Considered to be the first ever digital collectible created on the Ethereum blockchain, CryptoPunks set the standard for future NFT projects to follow. The collection is made up of 10,000 unique 8-bit punk styled characters.
WHAT IS CRYPTOPUNKS?
CryptoPunks was launched by Larva Labs in 2017. It is considered to be the first digital collectibles to launch on the Ethereum network. The NFTs are 24×24 pixels sized images of 10,000 unique punk-looking characters that are algorithmically generated.
CryptoPunks were the inspiration for the creation of the ERC-721 standard that powers most NFT projects today. In April 2022, rights to the collection was bought by Yuga Labs, creators of the infamous Bored Ape Yacht Club.
There are no two CryptoPunks that look alike, and each of them can be owned only by a single person on the Ethereum blockchain. The Punks are categorized as “Types” and “Attributes”. Each type has distinctive attributes that make them rare and unique.
Initially, 9,000 Punks were launched which could be claimed for free by anyone with an Ethereum wallet. The remaining 1,000 Punks were reserved for developers, called the “Dev Punks” which are the most coveted in the collection. CryptoPunks 1-1000 are Dev Punks.
The 10,000 CryptoPunks are categorized as follows:
– 6039 Males
– 3840 Females
– 88 Zombie
– 24 Ape
– 9 Alien
All CryptoPunks have distinctive features and accessories that make them unique. Attributes associated with each Punk are generated at random by a computer algorithm.
Some of the attributes that define CryptoPunks are :
– Pilot helmet
– Orange side
– Buck teeth
– Welding goggles
– Pink with hat
A large number of permutations and combination of these different attributes aids in the creation of a CryptoPunk. The Punks can possess zero or numerous attributes at the same, with the maximum being seven. Some attributes are gender specific.
There are several factors involved in the valuation of CryptoPunks, they are:
1.Supply and Demand
As only 10,000 CryptoPunks will ever exist, demand for the token is high and this will increase its value constantly.
The uniqueness of each type gives CryptoPunks its value.
Rarity of the Punks depend on its type
HOW TO BUY CRYPTOPUNKS?
CryptoPunks can be purchased by anyone with an Ethereum wallet. The NFTs can be bought through the CryptoPunks web app at cryptopunks.app or from OpenSea using ETH tokens.
No fees are charged when purchasing the Punks through the web app, except for ETH gas fee and platform fee on secondary marketplaces.
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