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Cryptopunks

CryptoPunks were one of the first NFT projects and consist of 10,000 unique collectible pixel art characters created in 2017. Some CryptoPunks have sold for millions of dollars due to their scarcity and status as a pioneer NFT collection. To buy a CryptoPunk, you need an Ethereum wallet to bid on them via marketplaces, as all 10,000 were initially free but are now owned and traded. Celebrities like Jay-Z and entrepreneurs like Gary Vee own some of the most expensive and rare CryptoPunks.

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68 views4 pages

Cryptopunks

CryptoPunks were one of the first NFT projects and consist of 10,000 unique collectible pixel art characters created in 2017. Some CryptoPunks have sold for millions of dollars due to their scarcity and status as a pioneer NFT collection. To buy a CryptoPunk, you need an Ethereum wallet to bid on them via marketplaces, as all 10,000 were initially free but are now owned and traded. Celebrities like Jay-Z and entrepreneurs like Gary Vee own some of the most expensive and rare CryptoPunks.

Uploaded by

Suresh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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What Are CryptoPunks and Why Are

They Worth So Much?


Lots of cryptocurrency investors are jumping on the non-fungible
token bandwagon and scooping up CryptoPunks for a lot of money. Even
financial corporations have gotten into the game. Last August, Visa bought
one of these NFT-based digital avatars for about $150,000 in ethereum.
Keep reading to find out what CryptoPunks are and why they are so
valuable.

What Are CryptoPunks?


CryptoPunks were one of the first collections of NFTs on
the Ethereum blockchain. Think of these 10,000 avatars as a collection of
digital art characters. Sparking the modern CryptoArt trend, each
CryptoPunk is unique — meaning that no two characters are exactly alike.

How CryptoPunks Got Started

Larva Labs, a company created by Canadian self-proclaimed creative


technologists Matt Hall and John Watkinson, created the CryptoPunks art
project on the blockchain in New York. Global, multiplatform media and
entertainment company Mashable predicted that CryptoPunks could
change the way people think about digital art.

CryptoPunks’ Inception

In 2017, the software developers, Hall and Watkinson, created a few


lines of code, generating thousands of digital characters and a
software program of marketable digital art that could be sold and
owned. The result was a 10,000-piece collection of 24×24, 8-bit-style
eccentric-looking pixel art images.

Building Wealth
Inspired by the 1970s London punk movement, the CryptoPunk creators
designed the digital characters as a collection of “misfits and
nonconformists,” according to Hall and Watkinson.

How Do You Buy CryptoPunks?


The Ethereum technology platform is where digital currency, global
payments and other digital applications take place. Ethereum calls itself a
decentralized financial system and digital economic community where
creators can earn, send, receive, borrow and stream funds worldwide.

Initially, anyone with an Ethereum wallet could claim CryptoPunks for free.
All 10,000 characters were quickly claimed. Now, if you want to own one,
you have to purchase it from an owner on the blockchain marketplace.

When you bid on, buy and sell CryptoPunks on the blockchain
marketplace, you can see the status of each Punk based on the color of its
background.
• A blue background indicates that a CryptoPunk is not for sale and does
not have any bids at that time.
• A CryptoPunk with a red background symbolizes that the owner has
placed it for sale.
• CryptoPunks with a purple background have an active bid on them.

3 Steps to Buying a CryptoPunk

Here’s how you can get a CryptoPunk for yourself:


1. Download and install the MetaMask browser plugin for Chrome to
access your Ethereum account.
2. In the MetaMask plugin, buy some ether from Coinbase.
3. Bid on, buy and sell CryptoPunks directly from the interface.

Building Wealth
How Costly Are CryptoPunks?
Here is a list of some CryptoPunks that are currently for sale, as well as
their accessories and current market status.

ATTRIBUTES CURRENT MARKET


DESIGNATOR
(ACCESSORIES) STATUS

Thin mohawk, classic 99.70 ethereum


CryptoPunk 4947 (female)
shades ($120,995)

CryptoPunk 4328 (male) Beard shadow, fedora 144 ethereum ($487,273)

Horned-rim glasses, blonde 119.51 ethereum


CryptoPunk 4432 (female)
bob ($321,538)
ATTRIBUTES CURRENT MARKET
DESIGNATOR
(ACCESSORIES) STATUS

CryptoPunk 4661 (male) Eye mask, forward cap 300 ethereum ($968,688)

NFT industry data aggregator CryptoSlam states that Larva Labs’ overall
transaction volume for the most recent year, its fourth in business, was
$361.7 million. The price of CryptoPunks ranges from about $77,600 to
$1.2 million in ethereum.

Purchasing Strategies

CryptoPunks positions can help diversify


investors’ cryptocurrency portfolios. However, some investors use
purchasing CryptoPunks as a gambling strategy. This pump-and-dump
technique has been a cause of increasing sales prices of the digital artwork
collectibles.

The Future of CryptoPunks


An NFT is a verified asset using blockchain technology. A computer
network records transactions and proves the authenticity of buyers’
ownership of the tokens.

NFTs cannot be exchanged for other NFTs like bitcoin and other
cryptocurrencies can. This restriction contributes to the scarcity of NFTs
and increases their value. Some experts compare buying and collecting
CryptoPunks to trading collectible items like cards and physical works of
art.

Building Wealth
Visa’s head of cryptocurrency predicts that NFTs, including CryptoPunks,
will have an important part in the future of commerce, retail, entertainment
and social media.

5 of the Most Valuable CryptoPunks on the Market


CryptoPunks are selling for exorbitant sums. Here are the current five most
valuable CryptoPunks by ethereum value at the time of purchase.

CRYPTOPUNK TYPE VALUE

CryptoPunk 5822 Alien $23.7 million


CRYPTOPUNK TYPE VALUE

CryptoPunk 4156 Ape $10.26 million

CryptoPunk 5577 Ape $7.7 million

CryptoPunk 3100 Alien $7.58 million

CryptoPunk 7804 Alien $7.57 million

Who Owns the Most CryptoPunks?


A few celebrities and influencers have a monopoly on CryptoPunks
ownership. Some of their names you may or may not recognize.
• Shawn “Jay-Z” Carter, American music producer, business mogul,
rapper and songwriter, owns CryptoPunk 6095, which he bought for
over $120,000 worth of ethereum. He uses this Punk as his Twitter
profile photo.
• Electronic dance music artist Steve Aoki purchased CryptoPunk 6473
for 65 ethereum and sold it for 300 ethereum, worth over $900,000,
shortly after, according to NFT Now.
• American entrepreneur Gary Vee owns 59 CryptoPunks, including Ape
Punk 2140 and Zombie Punk 2424. He bought his Ape Punk for over
$3.7 million, which, at the time, was the highest-selling Ape CryptoPunk
to date.

Good To Know

CryptoPunks creators Hall and Watkinson sold nine CryptoPunks from


their private collection last year at auction, through Christie’s. The lot
went for nearly $17 million.

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