April 6, 2023

CryptoPunks NFT: The Pioneers of NFT Art

CryptoPunks image

CryptoPunks are a collection of 10,000 unique pixel art characters that have become a symbol of status and a significant part of internet history within the Non-Fungible Token (NFT) landscape. The collection was launched in June 2017 by Larva Labs, a two-person team comprising Canadian software developers Matt Hall and John Watkinson. 

Are you interested in the technical details of buying a CryptoPunk? Or you just want to know what these strange computer code looking images are and why they cost so much? This guide is the resource for it all.

The Birth of CryptoPunks and Meebits

CryptoPunks are algorithmically generated 24x24 pixel art images that primarily feature punky cool-looking guys and girls. The collection also includes a few rarer types, like Apes, Zombies, and Aliens.

There are mainly three backgrounds:

  • blue background
  • purple background
  • red background

Crypto Punks Types

Hall and Watkinson were inspired by London punk and cyberpunk movements as well as electronic music like Daft Punk. They used this inspiration to create an experimental project that pushes the limits of digital art and collectibles.

The true official genuine cryptopunks are unique digital assets with a combination of seven varied characters.

The V1 Punks were in high demand NFT collection, well known for their rarity and unique attributes such as hats, pipes, and even the odd alien punk with eyepatch. Larva, the original creator of these NFTs, sold them to Yuga Labs but soon after the sale attempted to sabotage their launch on NFT marketplaces.

Out of all the valuable punky looking guys, Punk number 8348 stood out as the most precious one due to its possession of all seven traits.

Meebits, the collection of 20,000 unique 3D voxel characters. Compared to CryptoPunks, which are only a 2D pixel-art image, Meebits offer something different by being rendered in voxels or pixels with volume.

Meebits NFT Collection of 20,000 NFTs

The ERC-721 Standard and the Ethereum Blockchain

CryptoPunks played a pivotal role in the development of the ERC-721 standard, which powers most digital art and collectibles on the Ethereum blockchain.

Unlike fungible tokens, such as cryptocurrencies, NFTs have unique attributes that make them distinguishable from one another. CryptoPunks stores proof of ownership on the Ethereum contract, ensuring that all the punks have a ownership stored in it.

As a result, NFTs like CryptoPunks have become an integral part of the cryptocurrency and decentralized finance ecosystems on multiple blockchains.

CryptoPunks in the NFT Marketplace

How many CryptoPunks are there?

There are 10,000 CryptoPunks, each with its very own specific punk name and special traits, making each one of them unique!

Why are CryptoPunks so expensive?

The value of CryptoPunk is exceptionally high, exemplified by the purchase of Punk #7523 for 4,200 ETH, equivalent to $7.6 million. The value of each Punk is subject to the owner's perspective and total value is based on the enjoyment it brings.

To buy or sell a Punk, OpenSea or the official CryptoPunk website can be used to buy or sell punks directly, check the average sale price, stats of the current lowest price punk, how many punks sold yesterday and purchase your very own punk.

What are some of the most expensive CryptoPunks?

#5822: Sold for 8,000 ETH

#3100: Sold for 4,200 ETH

#7804: Sold for 4,200 ETH

#2924: Sold for 3,300 ETH

#4156: Sold for 2,690 ETH

#6529: Sold for 1,250 ETH

Who owns CryptoPunks?

Cryptopunks Contract and owners

Names like Mark Cuban, Gary Vaynerchuk (who has around 60 Punks), Jay-Z, and Snoop Dogg (who owns about nine Cryptopunks) have these Punks in their possession. Additionally, there are other famous owners of these pixelated Punks, including collectors, investors, and other cryptopunk owners.

The Impact of CryptoPunks on the NFT Ecosystem

Early adopters of Punks have been rewarded with great financial success, and owning one is now considered a status symbol in the NFT space.

CryptoPunks has come to represent the boundless potential of combining ingenuity and originality in the digital realm, as it has given rise to many other NFT collections and initiatives that utilize the ERC-721 standard, some of which have achieved a large measure of success most recent sales.

Cryptopunks Contract and Deal with Yuga Labs

Crypto punks deal with yuga labs

In February 2022, Larva Labs, the team behind Punks, experienced criticism when one of its co-founders, John Watkinson, sold some of his V1 CryptoPunks collection even though the project was one of the most prosperous NFT endeavors ever.

Several days after trading the V1 Punks to Yuga Labs, Larva Labs tried to banish the rising project and have it eliminated from NFT marketplaces.

The consequences of this declaration had the possibility of lowering the worth of V1 Punks and thus leading to a financial loss for those who obtained the NFTs from Watkinson. At the same time, Watkinson was able to keep all the money he acquired from the sales, preventing any losses that could have been incurred by the new account from the decrease in value, which was triggered by a business he and one other person administered.

The Importance of CryptoPunks NFT Project

Larva Crypto Punks nft projects

CryptoPunks are the ultimate NFTs – they are a symbol of prestige, a representation of Internet history, and an incredibly valuable asset. Their journey to fame is connected to the expansion of Ethereum and the development of projects like Bored Ape Yacht Club, which have thrived because of the CryptoPunk model.