What are CryptoPunks? A Complete Guide

Starmkgunu.co.in – CryptoPunks is one of the first and largest projects NFT . Some call it a primitive NFT collection that was a “nice accident,” but that doesn’t take away from the fact that it launched the digital art revolution; It has also set an incredible standard for the collectibles industry.

Here is everything you need to know about CryptoPunks

You will learn about their features, how to buy them, and their general history.

What are digital collectibles and non-expendable assets?

History tells us that human beings have always depended on materials to define their identity and personality. The unique artifacts excavated in the first cities of civilization prove it. We crave attention. We want to stand out . The latest trend to cash in on this strange human nature is crypto-collectibles – unique digital assets stored on a blockchain.

They are characterized by their rarity and non-fungibility. While cryptocurrencies like Bitcoin are rare, they can be traded with each other. For example, you bought a Bitcoin from your friend and spent it on something. The following week, he bought a Bitcoin on an exchange and forwarded it to his friend. This is how the coins work. They are identical and substitute for each other.

On the other hand, crypto-collectibles are rare . And mostly non-fungible tokens . They are limited in quantity , which explains the massive increase in NFT’s market capitalization in recent months. Even if two NFTs look alike, their unique identity can be authenticated using the blockchain . They have different values.

Why do they have value?

The digital scarcity is notable. A digital file, once created in software, can be easily played. Digital art may have taken days to create. However, it can generate thousands of replicas in seconds. Each of them travels the Internet, lives on various digital devices, and generates more replicas. No matter how much fame the work has accumulated, the artist ends up making very little money.

technology Blockchain reviewed the collectibles industry. NFTs are all the rage now. The most relevant example is the CryptoPunks, the shameless misfits who ignited the NFT movement.

What are CryptoPunks?

If you’ve heard of NFTs, chances are you’ve also heard of CryptoPunks. They sell for hundreds of thousands of dollars today.

Simply put, CryptoPunks are 10,000 unique collectible characters stored on the blockchain Ethereum with proof of ownership. I mean, they’re fun little pop art portraits of 24×24 pixel algorithmically generated and tokenized punk boys and girls.

The legendary history of CryptoPunks

When Matt Hall and John Watkinson came up with a software program that could generate thousands of strange digital characters, they didn’t know it was going to change their world or the world. Each of these had randomly generated distinct traits that added to his eccentricity and defined his personality. Initially they were to be used for a smartphone game or application. But let’s face it, they were too interesting for that.

Matt and John explored how CryptoPunks could find a place in the digital art market. They eventually realized that the best way forward was through technology blockchain , which had by then made a breakthrough in digital property. According to them, CryptoPunks are almost an ERC-20 token.

Larva Labs, your New York-based software company, launched CryptoPunks on June 23, 2017 . It is possibly the first work of art to come with a self-contained mechanism for registering and transferring ownership.

How much have CryptoPunks been sold for?

In the months after launch, the punk economy was limited to a small community of crypto enthusiasts. However, when the market cryptocurrency exploded, so did DeFi and NFT. Many celebrities, influencers, VCs, angel investors, KOLs, poker stars, and business leaders joined the bandwagon, driving prices up considerably.

Just a few days earlier, on August 28, CryptoPunks crossed the $ 1 billion mark in historic sales. It is the second NFT project to accomplish the feat. Axie Infinity takes first place with $ 1.65 billion.

CryptoPunks may not be the first NFT. It’s not the best either, given that it has little value and utility outside of the collectible market. However, it laid the foundation for the NFT market. It transformed the way people owned and transferred digital assets. In addition, it allowed artists to expand the frontiers of their creativity and to monetize it.

Different types of CryptoPunks

CryptoPunks are digital avatars . The development team owns the first 1,000 Punks. These are called Dev Punks and they are something of a premium. From time to time, they are sold on the market at high prices. The remaining 9,000 are with random people around the world. Some of them are now millionaires.

CryptoPunks fundamentally fall into five categories: female, male, alien, zombie, and ape.

Their values ​​vary depending on the rarity and uniqueness of the features and accessories. For example, there are only nine Alien Punks in total. They top the list of most catos punk, occupying the first, second and third places.

Ape Punks and Zombie Punks, with 24 and 88 members each, also have high value points. Zombies are green, apes are furry, and aliens are light blue. There are 6,039 male punks and 3,840 female punks in total, making them comparatively less desirable within the punk market.

However, among human punks, the most sought after are female punks. In fact, CryptoPunk # 8888 is the only Human Punk on the top 10 list. With the brave combination of a red mohawk and a black eye mask, his NFT sold for 888 ETH, or $ 2.87 million , in August.

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Some common CryptoPunks attributes

A punk can have up to seven attributes

As you may have guessed, some traits are exclusive to each category of Punks. There are also attributes you will find in both genders. While beanies and hoods are just for men, red mohawk and orange sides are for women.

That can be misleading, given that only one punk has seven attributes – the number 8348 . A buck-toothed punk with a big beard, a mole, and a cigarette. She wears classic shades, earrings and a top hat. Consequently, it is also one of the most desired on the list.

