Expert Analyst & Reviewer
Updated on: Feb 15, 2022
CryptoPunks is the most popular NFT collection. It has inspired the creation of the ERC-721 standard for NFTs. So, if you want to learn more about the collection responsible for all the hype NFTs got, keep reading our CryptoPunks NFT collection review.
This collection was featured everywhere, from Mashable to New York Times. The funny thing is that the whole collection was free when it was released, and now the cheapest one is over $300k. This shows the power of blockchain and how there are more people involved every day.
|Floor price||83.95 ETH|
|Volume traded||$ 2,221,092,022|
So, what are CryptoPunks, and why are they so popular? CryptoPunks are 10,000 unique characters that live on the blockchain. Each character is an NFT (Non-Fungible Token) and you can check the ownership in real-time on the Ethereum blockchain.
The creators behind CryptoPunks are LarvaLabs, also known as Matt Hall and John Watkinson. They have since founded LarvaLabs where they develop new blockchain projects.
Since the collection was already completely minted, you can only purchase CryptoPunks NFT collection from a secondary marketplace now. These marketplaces include most major Ethereum marketplaces like OpenSea.
CryptoPunks wasn’t made on any of the NFT standards commonly used today and it wasn’t possible to buy them on secondary marketplaces. However, that’s when WETH was introduced. WETH or Wrapped Ethereum has the exact same value as Ethereum.
However, WETH is an ERC-20 token that has more functionalities for NFTs.
For example, with WETH you can bid on multiple NFTs, and if you win one auction, your other bids are withdrawn automatically. You cannot do that with regular Ethereum.
LarvaLabs has worked together with ArkGalleryDAO to transfer CryptoPunks into WETH format so they can be traded on secondary markets. Nowadays, you can purchase them on OpenSea or other Ethereum based marketplace.
You can always convert Ethereum to WETH and vice-versa. Simply use the convert feature on the marketplace you are using (if available) or use an exchange to do it. Some NFT wallets also have that option.
Initially, CryptoPunks was just an experiment to see how to generate unique characters by a program. Little did they know, their collection helped to improve blockchain technology.
CryptoPunks are unique characters in a pixel-art style. Each CryptoPunk has certain traits that actually make them unique. There are 5 different punk types and each punk fits only one type: Alien, Ape, Zombie, Female, Male
Punks can also have from 0 to 7 different attributes. There are 87 different attributes each one can have. Some of these are:
Obviously, the rarer the attribute, the higher the punk price will be. Many people argue that the art behind CryptoPunks is too simple to cost that much. However, they are missing the big picture.
CryptoPunks was amongst the first NFT projects on the Ethereum blockchain. You can think of CryptoPunks in the NFT world as BTC is in the crypto world. The most expensive CryptoPunks sold at the moment is CryptoPunks #3100 which sold for 4,200 Ethereum.
As previously mentioned, Matt Hall and John Watkinson are the authors of CryptoPunks. They have started this collection as an experiment to see if they can create software that will generate unique characters.
Luckily, they have managed to create such software and that’s how the CryptoPunks collection was born. Matt and John are behind a software company called LarvaLabs, and that company is listed as the “author” of this collection.
LarvaLabs has released multiple NFT collections since. One of those collections is Meebits and this collection is also super popular. In a fact, it’s one of the most valuable NFT collections out there.
Think that’s crazy? What if we told you they also made the NFT collection “Autoglyphs” that has a total sales volume of over $71 million?
It seems every NFT collection from LarvaLabs is a hit. Keep an eye on their website and get in early if you want to flip their NFTs for a profit. Note: This is not financial advice, just something we would do.
CryptoPunks’ collection is on the Ethereum blockchain, and there are 10,000 punks in total. 9707 of them are available through the LarvaLabs website. You can buy the remaining 293 punks with WETH on most Ethereum NFT marketplaces.
Those remaining punks were converted through ArkGalleryDAO, so they can be bought with WETH. It’s worth noting that CryptoPunks were out before the NFT standard ERC-721. If you want to auction your punk or sell on an NFT marketplace such as OpenSea, you’ll need to convert it through ArkGalleryDAO.
In fact, this collection was the inspiration for new NFT standards.
That’s why the only primary market is the LarvaLabs website.
However, anyone can make a website for trading CryptoPunks because blockchain is public, but you can’t trade them on the best NFT marketplaces because they follow a different standard (ERC-721 and ERC-1155).
You can buy any of the 294 punks on Ethereum marketplaces though. So, how do you convert a CryptoPunk? Through the ArkGalleryDAO website, just connect your wallet to the website and convert your existing punks to WETH Punks.
Afterward, you’ll be able to trade it on any Ethereum marketplace that supports importing existing smart contracts such as OpenSea, NFTrade, Rarible, and others.
When we first started with NFTs, it was hard getting a direct answer to this question. Everyone was explaining how to get ETH and how to create an NFT wallet, yet nobody explained the steps for minting. If you want to buy CryptoPunks NFT, follow these steps:
As you can notice, you cannot buy CryptoPunks outright. That’s because the collection is pretty valuable and everyone wants to get maximum for their NFTs. Also, it’s the way LarvaLabs has structured its website.
However, you can also bid on any existing punk. You can simply send an open offer and if the owner likes it, he can accept it.
If you want to buy one of the 294 wrapped CryptoPunks, use any NFT marketplace you find them at.
Right now, CryptoPunks mostly serve as a store of value. When we compare this collection to some others, it’s easy to see how CryptoPunks doesn’t have any complex utility. However, it will always hold its value just because it was amongst the first NFT collections ever.
You can always use them as your avatar on social media platforms. It’s still unclear what are the exact commercial rights, but what we know from their Discord server is this:
The fact that CryptoPunks are not natively ERC-721 token limits the collection in creating some utility that other projects have. However, if every CryptoPunk owner would decide to wrap it with WETH, perhaps we would see a better utility cause for it.
Right now CryptoPunks are valuable because they are amongst the first NFT collections ever.
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