A CryptoPunks NFT review at this point in time may seem long overdue, but in reality, nothing punks-related is obsolete. The growth of the Ethereum blockchain meshes with CryptoPunks’s renown and attracts billions of dollars in trade. Why? Read on.
What are CryptoPunks?
CryptoPunks is a collection of 10,000 pixelated PFP NFTs stored on the Ethereum blockchain. Two developers created it at the NYC mobile software company, Larva Labs. In March 2022, BAYC’s Yuga Labs acquired CryptoPunks and Meebits with the aim to “foster a community of builders.”
Each item is a 24×24 pixel, 8-bit style portrait of a character with a unique set of traits.
It is known as a pioneer in the NFT world, considering it came out in 2017 and has since paved the way for other successful projects such as BAYC and Cryptokitties.
Back when they first launched, it cost nothing to own a punk if you had an Ethereum wallet. If you were willing to cover the minting fee, the punk was yours. Four years later CryptoPunks saw a mind-blowing increase in market value. Thanks to the 2021 NFT explosion, some sold for millions of dollars.
The creators modeled the punks’ unconventional looks after 4 main phenomena. The 1970s London punk scene, the 1984 science fiction novel Neuromancer, the 1982 science fiction movie Blade Runner, and the cyberpunk movement inspired by the French electronic music duo Daft Punk.
What Determines a CryptoPunk’s Value?
Like many other NFTs, a CryptoPunk’s value depends on the rarity of its traits. For example, a female punk is generally more valuable than a male one because there are 6,039 males and only 3,840 females. There are also non-human punks in the form of zombies (88), apes (24), and aliens (9) making 10,000 in total. As you’ve probably already figured, the alien punks are the rarest and therefore most valuable.
Other traits include hats, teeth, earrings, shades, etc. Each being more or less rare than another. The maximum number of traits a punk can have is 7. However, there is only one CryptoPunk with seven traits. Punk #8348 has a cigarette, earring, mole, buck teeth, classic shades, a top hat, and a big beard. CryptoPunks can also have zero traits, but most tend to have two or three.
Below is a chart of how traits impact the value and scarcity of a CryptoPunk.
Why is CryptoPunks so Expensive?
CryptoPunks are viewed today as a status symbol, or “flex”. You purchase a punk and post it as your Twitter or Discord avatar, you purchase the status that comes with it. The NFT community regards CryptoPunks owners as visionaries who saw where the NFT world was going and hopped on. “You had to be around in crypto early on to get involved with CryptoPunks,” GMoney says. In the end, it won’t be easy to devalue a project that turned investors into millionaires nearly overnight.
In summary, due to its historical significance, the NFT community highly values the CryptoPunks project, and everyone is hoping for a repeat.
The most expensive CryptoPunks ever sold was punk #5822. The NFT is one of only 9 alien punks and it sold for a whopping $23.7 million in February of 2022 to Chain CEO Deepak Thapliyal.
CryptoPunks NFT Review in Numbers
The collection’s floor price today stands at 63.69 ether or $10.6k with a total trading volume of 448 ether in the last 24 hours—total market cap 636,772.62 ETH.
CryptoPunks NFT Review Conclusion
At only 6 years old, CryptoPunks is already a pillar in NFT history, and experts say it will continue to be so. But with a new owner, the punks will probably witness some changes. And while the NFT world waits to see what Yuga plans on doing with CryptoPunks, the prices continue to fluctuate incredibly. Will they actually earn a return on investment?