The tendency of humans to collect objects dates back to the evolution of homo sapiens itself. We think of our stuff as a reflection of our identity and personality. From seashells to paintings to their new form– NFTs, we always have a way to express ourselves with our unique ownership of stuff.
The Cryptopunk NFT collection is one of the earliest and the second-largest NFT collections by market capitalization. This article is your guide to understanding this unique collection and its market economics. Let’s dive in.
What are NFTs?
A Non-Fungible Token (NFT) is a unique digital asset created with the help of cryptography and blockchain technologies. They can represent both digital and real-world items from artwork to real estate.
NFTs are created through a process called minting, where the asset’s ownership is encrypted and recorded on a blockchain and hence cannot be replicated.
Unlike interchangeable (fungible) assets like Bitcoin or the US dollar, each NFT is unique. The owner of an NFT can transfer them, making it possible to sell and trade them. Like Bitcoin, the supply of NFTs is limited.
What is the Cryptopunks NFT collection?
CryptoPunks is a collection of 10,000 unique characters stored on the Ethereum blockchain with proof of ownership. All of them are 24×24 pixel art avatars of punky guys and gals. These portraits are algorithmically generated and tokenized.
The tokens belong to five broad categories— female, male, alien, zombie, and ape. With only nine in existence, Alien punks are the rarest in the collection and are hence sold for a premium. Zombie punks and Ape punks are 88 and 24 respectively.
There are 6,039 male punks and 3,840 female punks. Cryptopunk 8888 which is the only human punk at the top of the list is a female punk and was sold for 888 ETH.
Where Did the Cryptopunks come from?
CryptoPunks was created in 2017 by Canadian software developers Matt Hall and John Watkinson, founders of Larva Labs. The project was originally started as an experiment to explore the dynamics of demand and scarcity.
They created software that randomly generates pixel images, based on preset parameters. The Cryptopunks were designed to remain unalterable once they went live on the Ethereum network.
Variations to the avatars were given attributes like beards, hats, and pipes. This has also allowed us to rank the collection according to the rarity of attributes present.
CryptoPunks were initially conceived as the characters in a mobile game but turned out to be a milestone in the world of digital art and NFTs.
Today, the CryptoPunk model is considered by most as the inception of the NFT movement. The creators of Cryptopunks were inspired by the London punk scene in the 1970s’ and the dystopian grit of cyberpunk.
Larva Labs released 9,000 Punks for free and held the remaining 1000 ‘premium’ punks, some of which were later sold for millions of dollars.
Cryptopunks Price Prediction
As of today, the floor price of Cryptopunks stands at $49.99 ETH and the market capitalization of the collection is at 499600 ETH.
The 24-hour trading volume is at 225.82 ETH, 41.10% up from yesterday, which included 4 sales compared to 3 yesterday.
Our experts predict that in the backdrop of the recent crypto boom and Bitcoin halving cycle, the price and trading frequencies of Cryptpunks will continue to go up for a few more months.
Where to Buy Cryptopunks NFTs?
CryptoPunks Website: You can buy the CryptoPunks NFTs from the official website. On the website, you can browse every single punk ever created and place your bid on them, even if they’re not for sale. If the owner likes the bid, you can get them by paying the price.
OpenSea: OpenSea is the world’s first and largest web3 marketplace for NFTs and crypto collectibles. You can browse, create, buy, sell, and auction NFTs, including the Cryptopunks using OpenSea.
Conclusion
Being one of the flagbearers in the world of NFTs, Cryptopunks is a familiar name in the space. The owners of these tokens include prominent businessmen and celebrities.
Considering the optimism around crypto assets in the past few weeks, this NFT collection holds great potential for investors. Our technical analysts also seem to agree.
Despite everything, we maintain that crypto investments come with an array of risks. We warn the reader to exercise caution and do their research before investing in crypto assets or any other investment vehicles with variable returns.
