The winds are favorable for CryptoPunks. They sell for high prices and are of great interest to collectors. But are they for all that NFT?
CryptoPunks. You may know them … These works of art that sell like hot cakes. Their success is such that on Saturday January 23, 2021, a model was sold for 605 ETH, or around 750,000 dollars. Her name ? Punk Alien. But what are CryptoPunks really? Can we really think of them as non-fungible tokens () ?
What is a CryptoPunk?
CryptoPunks can be thought of as NFTs. Here is the official definition given by the team page behind their design. “CryptoPunks is 10,000 unique characters to collect with proof of ownership stored on the. This is the project that inspired the Modern CryptoArt. The first “non-fungible token” is an inspiration for the Ethereum ERC-721 standard that powers most art and collectibles . »
Finally, what is a CryptoPunk? It is a digital work of 24×24 pixels which is automatically generated by a . Concretely, when we talk about the CryptoPunk collection, we are referring to representations of humans or animals with a punk look.
Each punk that ends up in the CryptoPunks family is unique and has its own specificities. The proof, on the profile of each punk, we can consult a sales history and see who owns the product.
At first glance, a CryptoPunk is nothing special. Some models smoke a pipe, while others wear a hat. Still others represent extraterrestrials. Either way, no matter how CryptoPunk looks, it can be worth a fortune, due to its rarity. As we said, each model is unique and the total number of pieces is limited to 10,000. The collection is currently in high demand.
Who is behind the CryptoPunk project?
It is Larva Labs, a company headquartered in New York, that is behind the CryptoPunks project. Created by Matt Hall and John Watkinson, the firm launched the project in 2017 as an experiment in the value of NFTs. In total, the project consists of 3,840 NFTs representing women and 6,039 men.
Originally, Punks were given away for free and all buyers had to do was pay the transaction fees.
For months, the popularity of CryptoPunks has reached an unimaginable threshold. One of the models in the family, a pale-faced punk sporting a headband, currently holds the record. It was sold at a price of 4,200 ETH, the equivalent of $ 7.58 million. The transaction was completed in March 2021. In second position, there is CryptoPunk # 7084 marketed at $ 7.57 million.
How to buy CryptoPunks?
When the project was launched, the ERC-721 blockchain was not as we know it today and NFTs did not exist. Larva Labs then had to use the ERC-20 tokens. By opting for thepunk, the team in charge of the project managed to modify the code of the classic ERC-20 in order to launch its NFTs.
To buy CryptoPunks, several solutions can be exploited. Here is the most used method:
- Download and install the wallet ;
- Tap into your ETH stock to be able to complete a transaction for NFTs. If you don’t have ETH, you have the option to buy it. To do this, all you have to do is go to a . There are several: Binance, Coinbase, etc. ;
- Once the wallet is opened, the buyer should go to the where he will connect directly with his identifiers;
- The last step is to select a CryptoPunk. Once the NFT is selected, the buyer can see its history, manufacturer, and cost. All that remains is to click on the “Buy” button.
Note that outside of the Larva Labs platform, it is possible to afford CryptoPunks by going to the OpenSea marketplace. It is one of Ethereum’s main NFT marketplaces.
What to remember Are CryptoPunks NFTs? Yes and no. Yes, because they are identical to classic NFTs except that they generally represent characters while classic NFTs are more open. For example, these can represent whales, etc. No, because they were wrapped in ERC-721 before being available on marketplaces.