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In 2017, LarvaLabs released an NFT on the Ethereum blockchain that became a piece of internet history. Inspired by the Seventies British punk scene, CryptoPunks have a niche of their own in the NFT world.
Find more about it below!
CryptoPunks are a collection of NFTs that consist of 10,000 24×24 pixel 8-bit-style unique avatars. They mostly depict male and female humans. However, there are 9 aliens, 24 apes and 88 zombies. These unique NFTs are more valuable because of their rarity.
The founders Matt Hall and John Watkinson started CryptoPunks as an experiment. They created a software program that could generate thousands of unique avatars. The avatars reflect the rebellious, anti-establishment nature that signifies the rise of Blockchain technology.
The integration of CryptoPunks on the Ethereum blockchain gave their buyers a sense of ownership. You can download the picture of one of these avatars, take a screenshot or even print an offline copy. However, there will be only one true owner of a CryptoPunk avatar. This unique feature is what makes these NFTs such a valuable asset.
The creators of CryptoPunk released 9,000 avatars for sale and kept 1,000 for themselves. When the NFTs first went live in June 2017, they were initially given away for free. But with time, its value soared. In June 2021, one of the CryptoPunks was sold for $11.7 million!
The value of a CryptoPunk, apart from its rarity, also depends upon the type of attributes it has. There are 87 attributes or ‘traits’ that a CryptoPunk can have.
One avatar can have a maximum of 7 traits. Only CryptoPunk #8348 has 7 attributes. They include a big beard, cigarette, buck teeth, classic shades, an earring, a mole, and a top hat. Some of them have zero traits but usually have two or three.
The people who have held these digital avatars over the years have received their reward. Alien Punk #3100 was sold on 6 July 2017 for 8 ETH. At that time, its value was roughly $2,000. On 21 March 2021, that particular NFT sold for 4,200 ETH, amounting to $7.58 million.
If you want to invest in a CryptoPunk, you can buy one on the LarvaLabs website. On this platform, there is a CryptoPunk marketplace from where you can buy or sell this asset. Some auction houses sell CryptoPunks. Christie’s auction house presented a collection of nine avatars in March 2021 that sold for a total value of $16.9 million.
As the popularity of NFTs continues to rise, so will the value of CryptoPunks. If you are considering investing in one of these digital avatars, it might appear very expensive initially. However, in the long run, it will surely be worth it.