History, price and the most valuable objects

In recent years, the non-fungible token (nft) market has come a long way: from an initial global frenzy to a more stable, albeit somewhat subdued, phase.

In 2021, nfts first captured global attention, creating buzz in news headlines and cryptocurrency markets alike. Despite a cooling period in 2023, nfts continue to drive significant trading activity, with sales consistently hitting the $1 million mark. As of July 4, 2024, CoinMarketCap nft/” target=”_blank” rel=””>reported that the market capitalization of nfts had surpassed $3.697 billion. Some nfts have reached astonishing prices, making them some of the most expensive digital assets ever sold. This includes well-known characters from the Cryptopunks collection, which have set benchmarks in the industry.

What are Cryptopunks?

Cryptopunks is the inaugural and widely accepted collection of nft avatars. Launched in 2017 on the ethereum blockchain, it comprises 10,000 distinct nfts. The project was created by Canadians Matt Hall and John Watkinson of the Larva Laboratoriesa US-based company. Cryptopunks features a variety of pixel art-style characters, including humans, zombies, apes, and aliens. The hype around the Cryptopunks art project was instrumental in propelling the nft sector into the spotlight.

Cryptopunks Price History

Cryptopunks’ price growth is remarkable. Cryptopunks nfts, which originated as a free project where enthusiasts only needed to cover ethereum gas fees for transactions, have grown in both value and appeal. By March 2024, the total value of Cryptopunks reached an incredible $1.5 billion.

The most expensive cryptopunks

Here are the top 3 Cryptopunks, notable for being the most expensive in history.

CryptoPunk #5822, considered the most valuable cryptopunk in history, reached a staggering $23.7 million (8,000 eth) on February 13, 2022. This specific nft is associated with rare cryptopunks, as it is one of only nine “alien” punks out of 10,000 characters, which contributes to its high value.

On March 20, CryptoPunk #7804, another of the nine “aliens,” sold for 4,850 eth, which was worth $16.42 million at the time of sale.

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This transaction ranks as the second most valuable in the collection’s history, both in terms of dollars and cryptocurrency. It occurred approximately two weeks after another Alien Punk, #3100, was purchased for 4,500 eth ($16.03 million).

Cryptopunks set the benchmark for tokenized avatars, a benchmark that was then built upon by projects like Bored Ape Yacht Club and many others that followed. Even the cheapest Cryptopunks nft currently on the market is priced at around 51 eth or $177,000.

<h2 class="wp-block-heading" id="where-to-buy-cryptopunks-nft“>Where to buy Cryptopunks nfts

There are multiple online marketplaces available to buy and sell CryptoPunks. The Larva Labs website serves as a main hub, listing CryptoPunks available for sale. On the other hand, OpenSea stands out as the world’s largest nft marketplace, offering ample opportunities for CryptoPunk trading.

To get started, you’ll need to create an account and link an ethereum wallet like MetaMask to the platform. With your wallet connected, you can trade any CryptoPunks you like. Winning bids require you to finalize the transaction using eth from your wallet, thus securing ownership of the CryptoPunk nft. Storing the nft directly in your wallet ensures its security.

To track CryptoPunks market trends and prices, resources such as the Larva Labs website and CryptoSlam are invaluable

Conclusion

nfts have earned a prominent place in the art and collectibles market. Even though they are barely on the threshold of mainstream adoption, impressive sales figures and substantial interest in renowned collections such as CryptoPunks underline their growing popularity and potential.

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