aliens. While males are the most mutual with 6039 avatars, aliens are the rarest. There are only 9 aliens. Also, there are 3840 women, 88 zombies and 24 monkeys. As we know, the rarer the type, the more its value. In fact, in the middle of last year, Sotheby's auctioned Alien сryptopunk or $11.75 million .
In addition all of cryptopunks’s types have a lot of other characteristics - 87 in total. This includes: necklaces, cigarettes, earrings, eye patches and pipes. Beanie, Choker, Pilot Helmet, Tiara and Buck Teeth are some of the rarest traits.
“The advantage of generative art is that the process, once started, can lead to unexpected results for us,” Larva Labs said. “We ran the generator hundreds of times, checked the results and made adjustments. Then, with a bit of fanfare, we ran it one last time, linked it to the Ethereum smart contract we deployed, after which CryptoPunks was fully secured.”
Let's see why this collection is so special and exclusive.
Why Crypto Punks so special and exclusive ?
The punk collection has led all of the most popular NFT avatars, from the Bored Ape Yacht Club to the Pudgy Penguins. What makes CryptoPunks extremely valuable is the fact that they are one of the oldest NFT projects and the first set of randomly generated profile pictures that really caught attention and wide recognition of the crypto community.
Due to its legendary status, several celebrities have also imitated CryptoPunk. The list includes rappers Jay Z and Snoop Dogg, crypto influencer Logan Paul, tennis star Serena Williams, American DJ Steve Aoki, singer Jason Derulo, and many more.
Currently, the blue-skinned CryptoPunk #5822 holds the record for the most NFT sales from the collection. In February 2022, it was sold for 8,000 ETH or about $23 million. As one of the 9 alien punks, he is also one of the rarest punks.
The second one best selling NFT is CryptoPunk #4156 . Like a monkey with a bandanna, the NFT brought in $10.35 million. While, CryptoPunk #5577 and CryptoPunk #7804 sold for $7.82M and $7.56M.
Where can you buy "cryptopunks"?
You can buy the legendary collection on the Larva Labs marketplace. The transaction requires a wallet that supports Ethereum, like MetaMask. The marketplace also provides analytics for each avatar and everything related to the transaction.
Wrapped versions of CryptoPunks of the ERC-721 standard are also traded on the OpenSea platform.
The future of CryptoPunks
Thanks to a few high-profile investors, cryptopunks have become leaders in the crypto community. In just four years, the price of one punk went from almost zero to several million dollars.
Today, the CryptoPunks is 62.59 ETH or about $189,100. According to the website of Larva Labs, the project has totaled $1.98 billion in sales. However, OpenSea establishes a higher cost of $2.7 billion.
In recent months, while projects like Bored Apes have upended CryptoPunks, the collection continues to enjoy its legendary status. This status is unlikely to go away anytime soon. Moreover, with the acquisition of Yuga Labs, we can expect further development of the collection in the coming months. And with it, more demand.