CryptoPunks: The Pioneers of the NFT Era

You are undoubtedly familiar with CryptoPunks, but do you know their history? Let’s revisit these art objects that still sell for millions of dollars today. Can we truly consider them non-fungible tokens (NFTs)?

What is a CryptoPunk?

According to the team that created them, “CryptoPunks are 10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. This project inspired the modern CryptoArt movement. The first ‘non-fungible token’ has been an inspiration for the Ethereum ERC-721 standard that powers most digital art and collectibles.”

On June 23, 2017, the image collection was made available on the Ethereum blockchain, and these CryptoPunks could be claimed for free by anyone with a wallet compatible with the Ethereum network. Quickly, all the characters were claimed and then sold by their owners through an integrated marketplace, enabling the acquisition, bidding, or selling of NFTs. At the time, it was something truly new: a collection of NFTs and a marketplace to buy or sell them!

Specifically, it is a digital artwork of 24×24 pixels automatically generated by an algorithm.

Artistically, when talking about the CryptoPunk collection, we refer to representations of human or animal beings with a punk look. Nevertheless, what gives it value is not its appearance, but its rarity.

Who is behind the CryptoPunk project?

Larva Labs, a company based in New York, is behind the CryptoPunks project. Created by Matt Hall and John Watkinson, the firm launched the project in 2017 as an experiment.

The Hidden Side of CryptoPunks

One of the issues related to this collection concerns intellectual property rights. The creators have decided to retain the rights associated with the works and are the only ones who can use them as they wish.

An Extraordinary Craze

The popularity of CryptoPunks has reached an unimaginable level. The display of the collection on the screens of Times Square, the mirrors of modern society, reflects the extent of the crypto revolution carried by CryptoPunks.

These 10,000 characters now define a social and economic prestige in the digital world, attracting the interest of collectors, speculators, and influencers. Some CryptoPunks have even been sold at the prestigious Christie’s auction house.

The Types of CryptoPunks: From Alien to Ape

Each CryptoPunk is unique, but some stand out for their rarity, which adds to their value. Among the most popular, Aliens, Zombies, and Apes are the most sought after. For example, CryptoPunk 3100, an Alien, was purchased for a sum of 4 500 ETH (about $16 million USD). There are only 9 Aliens, making them the rarest and most coveted Punks.

Apes and Zombies, though more numerous, also attract significant attention and offers. Apes, with only 24 specimens, have become icons, inspiring a host of animal-based projects such as the BORED APE YATCH CLUB collection. Zombies, with 88 instances, also captivate with their unique aesthetic.

What is the future of CryptoPunks?

They will probably continue to change hands on secondary markets, potentially generating significant profits for historical investors. Despite the fact that the floor price of the collection has dropped in recent months, it is quite possible that the price can rebound even more.

Finnaly, CryptoPunks now have a dedicated team to represent the project in films, television series, video games, or publications. The future of CryptoPunks may even be in Hollywood. Indeed, Larva Labs, the originator of the CryptoPunks, has signed a contract with the Hollywood agency, United Talent Agency (UTA).

The final word

CryptoPunks are not just digital collectibles; they represent a significant part of the history of blockchain technology and digital culture. With their increasing integration into the mainstream and their ever-growing popularity, they will likely continue to be at the heart of discussions about value, rarity, and innovation in the NFT space. Whether you are an investor looking to diversify your portfolio or a digital art enthusiast, CryptoPunks offer a fascinating window into the potential of cryptocurrencies and blockchain.