What Are CryptoPunks? and Ethereum platform NFT in the present and in the future

What are CryptoPunks?

When it comes to crypto investment keywords, there are a lot of terms that we need to know. In today’s article example, we will introduce you to CryptoPunks. What are CryptoPunks? This is an NFT project and itself is based on Ethereum in 2017, which has made it strong in terms of crypto collectibles by investors. By 2021, the price spiked on the broader NFT crypto market and resulted in sales exceeding $1 million. Please refer to the information about CryptoPunks below to better understand it!

General introduction

This is a market for collectibles for cryptocurrencies issued in the form of non-fungible tokens (NFTs) that exploded in 2021. When it was announced with a trading volume of $2.5 billion la within the first 6 months of the year as NFT becomes more and more mature and becomes a major trend.

As such, the boom here has seen NFT enthusiasts rediscovering some of the earliest non-fungible tokens, in order to be able to push the value of crypto collectibles to high levels. We may not be able to predict the future.

One of the early NFT projects was CryptoPunks: a collection of all randomly generated pixel based avatars, Some CryptoPunks are rare, they are eager to be marketed with worth millions of dollars.

Here is the information about CryptoPunks you need to know and stay tuned!

What are CryptoPunks?

CryptoPunks created by developer studio Larva Labs, CryptoPunks consists of a sequence of 10,000 images encrypted as NTFS on the Ethereum blockchain. The NFT would then be effectively a deed of title to a digital item. In this case, holding CryptoPunks NFT means that you are the sole owner of the unique pixel avatar.

What are CryptoPunks?
What are CryptoPunks?

Then, each CryptoPunk will be randomly generated from a list of dozens of attributes, which means there will be a variety of designs: humans, zombies, apes including aliens. Among them, aliens and zombies are the most popular avatars on the market and have the highest selling prices ever.

Origin of CryptoPunks

Accordingly, Crypto Punk was released for free in 2017. At that time, the token standard could not replace Ethereum’s ERC-721 even if it did not matter at that time and was released. It’s like an experiment. Thereupon, Ethereum wallet holders win as much as 9,000 CryptoPunks once they have been released and Larva Labs holds the rest.

The volume of NFTs will then gradually increase in the following years, but not until late 2020 and early 2021, when demand will skyrocket for scarce digital collectibles. Then the secondary market value of CryptoPunks will skyrocket. That would lead to millions of dollars worth of NFT sales, at auctions at Christie’s and Sotheby’s along with countless CryptoPunks also used as Twitter profile pictures.

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The special features of CryptoPunks

There is a huge demand momentum for CryptoPunks which is one of the oldest NFT projects around and the first set of profiles was randomly generated for real login and crypto community.

Once there, they inspired an increasing wave of NFT profile pictures to grow, from the Bore Ape yacht club to the Doodles, etc., then, each only cementing the same influence. with the legacy of the source project. CryptoPunks also has a number of famous owners including owners such as Rapper Jay-Z, YouTuber Logan Paul, and famous female tennis player Serena Williams.

There are obvious differences that will make certain CryptoPunks more attractive and valuable in the eyes of collectors. As the alien avatar is the most famous and rarest of random ones, so the alien CryptoPunks is an NFT that is said to be among the top most expensive NFTs sold on the electronic market since so far. While monkey and zombie designs are also being requested. However, most CryptoPunks that look like humans will be for sale close to the NFT market price.

How to buy CryptoPunks

Want to see CryptoPunks we should choose an app called OpenSea, which is the leading secondary market for NFT. You can only buy them through an official Larva Labs website.

After that, you will be required to log in to an Ethereum cryptocurrency wallet, such as Meta Mask, and then you can buy, bid and sell CryptoPunks through the official websites. Another way to make it easier is that, in Larva Labs there is a handy tracking tool that allows you to view all the Punks in order of price, and in order from low to high.

Readmore: How to create an NFT: A beginner’s guide

Interesting thing about CryptoPunks?

