NFT fans have been rediscovering some of the first non-fungible tokens as a result of the boom, driving the value of these crypto collectibles to previously unheard-of heights.
CryptoPunks, a series of randomly generated pixel-based avatars, is one of the early NFT initiatives. Millions of dollars have been paid for some of the most valuable CryptoPunks. Seriously! Here’s everything you need to know about one of the most well-known NFT collections.
What are CryptoPunks?
CryptoPunks are images with a resolution of 2424 pixels that are considered art. In addition, these are largely punk-looking guys and females, with a few unusual varieties thrown in for good measure. Apes, Aliens, and Zombies are among the several varieties. In reality, the fascinating fact is that each punk is one-of-a-kind, which is why these are so precious in the NFT market. It’s a novel approach to asset tokenization.
Furthermore, you may check out each punk’s official webpage to discover what features or traits they have and how much their current value is. Another distinguishing feature of the CryptoPunks is that there are only 10,000 of them in total. The creators will not produce any more or have no control over the distribution of these punks.
On the Ethereum network, each punk is owned by a single person. The company gave the punks away for free before they became popular. As a result, anyone having an Ethereum wallet might obtain the punk.
History Behind CryptoPunks
CryptoPunks was the first non-fungible token when it was first introduced in 2017. More specifically, the platform makes use of the Ethereum blockchain to power the CryptoPunks’ construction and infrastructure. The development of this project was led by Larva Labs’ John Watkinson and Matt Hall. To be honest, this project began as an experiment rather than a serious endeavour. However, as time passed, this endeavour evolved into something else.
The entire concept was inspired by punk scenes in London, the novel Neuromancer, the cyberpunk movement, Daft Punk, and the film Blade Runner. As you can see, it was a lighthearted undertaking intended to amuse people. In truth, the punks are similar to the ERC-20 token, but they were inspired by the ERC-721 standard, which is ideal for NFT, among other ERC standards.
Different Types of CryptoPunks NFT
CryptoPunks NFTs are divided into five categories, male, female, ape, zombie, and alien are among them. All of these punks may have different characteristics or accessories. Regardless of the accessories, these punks can be valuable, depending on the type. There are 6039 male punks, for example. In comparison to other varieties of punks, these are not uncommon items.
However, there are only nine alien punks, making them extremely unusual. Punk number 3100, in particular, is an alien, and it was sold for $10.67 million! Other alien punks have a high-value point as well.
There are only 24 ape punks and 88 zombie punks, in any case. There are also 3840 female punks. As a result, a female CryptoPunks NFT with a rare accessory can boost its worth.
Concluding Thoughts
CryptoPunks is a ground-breaking addition to the NFT realm. Even the initiative’s creators were unsure of how the project would end out. However, as it is, people are making an industry out of this new sort of blockchain-based collectibles. We have no idea how this project will turn out in the future, but we do know that these punks are here to stay and for a long time.
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