CryptoPunk NFT Explained
There is much talk about NFTs today. NFTs (Non-Fungible Tokens) are digital assets supported by the blockchain, the same technology that powers cryptocurrencies such as Bitcoin and Ethereum. NFTs are non-fungible, which means that an NFT has no equivalent replacement. This is not the case with fungible assets such as Bitcoin that can be exchanged or replaced without loss or gain of value. For example, you can replace a Bitcoin with another Bitcoin.
The CryptoPunk NFT is one of the NFT projects that have existed for a long time. It is known as the most expensive NFT in the NFT market.
So, what is CryptoPunk NFT?
CryptoPunk is an NFT project that shows special image pixel characters. It is a collection of 10,000-pixel images, with each image showing different combinations, personalities, and special unique characters made randomly. Of the 10,000 pixel images, there are 6,039 male punks and 3,840 female punks.
Some of them wear 3D glasses, red lipstick, buck teeth, and braided teeth, while others wear cool beanies.
However, some punks don’t have unique attributes or features. They are called “Genesis Punk.” CryptoPunk NFT is one of the NFTs early discovered on the Ethereum blockchain and it is considered to be the most popular NFT.
History of CryptoPunks
The history of CryptoPunks dates back to 2017 when the project was launched on the Ethereum blockchain. The CryptoPunk NFT project was created by the American Larva Labs Studio. The company was founded by two Canadian software developers namely Matt Hall and John Watkinson.
Unlike many recent NFT projects, CryptoPunks did not start with the intention of creating a community. The two developers started the project as an experiment and they did not have a roadmap.
During that time, the NFT market was not as robust as it is today. Due to this, the project kicked out at a small pace. After the launch of the CryptoPunks NFT project in 2017, the NFTs were given out for free to those who wanted to have them. However, an Ethereum wallet was necessary for you to get one, and that made them limited to those who had already invested in cryptocurrency. A community grew around the CryptoPunks NFT with time.
Some of the early supporters of the CryptoPunks NFT were Pranksy, SeedPhrase, and DaveDave, well-known NFT influencers.
Since 2017, the CryptoPunks NFT has grown to become one of the most popular NFT projects. CryptoPunks may not be the first NFT project running on the Ethereum blockchain, but it is one of the earliest, and undoubtedly the most influential. Those who remained patient and held on to the NFT became millionaires, and holders who were found by the NFT hype of 2021 are considered some of the luckiest people on the earth.
How much did CryptoPunks originally sell for?
The CryptoPunks are sold for different prices. The lowest or floor price to buy CryptoPunk NFT from the secondary market is less than 80 ETH.
Lava Labs has reported that CryptoPunk #1417 was sold for 79.99 ETH. In early 2020, the price used to be 0.9 ETH. This is one of the cheapest prices for a CryptoPunk.
In early 2020, most of the expensive CryptoPunks were sold within 7 days. For example, CryptoPunk #8857 received a 2.00 ETH offer on 12th September. CryptoPunk #5169 was also sold for 205 ETH.
The most expensive CryptoPunk NFT was bought by Shalom Mckenzie, a sports firm and parliament member, for 11.8 million USD during an auction. The CryptoPunk price overtook that of alien CryptoPunk #7804, which attracted a price of 7.8 million USD in March 2021. Visa, the credit card mogul, has also bought a CryptoPunk NFT for 150,000 USD. The CryptoPunk NFT was later sold to a Chinese investor for 380,832 USD.
How to Buy CryptoPunks
You may now be considering investing in the CryptoPunk NFT project. This will require you to buy CryptoPunk NFT. The following are the steps to help you buy CryptoPunk NFT:
Step 1: Choose an NFT marketplace
The CryptoPunk NFT is sold on various NFT marketplaces. For example, OpenSea, Rarible, and others. OpenSea is the largest NFT marketplace, so you can sign up for an account with the platform.
Step 2: Connect your crypto wallet
Next, you should connect your cryptocurrency wallet to the NFT marketplace that you have chosen. MetaMask is the most popular type of crypto wallet. The wallet will help you store the coins to be used to buy CryptoPunk NFT. Fund the wallet with ETH tokens. The reason is that most NFT marketplaces only accept Ethereum payments.
Step 3: Buy CryptoPunk NFT
You are now ready to buy CryptoPyunk NFT. You can choose the CryptoPunk art that you desire. All the 10,000 CryptoPunk arts run on the Ethereum blockchain. To buy one of them, just look for someone with the collections.
OpenSea has many CryptoPunks listed for sale. A collection costs from 1 Ethereum to many dozen Ethereum.
That is how to buy CryptoPunk NFT.