CryptoPunks has been responsible for over $1.18 billion in total trading volume, as of September 1, 2021.

CryptoPunks continuously increasing floor price
CryptoPunks continuously increasing floor price

The most expensive CryptoPunks ever sold was ETH worth $11.8 million in June 2021 at a Sotheby’s auction for Shalom Mckenzie, the largest shareholder of the DraftKings consortium.

Future Forecast of CryptoPunks

What is the future of CryptoPunks? This is a question that cannot be answered. In our opinion, they will probably continue to change hands in the secondary market. And speculating the future will likely get them huge returns for the investors they’ve bought in waiting for the possibility of a spike.

Currently, there is no way to know whether the current level of demand will continue. Once the input price of Punks continued to rise, the floor price hit $100,000 in early August 2021 and up to $150,000 a few days later. As of now, it’s over $200,000.

To our knowledge, financial services giant Visa became the unlikely owner of CryptoPunk by the end of August 2021. At that time, calling NFT a “Historical Trade Artifact” and it was suggested that “NFT will play a very important role in the future of retail, social media, entertainment and commerce”.

Almost immediately upon announcement, the CryptoPunks market skyrocketed again, over $101 million in NFTs in the collection were sold out that day – this is considered a record in a possible single day. sold as much so far. In the last months of 2021, CryptoPunks has really made its mark and succeeded in the art world, with works being placed in galleries in London and even infiltrating Miami’s Art Basel exhibition.

Even Hollywood they can infiltrate; Larva Labs has signed with United Talent Agency to represent the company as they can put their assets in movies, video games and television, etc.As for whether the CryptoPunks cartoon can be far or not, we need to wait and see what the outcome will be.

Besides that, there are a number of voices expressing discontent in the CryptoPunks community. Because during 2021 and 2022, other profile picture NFT collections appear to challenge CryptoPunks. Attention was drawn to the Bored Ape Yacht Club, where the floor price surpassed even CryptoPunks. As the market is moving towards NFT with more utilities or extra perks, meanwhile, Larva Labs remains silent on issues such as:

CryptoPunks owners take intellectual property rights to their NFTs . In December 2021, problems arose when a leading figure in the Punk4156 community sold his CryptoPunks for more than $10 million, and boldly declared that it was time to “move on.” .

CryptoPunks on display in exhibition halls
CryptoPunks on display in exhibition halls

Over the next several months, Larva Labs attracted new criticism for selling “V1 CryptoPunks” which was an earlier iteration of the NFT series that was dropped after a glitch was discovered in the smart contract. This company was accused after they sent mixed messages, for previously clicking hints that V1 CryptoPunks are not real CryptoPunks. In a statement posted in the official Larva Labs Discord, co-founder Matt Hall apologized for the sale of a V1 Punks. This is considered a “Stupid” move and a bad decision.

It seems unlikely that Larva Labs will be releasing more CryptoPunks, the reason being that much of this appeal is due to the previously limited supply and in the oldest NFT around. Because of that, the company has turned to other projects, Meebits in 2021 a total of 20,000 3d voxel avatars created with the same spirit as CryptoPunks.

Here, speak to the long-term development surrounding CryptoPunks. A good example: in early August 2021, then Larva Labs announced that they had placed all of the art for the chain online on CryptoPunks that are now on the Ethereum blockchain. The move was requested by collectors to help prolong the life of the NFTs, with the aim of keeping them from disappearing from the web in the future. Knowing that it is expensive to get it on-chain, this move could give investments in CryptoPunks an extra boost.

Conclusion

Above are very interesting shares about What are CryptoPunks? for those who do not know or know a little about it. In the digital investment market, there are many different types to choose from. But this article is and is only talking about CryptoPunks. In the future CryptoPunks will achieve great achievements in terms of its investment and development. CryptoPunks is considered the oldest NFT to date, it is one of the most expensive and desirable cryptocurrency collections. At the end, we wish you a good day of studying and working. Thank you for following this post.

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