Everything You Need To Know About CryptoPunks NFT
Tags: nft, crypto, beginners
Published: 2022-04-06 09:44:46


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CryptoPunks is a game on the blockchain that allows you to collect and trade unique digital assets, called CryptoPunks. These assets are Non-Fungible Tokens (NFTs) that can be used to represent anything that has value. CryptoPunks are generated on-chain, and each one is unique. You can buy, sell, or trade them on exchanges, or use them in games and applications.

CryptoPunks is among the first non-fungible token collections in the Ethereum blockchain. It was first launched by studio Larva Labs in the year 2017 but was later acquired by the Yuga labs who are currently in charge. It’s comprised of 10 thousand unique art images that describe the nature of humans. There is also another set of different types of punks that are seen to be more valuable due to their scarce population. These include apes (24 in number), aliens (about 9) and zombies (approximately 88). Every crypto punk has an ability to possess 87 unique characteristics known as “traits” that includes things like necklaces, hats, eye patches, earrings, and pipes.
A single crypto punk holds a maximum number of 7 traits but only one crypto punk with the exact numbers exist, (#punk 8348). It has a big beard, classic shades, buck teeth, earrings, top hat, mole and a cigarette. Some punks can also hold zero traits with most of them having two-three punks, this explains how the number of traits a punk holds affects its scarcity and value.

1. How to purchase CryptoPunks NFTs.
People joining the NFT space will sure come across punks sooner than they expected and after that, they will understand why punks are priceless assets. Let’s take a look at the price viewpoint: in the year 2017, an alien punk was traded for about 8 ETH which roughly rounds up to about $2,000. At that time people thought it was a ludicrous offer for a joint photographic experts group. However, almost four years later in 2021, the same punk was traded for about 4,200 ETH which sums up an amount of approximately $7.55 million. Currently, the sales are high ranging around 60-100 ETH showing how prices are less or more stabilized.
With the right amount of funds in your wallet, you are able to purchase a punk of your own on Open Sea. auctioning houses have also taken the market by storm by selling punks, you can be lucky and acquire your asset at a special sale. Developing the punk marketplace by revealing more traditional art space was a huge step and all credit should be given to Christie’s auctioning company. In March, they presented a set of 9 crypto punks for sale and received about $16.5 million.

2. Why are punks so expensive?
Over the years, crypto punks have gained a reputation of status and a tool of investment. G money is among the buyers of crypto punks and explains that he only bought it because he wanted the status that came with the punk. He states that with a non-fungible token, you may post it as your avatar on discord and Twitter and immediately flex with a picture. “it literary contains the same effect as wearing a Rolex watch in the real life but digitally” he adds. Once inside the NFT community, you tend to see punk owners as visionaries and builders in that they foresaw where NFTs were heading and got ahead of the curve and due to these reasons, they are now given the assumption of status and trust, in fact, most of the collectors have developed projects, personas, brand and even communities with only a single punk NFT.

People tend to argue that possessing a crypto punk is like wanting to bet on the importance of the Ethereum blockchain and the NFTs. Those who were involved in supporting crypto punks earlier didn’t get into the project by chance as they had to be involved with crypto early enough. This explains how valued the project is because of its significance in history and its representation in the belief of Ethereum. Currently, the race to crypto punks is pilling day by day with capitalists, ventures, hedge funds and even celebrities striving for it without minding the ratio of social to financial values. It is simply impossible to discount a project that turned many collectors into millionaires in just one night. Due to the early securing of success, the collection continues to be extremely valuable with everyone in the NFT community hoping for a repeat.

Final thoughts.
Finally, with only a few years of age, crypto punk has managed to be a legal project in the non-fungible token space and the information about it has been out in the open for several years. Crypto punks were born and they will continue to exist immutably on the Ethereum blockchain.

Source: https://www.coinparative.com/insights/explainer/everything-you-need-to-know-about-cryptopunks-nft/