Why CryptoPunks are so expensive?

Why do people buy pixel art?

What is a CryptoPunk?

A CryptoPunk is a 24X24 pixel image that is generated by the algorithm with different attributes and stored on the Ethereum blockchain. In total there are 10,000 unique collectible characters. CryptoPunks were created and sold by LarvaLabs. In 2017 they could be claimed for free because not so many people knew about NFTs. Only CryptoKitties were popular.

The status of each Punk is shown by its background color. Those with a blue background are not for sale, those with red are available for sale, and purple Punks have an active bid on them.

Why CryptoPunks are so expensive?

They were one of the first of their kind, the CryptoPunks collection started a modern NFT art movement.

The most expensive crypto punk was sold for almost 125000 Eth. If you look at the transaction history, whoever owned the NFT sold it to themselves. It’s moved from one address to another and then back again. As long as you move that money soon into a similar item — another piece of art — you don’t have to pay taxes.