December 3, 2022
cryptopunks
NFT

What Are CryptoPunks and Why Are They So Expensive? 2022

CryptoPunks is the oldest NFT collection that was created in 2017. This guide will show you how to purchase the most costly Punks, where they can be purchased, and who made them.

In 2021, non-fungible tokens (NFTs), became a major trend in crypto industry. At the time of writing, January 2022, the demand for rare and unique tokenized items is still high. To satisfy their insatiable appetite for this new asset class, artists, celebrities, and creators have launched a variety of NFT projects.

Although there are hundreds, if not thousands, of non-fungible tokens (NFTs) floating around, each one aiming for the next big hit, the NFT craze began with CryptoPunks. Fun fact: it was in 2017. You might be able to guess their original price (or learn more later in this guide).

CryptoPunks are one of the most sought-after and expensive NFT collections today, with some Punks fetching tens to millions of dollars. What are crypto arts and why are they so expensive?

This guide will provide all you need about CryptoPunks.

What are CryptoPunks?

CryptoPunks is a prominent pioneer in the field of NFTs. It is the first series to be developed on Ethereum blockchain.

CryptoPunks was created by Larva Labs, a New York-based software company in 2017. It consists of 10,000 randomly generated, 24×24, 8 bit-style tokenized and pixelsated art images.

Each CryptoPunk NFT is generated randomly from multiple attributes. This allows them to be unique, as no two CryptoPunks will ever be the same.

Different types of CryptoPunks

There are many designs in the CryptoPunk collection that feature humans, zombies and aliens. CryptoPunk NFTs are rarer the more distinctive they are.

There are nine aliens and 24 apes. There are also 88 zombies. There are 3,840 female Punks and 6,039 male Punks. Each has its own unique features such as mutton chops and 3D glasses.

The Dev Punks are the first 1,000 CryptoPunks that were made. Eight Punks are identical and are sometimes called the Genesis Punks. One CryptoPunk #8348 has seven basic attributes, making it one of the most sought-after art pieces in CryptoPunk’s collection.

The First Punks were given for free

It is interesting to note that the idea for the most popular NFT project in the world began as an experiment.

John Watkinson and Matt Hall, founders of Larva Labs in 2017, developed a program that could create thousands of pixelated images of misfits or non-conformists.

The idea of using the program and avatars in a game or app for smartphones was inspired by the London Punk movement from the 1970s.

They didn’t know their tiny project would lead to the massive NFT industry we know today.

The collection of 10,000 CryptoPunks then was launched on Ethereum blockchain, at a time that the ERC-721 token standards was not even in existence.

CryptoPunks were originally free and every holder of an Ethereum wallet had access to the NFT collection. The 9,000 Punks that were available were quickly grabbed, and the rest went to the developers.

Fast forward to 2020 and the NFT market explodes. The demand for digital images that had ownership rights on blockchains soared and CryptoPunks became the most desired.

Their value on secondary NFT markets such as OpenSea shot through a roof, resulting in multi-million-dollar auctions at some top auction houses around the world, including Christie’s or Sotheby’s. This also attracted several high-profile investors like Jay-Z and Gary Vaynerchuk.

CryptoPunks had generated more than $2.5 billion in total trade volume on OpenSea as of January 2022. The popularity and market value are still growing as the NFT space becomes mainstream.

These images are so beloved because they are so symbolic. Let’s see.

CryptoPunks – The Most Ancient NFT Series

The price of a commodity that is in high demand and has limited supply will go up when it’s in high demand. The CryptoPunks are a classic example of this phenomenon. The NFT is so well-known that Visa purchased a Punk for $160,000.

The big question is: What drives the demand for pixelated images that critics call “a bunch of pixels”?

There are many reasons why CryptoPunks are in high demand, but two stand out: scarcity and availability.

Age

CryptoPunk is considered one of the most important NFT projects. A mature NFT such as CryptoPunk is as valuable as a famous painting like Picasso’s “Femme nue sofae au collier” (1932), which was bought and tokenized TRON’s Justin Sun.

