CryptoPunks are one of the most recognized and influential sets in NFTs (non-fungible tokens), which represents the nascent period of digital arts and the collectibles era. These pixel mary art pictures, created algorithmically, in sizes of 24×24 pixels, have turned into social symbols, attracting attention from collectors, investors, enthusiasts all over the world. In this article, we dive into the fundamentals of CryptoPunks, how crypto Punks work, and how their price is determined NFT market.
What are CryptoPunks?
CryptoPunks are one of the most prominent examples of non-fungible tokens or NFTs, created on the Ethereum network. A collection created by Larva Labs in June 2017, Crypto Punks are a set of 10,000 unique, generative, and pixelated punk characters.
These characters have become social images within the digital art and cryptocurrency communities, impacting the improvement and popularity of NFTs.
There are 10,000 special Crypto Punks (6,039 male and 3,840 female).Each one was algorithmically created through coding system and hence no two characters are exactly alike, with a few characteristics being rarer than others. They were initially released for free and can be claimed by anybody with an Ethereum wallet by paying as it were “gas expenses”, which were low at the time.
Most of the 10,000 Crypto Punks represent people, but there are also three special types: Zombie (88), Primate (24), and Outsider (9).
How CryptoPunks work
How CryptoPunks Work?
Here are the points that help you understand how cryptopunks work.
- Creation and Distribution: Initially, the 10,000 CryptoPunks were offered for free to anybody with an Ethereum wallet. They were quickly claimed, and presently they can only be gotten through secondary deals on NFT marketplaces.
- Trading: CryptoPunks can be bought, sold, and exchanged on various NFT marketplaces, with OpenSea being one of the foremost popular stages. Transactions are conducted using Ethereum, and the costs for Crypto Punks can change broadly based on their properties and irregularity.
- Value: The value of a CryptoPunk is affected by a few components, including its irregularity, the demand from buyers, and its stylish offer. Rare sorts like Aliens, Apes, and Zombies tend to bring higher costs. Also, CryptoPunks with rare attributes or especially desirable combinations of highlights are too valuable.
How to buy CryptoPunks
How to buy CrytoPunks?
Here are the steps on how to buy Crypto Punks.
- Setting Up a Digital Wallet: To purchase a CryptoPunk, you wish a digital wallet consistent with Ethereum (ETH), the cryptocurrency used for these transactions. MetaMask is a popular choice due to its user-friendly interface and far reaching acceptance.
- Purchasing Ethereum (ETH): Once you have got your wallet set up, the another step is to buy Ethereum. You’ll be able purchase ETH on different cryptocurrency trades such as Coinbase, Binance, or Kraken. After purchasing, exchange the ETH to your advanced wallet.
- Connecting to a Marketplace: CryptoPunks are basically traded on specialized NFT marketplaces like OpenSea or directly on the CryptoPunks site (larvalabs.com/cryptopunks). Interface your wallet to these stages to begin browsing available Punks.
- Browsing and Buying: Explore the listings and select a Cryptopunk that fits your interest and budget. The prices can change widely depending on the properties and irregularity of the Punk. Once you discover one, press on it and take after the prompts to complete the buy using your ETH.
Price of CryptoPunks
According to coingecko.com at 25 june 2024 Cryptopunks (PUNK) is an NFT collection. CryptoPunks (PUNK) price floor today is 26.65000 ETH, with a 24 hour sales volume of 378.70 ETH. As of today, there is a total of 9,994 NFTs minted, held by – unique owners, and has a total market cap of 266,340 ETH.
Sales of CryptoPunks
The average sale price of a Punk over the last year is 67.98 ETH ($230,684.75 USD).
The total value of Punks sold over the last year is 102,034.7 ETH ($346,257,804.19 USD).
Showing most recent sales, click here to see all Sales.
| Value of Sales | Months/Weeks |
| Number of sale: 1501 | Last 12 Months |
| 378.70= ($1.27M) | 24 Hours |
| 1.74= ($6.03M) | Week |
| 3.94K= ($14.09M) | 4 Weeks |
| Total Sale: 1.12M= ($2.85B) | Lifetime |
Controversy of CryptoPunk
In October 2021, a single NFT transaction was made for 124,457 Ether (US$532 million at the time of the sale) regarding CryptoPunk #9998, much higher than all previous NFT sales, leading to speculation on social media that this could have been some kind of scam, a security exploit or money laundering. Larva Labs said that the purchase was made with a flash loan where the NFT’s owner bought the item from themselves with borrowed money, taking out and repaying the loan within a single blockchain transaction,subsequently invalidating the sale from the asset’s historic and from all the related statistics.
To Conclude
In conclusion, CryptoPunks are more than just pixelated images; they are pioneering artifacts of the digital age. Understanding how to buy them, what drives their value, and their broader impacts provides insight into the dynamic world of NFTs and digital collectibles. As the landscape continues to evolve, CryptoPunks remain at the forefront, symbolizing the innovative spirit of the digital revolution.
