A sign of status in the NFT space is when you own a valuable asset none other than CryptoPunk. As far as the history of NFTs go, CryptoPunk may just be the most important NFT Project there is! The journey of CryptoPunk to NFT fame goes hand in hand with Ethereum, whereby CryptoPunk grows when the blockchain grows. The continuous rise of projects like Bored Ape Yacht Club as well links back to the mold of CryptoPunk. So, if you know why these funny looking pictures cost so much money, we have an answer for you from Gmoney.
From conversations, We are able to compile the information and give you a guide to follow or guide to help you with NFT and understanding what these are. So let’s look more into one of the most sought after NFT you can buy.
So, What Exactly Is CryptoPunk?
It was first launched in June 2017 by Larva Labs and was bought over by Yuga Labs in 2022. CryptoPunks is one of the first ever collections that are on Ethereum (ETH) blockchain. It has 10,000 unique 24 by 24 pixel art forms of mostly humans, male and or female. But there are also the more rare kind and those are Zombies which have 88, Apes of 24 and 9 aliens.
Each CryptoPunk also has its own attributes amounting to 87 unique types and these traits include accessories like Hats, necklaces, earrings and more.
The maximum number of attributes that a CryptoPunk can have is only 7. But yet there is only one with seven traits. #Punk 8348 has cigarettes, earrings, mole, buck teeth, classic shades, a hat and a big beard. CryptoPunks also can have no attributes at all but most of the time there will be at least two or three.
Who made CryptoPunks?
Unlike the recent projects, CryptoPunk did not have a goal or a roadmap to where it will go. It was only an experimental project by Canadian software developers and Larva Labs Founders Matt Hall and John Watkinson.
At the time of the CryptoPunk it was not easy as of now because back then everything was still far and robust and so it started out rather slowly and slowly made its climb. Back then CryptoPunk used to be free because you needed the wallet to start collecting one. What makes CryptoPunk so important is the community that just grew by itself around it. Because they are the first NFT Project on Ethereum.
GMoney has said that some famous top-tier NFT influencers have already seen the opportunity of owning NFTs way earlier than most people and being able to claim stuff on-chain is very much valuable.
Since 2017, CryptoPunks has been nothing special and is only a Niche but it grew and blew up into one of the world famous NFT Projects. Although it is not the first NFT project to be released on Ethereum, CryptoPunk still entered the space at an early stage and has without a doubt been the most influential. Many of those who are patient to hold on to it are now multi-millionaires and those lucky enough to get them before 2021 craze are regarded as extremely lucky.
How To Purchase CryptoPunk NFT
Those that are new to the NFT World will undoubtedly one day come across CryptoPunk. When they do then they will immediately understand one thing. Punks are pure remarkable Valuable Assets.
Let’s just put this into perspective to understand more.
July 6th of 2017, Alien Punk #3100 sold for only 8 ETH or at that time around $2,000 but as of March 2021 That same Punk right now sold for a whopping 4,200 ETH which is $7.58 Million! That is a lot of money for a JPEG Image!
Although yes we are talking about the most expensive Punk to date but these kind of numbers are not uncommon back then and even now, a Punk can be sold for 60 ETH to 100 ETH and if it is the Rare Punks it can hike the price even more! The price have now stabilised and are not fluctuating as of before.
If you have the money and want to buy one then you can go up to the site of LarvaLabs and get one!
Auction Houses as well do sell Punks now as well and so you can head over to some of those Auction Houses and have a look and if you fancy one you can buy it and store up. As a matter of fact Christie’s Auction house has a great credit to make the punks appear on secondary marketplaces and because of this auction, Beeple had $69 million of sales in March. Christie presented 9 Punks from the collection and in May, sold for $16.9 million.
Why Are CryptoPunks So Valuable?
Over time, CryptoPunks have grown to be seen as a great deal of investment and are shown as a status symbol. As a matter of fact, GMoney bought one himself because he wanted the status that came with it. Having an NFT like that and posting it on Social Media and Twitter is like a flex and is equivalent to the time that people treat Rolex to be.
People in the NFT world tend to see those with Punks as builders and visionaries. They are seen as people who can judge the trends as they were one of those who got into the game early on and built from there and so it is safe to say that they are able to read and gamble on it, being able to see where NFT is headed.
Also according to the history that we can see it is also safe to say that they know the importance of NFTs and the Ethereum blockchain and placing a bet on it is like betting on the importance of it. and that they did not just jump on the opportunity but actually took the time to be in crypto early on in order to be involved in Punks said GMoney.
Conclusion is that because of its history as well as the representation of the belief in Ethereum that it was valued so highly. Whatever it may be, even celebs, hedge funds and more are also jumping on the game of CryptoPunks and we cannot deny that those who collected it turned into millionaires almost in one night and to this end, the collection continues to be valued as high and because of the success, early collectors were able to secure it and in hopes for these repeat by everyone.
The Future of CryptoPunks
CryptoPunk is only a few years old but it already has a legacy and it is also considered as a young project as well. GMoney also said that even with new projects coming, CryptoPunk will still not be forgotten because that is where everything began hence it is a big pillar and they do not need change nor improvement as it already is solid and cemented.
Still, Punks will likely have a bit of change as now there is a new owner that is under YugaLabs right now get a cut on the sold BAYC but LarvaLabs did not do so and YugaLabs already said that that will not change and they did not say anything about plans for the collection yet.
While the world still waits to see what YugaLabs will do, the prices still fluctuate wildly. CryptoPunk #273 sold for $1.03 million back in October 2021 but May of 2022 was at a price of only $139,000. It seems as though YugaLabs are not making a good ROI. Whatever may be, it is fitting to say that the mascot of NFT is a punk since it is always so looked down upon. Get your latest NFT news and guides on NFTeller.