CryptoPunks’ age on the blockchain only adds to their appeal. Investors buy Punks simply to own one of the oldest NFT artworks.

Scarcity: Jay-Z and Serena Williams, plus More

NFTs derive a lot of their popularity and value from the scarcity and rarity of tokens. CryptoPunks also deserve attention.

CryptoPunks are scarce and a thrill that drives demand to the moon. They are highly sought-after due to their rarity.

The rare Punks are more valuable than the plain-looking Punks. Aliens CryptoPunks, for example, are some of the most rare in the collection. They are therefore extremely expensive.

The NFT collection is also highly sought after by high-profile people like Jay-Z and Serena Williams. These images were used on social media as profile photos, which was a big hit with the crypto community.

Let’s now take a look at the most expensive CryptoPunks ever sold.

The Most Expensive and Rarest CryptoPunks Ever Sold

Here are the highest prices that avid digital art collectors and investors have paid for rare CryptoPunks.

CryptoPunk #7523 (11.75 Million)

Source: OpenSea

CryptoPunk #7523, an alien Punk, is one of only nine in the collection. It is one of the most rare pieces in the collection. It shows an alien wearing a surgical mask. paid a staggering $11.75million for the NFT at Sotheby’s in London.

Shalom Meckenzie, a significant shareholder in Draftkings’ daily fantasy and sports betting company Draftkings, purchased the Punk.

CryptoPunk #4156 (10.26 Million)

Source: OpenSea

An investor paid $10.26 million to purchase CryptoPunk #4156 in 2021. This makes it the second-most expensive Punk ever sold.

CryptoPunk #7804 (7.56 Million)

Source: OpenSea

CryptoPunk #7804 depicts a pipe-smoking alien wearing sunglasses and a hat. It was purchased by Dylan Field, CEO of Figma, a cloud-based design tool.

CryptoPunk #3100 (7.51 Million)

Source: OpenSea

CryptoPunk #3100 was sold last March 2021 for $7.51million. It is an alien Punk with a white-blue headband.

CryptoPunk #5217 (5.44 Million)

Source: OpenSea

CryptoPunk #5217 shows an ape Punk sporting a red knitted headgear with a gold chain and a green knitted necklace. It was last sold in 2009 for $5.44million.

How do I buy a CryptoPunk NFT

You can see all available CryptoPunks on several NFT marketplaces like on OpenSea. This is the largest secondary NFT marketplace.

CryptoPunk can only be purchased by investors through the Larva Labs site. The website offers several tools to help buyers choose the avatar they want to purchase, including a tracker showing all the Punks listed and their prices.

First, log in using an Ethereum-based wallet. MetaMask is preferred. Once you have access to the platform, you will be able to buy, sell, and bid on CryptoPunks via Larva Labs’ official site.

You can see the status of each CryptoPunk NFT by looking at their background color when you buy, sell, or bid on them on the marketplace.

A blue background indicates that the CryptoPunk in question is not available for sale. A red background indicates that the owner has put the Punk up for sale. A purple background indicates that an active bid is being placed for the CryptoPunk NFT.

We’ve put together a step-by-step guide to help you buy and sell NFTs using OpenSea.

Read More: Ttron (TRX)Price Prediction 2025

Future of CryptoPunks

CryptoPunks are attracting a lot of high-profile investors to the NFT space. They also lead the crypto art movement. Within four years, one Punk’s price has risen from $0 to several millions of dollars.

Although it is impossible to predict whether the current demand for CryptoPunks or NFTs will continue over the years, one thing is certain: they will remain an integral part the NFT world as the oldest series, many years before The Bored Apes Yacht Club, and other popular NFTs.

Larva Labs is always looking for ways to improve the project, as it is unlikely it will ever issue more CryptoPunks. Their limited supply is one reason why they are so popular.

Software firm revealed that all CryptoPunk images and attributes had been placed on-chain on Ethereum blockchain. This will ensure their durability and longevity.

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