What began as an experiment in art, scarcity and demand is now the most expensive nft collection in the world, with a collective value of over $770,000,000.
These nfts are called CryptoPunks.
This group of 10,000 chained pixel avatars have transcended their artistic value to become cultural icons, status symbols, and a historical piece of Internet history, but what exactly are they, what should you know about them, and why are they so expensive? ? ?
Here is our complete guide to CryptoPunks for 2024.
What are CryptoPunks?
CryptoPunks is one of the first and most influential nft projects on the ethereum blockchain.
Created by Canadian developers Matt Hall and John Watkinson of x.com/larvalabs” target=”_blank” rel=”noopener”>larva laboratories As of June 2017, the collection contains 10,000 unique pixel art avatars known as “Punks”. Each Punk is algorithmically generated and possesses its own distinctive set of attributes, making them unique.
Punks are primarily human characters, divided into 6,039 men and 3,840 women, each with a variety of accessories, such as hats, sunglasses, earrings, and more. There are several non-human punks that have become highly coveted:
- Zombies: 88 Zombie Punks have green skin and zombie-like features
- Apes: 24 Ape Punks have brown fur and ape faces
- Aliens: 9 ultra-rare Alien Punks have light blue skin and are the most valuable in the collection.
The aesthetic is inspired by the punk movement of the 1970s, giving the collection a raw, edgy vibe that resonates with many members of the crypto community. With 87 possible attributes and a single Punk having between zero and seven traits, the uniqueness and rarity of each Punk has greatly contributed to their mass appeal.
Why are CryptoPunks so expensive?
When CryptoPunks were minted in 2017, nfts were a long way from mainstream attention.
Matt Hall and John Watkinson wanted to experiment with how blockchain technology could affect the scarcity and demand of digital art. CryptoPunks were free to claim anyone with an ethereum-compatible wallet.
Initially, interest was modest, with only 800 to 1,000 requests in the first week, but after Mashable's coverage, all 10,000 CryptoPunks were soon claimed, and interest only grew from then on.
Some of the early collectors include many names that will be familiar to nft fans: x.com/pranksy” target=”_blank” rel=”noopener”>joker, x.com/punk9059″ target=”_blank” rel=”noopener”>6529and x.com/seedphrase” target=”_blank” rel=”noopener”>opening phrase – and their participation helped attract a larger community to the CryptoPunks collection.
When nfts began to hit the mainstream in late 2020 and early 2021, CryptoPunks were seen as the gold standard of the medium, and soon, CryptoPunks became the most valuable nft collection in the world, with Punks Individuals selling at amazing prices.
CryptoPunks has 6 of the 10 most expensive nft sales of all time, including CryptoPunk #5822 which sold for $23.7 million (8,000 eth) in February 2022, and CryptoPunk #7523 sold for $11.7 million of dollars (4,700 eth) in June 2021 at a Sotherby's Auction.
Despite this success, CryptoPunks have faced a number of challenges.
x.com/v1punks” target=”_blank” rel=”noopener”>Punky V1
There has also been uncertainty regarding the intellectual property rights of the holders, leaving many unsure about how they might use their Punks. This was resolved when x.com/yugalabs” target=”_blank” rel=”noopener”>Yuga Laboratories acquired management of the CryptoPunks collection in March 2022 and subsequently granted intellectual property rights to the holders.
What's next for CryptoPunks?
Since the acquisition of CryptoPunks by Yuga Labs – creators of the popular x.com/BoredApeYC” target=”_blank” rel=”noopener”>Bored Ape Yacht Club nft Collection: As of March 2022, CryptoPunks remained largely untouched, with one notable exception.
In February 2023, Yuga Labs announced its “Punks in Residence” program, partnering with mainstream artists to create derivative works based on the CryptoPunks brand, although it all fizzled out on the first try.
x.com/ninachanel” target=”_blank” rel=”noopener”>Nina Chanel Abney is a celebrated artist, with her work displayed in multiple high-profile galleries around the world, but the online reaction to her “Super Punk World” collection was so strong that Yuga canceled the auction, giving away the 500 nfts via airdrop random and Pause the show Punks in Residence entirely.
Despite this, CryptoPunks remains the most valuable and highly regarded nft collection, and Yuga's largely hands-off approach has helped bolster the collection's status, prominence, and recognition.
While the nft market is notoriously volatile, CryptoPunks' historical importance ensures its future as a top collection. Combined with its dedicated community (with motivated creators, influencers, and celebrities alike), CryptoPunks is sure to be a leading project for years to come.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js?v=next’);
