Why Cryptopunks NFT are taking the world by storm | Detailed Guide 2021

Anyone who bought NFTs in the past three years is more than just happy in 2021; the NFT market is single-handedly making people not only rich but giving them a new experience towards owning a piece of art.

What are cryptopunks? And where did they come from?

Cryptopunks are the equivalent of cave paintings to the digital asset world as they were the earliest collectible in NFT. They are 24 by 24 pixels collectible cartoon characters, which are 10,000 in numbers. Each of them is unique compared to others, making it a thing to watch. A person can own Cryptopunks through Non-fungible-token, also known as NFTs.

More importantly, NFTs aid in the transformation of lines of computer code into a sense of meaningful ownership.

Where did it all begin?

A brainchild of Larva Labs, Cryptopunks was founded by Matt Hall and John Watkinson, who was inspired by the punk rock scene, which resembled the upcoming blockchain revolution.
As one of the first famous NFT projects, Larva Labs inspired digital artists to offer their work as NFTs putting cryptopunks at the forefront of the crypto art movement.
The concept of cryptopunk started as an experiment into the value of non-fungible tokens and digital arts.

Cryptopunks was launched in 2017 at a time when NFT hype was non-existent and was initially given away for free over the years; the set of eccentrics gradually became more popular and reached its famed status after auction sales reached $7.5m in 2021.

Also read: What are stoner cats NFT.

Why are Cryptopunks selling for millions of dollars?

At first glance, this 8 bit artwork might not look very special. Anyone can see, download even copy any of the cryptopunks for their own use. One can share them on social media, add music in the background, and it is all legal despite the fact that their owner is someone else.

So, why then cryptopunks are being auctioned for millions?

Because all cryptopunks are attached to a unique ownership ID in the form of a non-fungible token or NFT, attaching NFT to a digital asset such as a cryptopunk is a process called minting.

When a cryptopunk is minted, a unique key is assigned, and at the exact moment, ownership data is stored on an Ethereum blockchain.
What this means is that only one person can be the valid owner of a specific cryptopunk which is the person that owns the digital key that unlocks the ownership data on the blockchain. But copies do not have the unique ID attached to them, making the NFT version of the cryptopunk much more valuable.

When one buys an NFT, he buys the only verifiable version of that digital item.

Trending topic: NFT marketplace development 

Unique attributes:

All cryptopunks are generated by an algorithm, ensuring that no two cryptopunks are the same. Some traits and features are rarer than others, and most are punky-looking guys and girls with a few rare types blend in, such as apes, crypto zombies, and aliens, and it is these features that make crypto art more valuable.

• There are a total of 10,000 cryptopunks
• Out of which, 6,309 are male punks
• And 3,840 are female punks
• 406 punks have headbands
• 961 punks can be seen smoking a cigarette
• There is just one cool crypto art punk with a cigarette, bucktooth, and big beard.

Each punk has its own profile as well as its ownership status. The headbands, earrings, and other things that a crypto art is visible wearing are crypto wear.

Is it just hype, or does it really have potential?

After going through lots of research, some numbers prove why Cryptopunks NFT has great potential.

1. The total value of cryptopunk NFTs sold last year was 489 million dollars.
2. The average selling price is $ 53000 per cryptopunk NFT.
3. The market cap of NFT grew nearly ten times between 2018 and 2020.
4. How would you feel if I were to tell you that in 2017, Larva Labs (creators of cryptopunks) were practically giving them away for free to anyone who owns an Ethereum wallet.
5. According to Larva Labs, 7392 punks have been sold over the past 12 months.

The most expensive Cryptopunk NFT:

This crypto art has dominated heavily in the market, with 4 of these famous punk art ranks among the top 10 most expensive NFTs ever sold.

#Cryptopunk7523 is the most expensive famous punk art to be sold to date in June 2021. It sold for $11.8m by Sotheby’s auction house. Also, it goes by the name of ‘Covid Alien.’ The reason behind its rarity is that there are only 9 alien cryptopunks out of 10,000, making them highly collectible. In addition, the crypto wear as a mask only increased the price further.

Image source: LarvaLabs.com

#Cryptopunk3100 is the second most expensive also from the family of 9 alien themed famous punk art which is created by LarvaLabs. It was sold in march 2021 for a whopping $7.58m, and recently got dethroned as the most expensive cryptopunk NFT. At the time when this blog is in the process of writing this is again listed as something to be sold for 35000 eth that is $139m.
If this got sold for the listed price then it will be the most expensive NFT ever sold.

Image source: LarvaLabs.com

It is easy for one to determine that themed Cryptopunks are often high in demand because they were produced in limited quantities making them even rarer in the 10,000 unique club. One other such example is crypto zombie which is a cryptopunk that looks like a zombie got huge advantage of zombie art movement, another trend that helped skyrocketing the worth of these crypto arts.

How to check availability of cryptopunk NFTs?

Now you know that there are 10,000 unique cool crypto art, owning one of them means you will have it for life unless you wish to sell it.
One must have an ethereum wallet to buy NFTs since all the transaction is done in crypto and later you can sell crypto for real money.
If you are thinking of buying some famous punk art then this is what you need to look out for.

• Punks with the blue background have been claimed and will not be available unless the new owner is willing to sell them.
• Punks that are available for sale by their owner are in a red background.
• A bid is currently active on punks with a purple background.
• Currently the cheapest punk is $266,000 (approx) or 80eth (approx).
• One can place a bid and check prices here. 

Why are some Cryptopunks more expensive than the other?

Let’s understand the reason by understanding the origin. ‘Punk’ was a trend back in 2017 (punk fashion). It became the base of this 8 bit artwork and gave birth to this famous punk art known as ‘Cryptopunk.’
Their unique attributes, such as 3D glasses, cigarettes, earrings, etc., added to its increasing price value. Ultimately, the price of these crypto-wear grew by millions of dollars.

Who is getting rich and who is missing out?

Let me give you an example, Cryptopunk 5212 was claimed for free by 0x00bd9f (username), then it was transferred for free 0xa3cb30 then someone named Carlinia bought it for 1756$ then it kept getting traded, and it ended with 0xeb7251 selling to Wutangclan $47,602.
Now, Imagine what if 0x00bd9f never traded it for free and kept it for 4-5 years to get $47k.
This is just an example. There are more than 7000 examples of people who never saw the potential in Cryptopunks NFT.
Talking about good investment options is not taught at school. It took you to read this blog to realize the facts and potential that the NFT market currently holds.
The point that needs to be cleared is that ‘NFTs and crypto for sale’ are not only something that is extremely popular, but they are great even in the present; numbers prove that.

Where to buy Cryptopunks?

Larva Labs: Along with designing cryptopunks, Larva Labs has created its own marketplace where parties can bid, buy and sell these famous punk art.

OpenSea: CryptoPunks have made their way into OpenSea, another trusted marketplace to buy cryptopunks for the traders based on the Ethereum blockchain. However, these punks are mildly different because they’re wrapped in 721 erc tokens so that they’re tradeable on other NFT marketplaces. An erc721 can be easily converted back into its original erc20 form by using the wrapped punk service.

Takeaway:

Cryptopunks NFT isn’t the only proof of the expanding NFT market. More such digital assets like Nyan Cat, a GIF that got sold for $580,000, the first tweet of Jack Dorsey that got sold for $2.9, stoner cats, etc.
Is it too late for you to start your journey in this rapidly growing industry?
Luckily no, It’s never too late to jump into anything as promising as the new digital world that values good decisions made at the right time.

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