What are Cryptopunks: The Ultimate Guide
Cryptopunks have been around since late 2017, and they are quickly becoming one of the most popular forms of digital art. So what are cryptopunks, why are they so popular, and how can you get your hands on some? In this blog post, we will answer all of those questions and more!
What are Cryptopunks?
Cryptopunks are digital art pieces that use the Ethereum blockchain to store their ownership and authentication. Each cryptopunk is unique, and can only be owned by one person at a time. Because they are stored on the blockchain, they are impossible to forge or replicate.
Due to their unique nature and the fact that they cannot be replicated or forged, many people have been buying and selling cryptopunks as a form of digital art. This has created an active marketplace where you can buy or sell your own unique cryptopunk for Ethereum.
Types of Cryptopunks
Cryptopunks are not always the same price though — some are more valuable than others. The main thing that determines how much a cryptopunk is worth is its rarity. There are a total of only 10,000 cryptopunks available, and each one has its own set of characteristics that make them unique from the rest.
For example, some cryptopunks have different hairstyles or clothing than others do (which means there are fewer of those kinds). Some also have special features like glasses, hats, or facial hair that further increase their rarity.
The two main types of cryptopunks are female and male, though there is also a third type that has no gender (called “androgynous”). The most common kind is the female type with pink hair and red lips; she’s called “Betty” and is the default cryptopunk.
Who Created Cryptopunks?
Cryptopunks were created by the artist Larva Labs. They are a team of artists, developers, and entrepreneurs who use blockchain technology to create digital art pieces that have real-world value.
Larva Labs is best known for their cryptokitties — digital cats that live on the Ethereum blockchain. The cryptokitty craze took off in late 2017 and early 2018, with some cryptokitties selling for millions of dollars.
The team at Larva Labs wanted to create a new way for people to collect and share digital art, so they created the Cryptopunks collection as an alternative (or supplement) to their popular CryptoKitties project.
How CryptoPunks Got Started?
Cryptopunks got their start in 2017 when Larva Labs launched the collection on the Ethereum blockchain. The project started with a total supply of only 24 cryptopunks, which were then distributed to people who had contributed ETH during decentralized autonomous organization (DAO) fundraising rounds.
These early adopters helped fund development work for CryptoKitties and other early Larva Labs projects. In exchange, they were given the opportunity to purchase some of the first cryptopunks at auction.
Cryptopunks quickly gained in popularity, and the supply has continued to grow over time. Today there are a total of more than 3000 cryptopunks available for purchase.
How do CryptoPunks work?
Cryptopunks are digital assets that live on the Ethereum blockchain. They can be bought and sold just like any other ERC-20 token, but they also have an extra feature: each one has a unique “DNA” code that defines its appearance (or genes). This makes them similar to non-fungible tokens (NFTs) like CryptoKitties, which each have their own set of characteristics that make them unique from the rest.
When you purchase a cryptopunk for ETH at auction, it’s yours forever, only 1 person can own a cryptopunks NFT piece at a tim.
The Future of CryptoPunks
The future of Cryptopunks is as bright as any other digital art project or NFT. With the growing popularity of Ethereum and blockchain-based art, we are confident that Larva Labs will continue to grow their supply over time.
As more people learn about cryptopunks, the demand for these unique digital assets will only continue to grow. So don’t miss your chance to get in on this exciting new trend!
How much cryptopunk costs?
Each NFT type has its own identifiers. Some factors are important for collectibles, whereas art NFTs have different metrics to consider.
CryptoPunks are collectibles, therefore, the most important metrics when considering the value of collectibles are the size of the collection, attributes, and liquidity.
Valuing CryptoPunk Attributes
CryptoPunks come in a variety of different types, with each type having its own unique set of attributes. Some cryptopunks have more desirable attributes than others, and as a result they are worth more money.
Here are some of the most important attributes to consider when valuing cryptopunks:
- Hair color
- Eye color
- Lip color
- Clothing style
- Accessories
CryptoPunks that have more desirable attributes can sell for a higher price than those with less desirable attributes. So if you’re looking to buy cryptopunks, it’s important to consider which ones are the most valuable.
Supply and demand
Like any other digital asset or collectible, the value of cryptopunks is ultimately determined by supply and demand. If there are more people who want to buy cryptopunks than there are available for sale, then the price will go up. And vice versa if there are more sellers than buyers.
This basic principle applies to all types of digital assets, including cryptopunks. So the price of cryptopunks can vary depending on how much demand there is for them at any given time.
5 of the Most Valuable CryptoPunks on the Market
Cryptopunk #7252
Value: $5.33M
Cryptopunk #5217
Value: $5.45M
Cryptopunk #8857
Value: $6.63M
Cryptopunk #7804
Value: $7.57M
Cryptopunk #3100
Value: $7.58M
NFT Value Estimator by Dappradar
The NFT Value Estimator is a tool that helps you estimate how much your cryptopunk could be worth. You can use it to find out if there’s an active market for cryptopunks at the given moment and what for can you sell your cryptopunks.
It also gives you an idea of how much it might cost to sell or buy a particular cryptopunk, as well as the percentage change in price over time for each type of NFT asset class.
Link: NFT Value Estimator
Why are cryptopunks so Expensive?
Uniqueness
The most expensive cryptopunks are often the rarest ones. There will never be another cryptopunk with a unique set of attributes, and that’s why it can cost so much money to buy one.
Popularity
CryptoPunks have been around since 2017 but they didn’t become popular until recently when more people started getting involved in crypto.
Age
The older a CryptoPunk is, the more valuable it becomes because there are fewer available for sale on the market and therefore demand increases.
Hedonic Value
Some people simply find cryptopunks aesthetically pleasing and are willing to pay more for them because of that.
