In June 2017, CryptoPunks was created as a non-fungible token on the Ethereum blockchain. The two-person development team at Larva Labs introduced cryptoPunks into the market.
The idea of CryptoPunks came from an accelerated character generator, and the inspiration comes from cyberpunk films, novels, etc.
What are CryptoPunks?
The boom that occurred in the larger NFT market in 2021 caused prices for CryptoPunks to rise, which resulted in some transactions of more than one million dollars for each Punk. Proof of ownership for CryptoPunks is recorded on the Ethereum blockchain, and the total quantity of CryptoPunks is capped at 10,000 distinct tokens.
The Ethereum blockchain is the decentralized ledger that stores CryptoPunks, a collection of 10,000 distinct digital collectible characters. Each individual piece in the collection is a portrait in the 8-bit style, measuring 24 by 24, and has its own individual set of characteristics and qualities.
Since CryptoPunks was one of the first projects to use non-fungible tokens, it has set the way for other successful NFT collections like CryptoKitties, Bored Ape Yacht Club, and CrypToadz. CryptoPunks was also one of the first non-fungible token ventures.
Anyone who had an Ethereum wallet at the time of the first launch in June 2017 and was ready to pay the modest minting fee was eligible to get CryptoPunks free of charge. After another four years, in the midst of the NFT boom in 2021, the market value of NFT CryptoPunks saw a substantial boost. There have been transactions that have resulted in the sale of CryptoPunks for tens of millions of dollars each. This resulted in the creation of a new class of millionaires out of some of the very first owners of CryptoPunks, who had initially received them for free of charge.
The most unique items in the collection, such as the limited number of extraterrestrial photographs, also happen to be some of the most expensive examples of digital art that have ever been purchased. They have been a significant factor in the legitimization of the relevance of NFTs as a technological and aesthetic trend.
The five most common varieties of CryptoPunks are male, female, zombie, ape, and alien in that order. Male CryptoPunks are more common than female CryptoPunks, ape CryptoPunks, and alien CryptoPunks. Each pixelated CryptoPunk is produced at random with its own one-of-a-kind collection of accessories, which may include hats, facial hair, spectacles, jewelry, and other items.
CryptoPunk is defined as a cultural icon for the people who belong to the crypto community. The Larva Labs’ Punk got attention from various means and social media platforms. This has resulted in increased value which effectively increases their demand. Fear of missing out or FOMO leads to an overnight spike in their importance among the youngsters, which is why it became extremely popular.
How to buy CryptoPunks and where to buy it?
To buy the CryptoPunks, you must follow the three basic steps: First, you must register for your Metamask wallet. After setting up your metamask wallet, you need to add ETH. From that ETH, you can directly buy CryptoPunk NFTs. This process will solve your question of where to buy cryptopunks.
Follow the below-mentioned steps to by NFT cryptopunks easily:
- Go to your Google Chrome store and add the Metamask extension to your browser.
- Now, open the metamask extension and create your account in it.
- You need to set up a secret recovery phrase to have a backup safety for your metamask account. It is a 12-word phrase, and you should keep it secure within the document to recover your metamask account.
- After you set up the phrase, you are good to go.
- In your metamask wallet, search for ETH.
- You have to add some amount to your metamask wallet to buy ETH.
- Go to ‘View the account’ and copy your wallet address. Paste the metamask address in the ‘To’ section when buying the ETH.
- Select the quantity of ETH that you want to transfer to your metamask wallet.
- Push the ‘Continue’ button, and ETH will be successfully added to your metamask wallet.
- Login to the metamask account and go to the Larva Labs website.
- Hit the button “Allow access to Metamask.”
- Now click on the ‘Buy’ button. Metamask will give details about the crypto punks and the ETH total fees.
- Metamask will confirm that you have available funds to buy a CryptoPunk. After this, click on the ‘OK’ button to make your payment.
- Hurray!! Now, you have successfully purchased the selected CryptoPunks NFT.
Conversion rate of CryptoPunks and what makes these NFTs so unique?
Conversion rates of different cryptopunks vary from 68 ETH or $77,524 to 20788.38 ETH or $23.7 million. There are over 10,000 Cryptopunks with 24*24 pixel art images. There are different types of characters like cats, monkeys, kitties, etc. NFT works on the concept of blockchain technology. Anyone in the metaverse can introduce NFT.
NFT usually represents real-world objects related to art, music videos, animals, people, characters, etc. NFTs are popular among the youngsters as they give them a sense of popularity in their network. The youth is more connected to technology. Hence, they try to buy everything popular on social media. Also, they know how much return these NFTs will give them (if spiked). Therefore they won’t miss a chance to grab it.
Difference Between CryptoPunks, CryptoCats, and CryptoKitties
CryptoPunks, CryptoCats, and CryptoKitties are different types of NFTs that Larva Labs have launched. As the name says, CryptoPunks are 24*24 pixel images associated with cool dudes’ character images. These vary from NFTs having goggles on their eyes, cigars in their mouth, VR sets, etc.
The CryptoCats NFTs are associated with the pictures of cats. Female buyers are kept in mind before launching CryptoCats NFT as they are more animal-friendly and animal lovers compared to men. But now, it is popular amongst the masses.
On the other hand, CryptoKitties are rather cute NFTs that are images of kittens in different colors, moods, shapes, etc. All of these 3 are different types of NFTs with varying price ranges as per the market.
Future of the CryptoPunks NFTs.
Only 1000 cryptopunks were held by Larva Labs in 2017. The rest are set free to keep for the users minus gas prices of that time. Recently, Yuga Labs acquired CryptoPunks, and on the same day, the cost of CryptoPunks goes over 70 ETH after being below 55 ETH for a long time.
CryptoPunks NFT has a business of over 1 billion dollars and is going to cross over 10 billion dollars in the next five years. Many well-known celebrities from Leo Messi to Justin Bieber have entered the diverse world of NFTs. If you want to get high rewards and have the heart to bear high risk, you should purchase NFT CryptoPunks by keeping in mind the long-term gains.
In the future years, the degree to which cryptocurrency will play a role in the lives of the typical individual is impossible to predict with any degree of accuracy. While it’s possible that the excitement around NFTs has hit its peak, it’s safe to say that cryptocurrency isn’t going away anytime soon. It’s fascinating to speculate about the beautiful world of crypto and where it could lead us in the future.
- Tagged in:
More great readings on Finance
How to Calculate Margin [+ Margin Calculators]Bipasha Nath on June 20, 2022
What are Stablecoins? And How They Can FailHitesh Sant on June 15, 2022
25 Accounting Terms You Should Know About as a BeginnerBipasha Nath on June 14, 2022
What is a Hardware Crypto Wallet?Hitesh Sant on June 8, 2022
Buy Gift Cards with Crypto Using these Platforms Hitesh Sant on June 3, 2022
10 Accounts Receivable Software to Never Miss a Payment in 2022Dhruv Parmar on June 7, 2022
Join Geekflare Newsletter
Every week we share trending articles and tools in our newsletter. More than 10,000 people enjoy reading, and you will love it too.