Crypto Punks are a collection of Non-Fungible-Tokens (NFTs) existing in Ethereum blockchain and currently hold very high value.
This NFT collection consists of 10,000 images depicting male and female punk avatars that each one has different traits.
Over the last years Crypto Punks are breaking one record after another since many of them have been sold for millions of dollars.
The Crypto Punk project was created in 2017 by Larva Labs studio and inspired by the cyberpunk movement and the French electronic duo Daft Punk.
Through this article we are going to break down what is a Crypto Punk, explain why their value soared so high and also how to buy Crypto Punks.
What is a crypto Punk?
Crypto Punk is a series of 10.000 unique characters (6,039 male and 3,840 female), which were created by Larva Labs in 2017.
Each of them has been algorithmically generated with the use of blockchain technology and depicts a 24×24 pixel portrait-image.
Additionally, each one has their own distinct traits and attributes, such as hairstyle accessories and more, and they are stored on the Ethereum environment as Non-Fungible-Tokens (NFTs).
Some of these attributes are more scarce than others and for that reason some Crypto Punks hold bigger value.
Crypto Punks are considered to be among the first and most renowned NFTs and have become a cultural phenomenon in the world of blockchain and digital art.
While they have no utility or functionality, they are seen as a form of digital art and collectible that can be owned and traded as crypto assets.
They are often bought and sold for significant sums of money.
The price of individual Crypto Punks can vary widely, with some selling for millions of dollars in cryptocurrency.
Fun Facts:
- Initially, the Crypto Punks developers distributed 9,000 units for free, while keeping 1,000 for themselves. At the time, the requirements of claiming a Crypto Punk NFT was nothing but to possess an Ethereum blockchain.
- The project was originally conceived as an experiment aimed to provide entertainment, but it actually evolved into something far more significant and valuable.
Crypto Punks value
The value of Crypto Punks is determined by the principles of supply and demand just like any other crypto asset.
The total number of 10,000 unique Crypto Punks is very small according to their demand and their scarcity made them extremely desirable.
Crypto collectors, investors and enthusiasts of the blockchain community became very interested in acquiring those NFTs and as a result their value soared.
In addition, each Crypto Punk carries its own unique traits and attributes, which results to make the rarer of them even more valued.
Over the last years, their price has seen an amazing increase since some of them have been sold for millions of dollars in cryptocurrency.
For example, some of the biggest sales are:
- CryptoPunk #1000 has been sold in August 2022 for 150 ETH. The first time that someone bought it, was in 2018 and its cost was 0.75 ETH.
- CryptoPunk #1009 was bought for 140 ETH in September of 2021. The first time that was sold was in August of 2021 for 65 ETH
Of course the above prices are among the highest deals that have ever occurred.
There are Crypto Punks that cost way less.
Take a look below to find out the prices for some of the less valuable Crypto Punks:
- CryptoPunk #1052 was sold for 0,44 ETH in January of 2020 while the first time that was sold the cost was at 0,4 ETH.
- CryptoPunk #1036 was sold in May 2020 for 1 ETH while the same person bought it in 2017 for 0,15 ETH.
As you can see the value of each Crypto Punk varies and depends on many different factors.
The most important of those factors are:
- Whether the owner wants to hold his digital art portrait or not. Some holders decided to sell their NFT assets and take a significant amount of profit. While some others decided to hold until now their NFTs hoping their price will rise even more in the future. So there might be some Crypto Punks that cost more but they have never been sold.
- The current price of Ether. For instance in 2017 an ETH was around 300$, while in 2021 was fluctuate around the 3.000$
How to buy Crypto Punks
Let’s take a step further and move on to the juicy part, which is how to buy Crypto Punks.
For starters, you will need to own a crypto wallet and some cryptos, like Ether (ETH), to use as a payment method.
The best crypto wallet to get depends on your country and some other factors, but in general some popular and safe choices are the Coinbase and the MetaMask Wallet.
Then just follow the steps bellow and you are there:
- Purchase Ether (ETH) from a crypto exchange platform. Among other popular options include Coinbase, Binance, and Kraken.
- Once you have ETH in your wallet, you need to gain access to the marketplace that sells Crypto Punks such as OpenSea or Crypto Punks Marketplace.
- Search for Crypto Punks and find the one that satisfies your needs and verify its authenticity.
- Place your bid to the owner of the Crypto Punk or buy it instant if it is available for sale.
- Confirm the transaction and pay for the Crypto Punk using your crypto wallet.
- Once the transaction is complete, the CryptoPunk will be transferred to your wallet.
However, it’s essential to remember that the value or Crypto Punks can vary widely, with some selling for millions of dollars.
With that being said, it is important to fully understand the risks and how the crypto market works before investing in a Crypto Punk or any other crypto asset in general.
If you are interested in what is the most profitable strategy to apply in crypto investing click here to find a complete guide on crypto investing strategies.
Final thoughts on what is a Crypto Punk
Crypto Punks are a collection of NFTs that have been created in 2017 and portray 10.000 fictional characters. Each of those characters has its own unique characteristics while some of those traits are more scarce than others. That condition makes some Crypto Punks more valuable than others and for that reason their price is significantly higher. Anyone can join the world of NFTs and invest but it is important to be aware of the risks that the market carries.
Image source: What is a crypto punk – Jay Singh