CryptoPunks are valued for the number of unique attributes they possess . But there are eight punks without any attributes. They are known as Genesis Punks . Its rarity raises the price, not the attributes. In fact, Punk # 6487 , without any attributes, sold for $ 1.05 million !

As you may have guessed, some traits are unique to each category of punks. There are also attributes that you will find in both genders. While the hats and hoods are for men only, the red mohawk and orange sides are for women.

Some curiosities of the CryptoPunks

A CryptoPunk can have only one owner

Although anyone is free to search the details of each Punk, only one person can own it at any given time . The transfer and proof of ownership are recorded on the blockchain Ethereum and are therefore transparent and immutable. Smart contracts are publicly accessible. If there is any confusion regarding the property, it can be traced back to the first buyer.

The rarity of punks varies

CryptoPunks was created taking inspiration from the archetypes of popular culture. Hall and Watkinson designed them in such a way that the attributes vary. They ran the software multiple times, examined the hundreds of thousands of results, evaluated how it would work, and made adjustments to the design.

To make the topic more interesting, they introduced non-human categories like zombies, apes, and aliens to the list, which have the most fans today. Like humans, non-human punks also have accessories.

London punk scene inspired creators

Many see the decentralized vision of technology blockchain as revolutionary. When Hall and Watkinson embarked on the project, they wanted their product to reflect the nonconformist spirit of the Web 3.0 movement.

Punk music, which evolved during the second half of the 20th century, gained a large fan base due to its blatant eccentricity. In 1970, the London Punk Movement shook the entertainment industry. Their clothing, appearance, and accessories have greatly influenced the design of CryptoPunks. Along with that, the film Blade Runner and William Gibson’s novel Neuromancer sparked his creativity, the founders say.

CryptoPunk counts and traits are now immutable

As soon as they tokenized the generative art on the blockchain Ethereum , it became immutable. The number of punks, their characteristics and their accessories are set in stone. Even if the development team wants to change something in the series, they will not be able to do so; thanks to the immutable nature of smart contracts.

Wrapped CryptoPunks

When we say NFT, we immediately assume that it is ERC-721. However, that didn’t come out until 2018. In the short history of NFTs, we can very well say that CryptoPunks belonged to the ancient era. CryptoPunks does not comply with the ERC-721 standard, the popular Ethereum standard for NFT.

Despite being one of the most iconic NFT projects, trading CryptoPunks was limited to the project’s official website until Wrapped CryptoPunks went into effect. The “envelope” ( wrapping , English) essentially converts standard NFT no token CKD-721. It makes CryptoPunks compatible with popular markets like OpenSea and Rarible .

The Wrapped CryptoPunks unleashed their full potential. They became more popular than ever, breaking records in the NFT market. The volume trading and market capitalization of the project are now even comparable to the major cryptocurrencies.

While the process wrapping may be too complex to understand, it is easy to do. To keep things simple, the dedicated sites offer specific contracts and support wallet . Once you have sent your Punk into a contract wrapping , it remains in escrow . When the process is complete wrapping , the token is converted to the ERC-721 standard. Now, you can list it on exchanges popular for sale or exchange.

The best part is that there is always the option to “unwrap”. This releases the original Punk from escrow.

CryptoPunk rewards

Lack of liquidity is a major limitation in the cryptocurrency industry.

The Bounties option introduced by Ark Gallery solves it to a great extent. Allows users to bid on any randomly selected Wrapped CryptoPunk backed by an ETH deposit. So if you’re not really worried about what Punk you’re getting, this comes in handy. If the buyer accepts your offer, it is theirs. One of the biggest advantages is that it allows you to set a minimum price for less exclusive punks.

How do you buy a CryptoPunk?

You can buy CryptoPunks on the Larva Labs official website or on marketplaces NFT like OpenSea . We will give you a review of both.

Buy CryptoPunks from the official website
Step 1: Have some ETH

As we discussed, CryptoPunks are based on the blockchain Ethereum and can only be bought and sold on ETH. If you don’t have ETH in your wallet, you need to convert your cash first. This is assuming you already have an account with a exchange such as Coinbase cryptocurrency or Binance. Here, you must first move your fiat currency to your wallet and then wait to convert it.

Now, you need to transfer it to a wallet like cryptocurrency MetaMask that you own. Here is a complete guide to setting up a MetaMask wallet on your device.

Storing your cryptocurrencies on a exchange centralized goes against the spirit of decentralization if you think about it. There are a multitude of options for a cryptocurrency wallet. Do your research and choose the one that best suits your needs.

Step 2: connect your wallet to Larva Labs

Go to Larva Labs.

It will ask you if you are sure to connect to this particular web page. If the URL is correct, you can go ahead and click Yes. The website will now recognize that you have a connected digital wallet and that you are ready to purchase. More buttons for bidding, selling, and buying will appear. The site allows you to buy directly from the interface.

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Step 3: check prices

Larva Labs hosts CryptoPunks primary and secondary markets on its website. Once you connect your wallet, the site will list all the CryptoPunks currently for sale on the secondary market.

Here you will find everything you need to know about each of them before making a smart purchase.

Address of the purse currently owned by punk
If the owner has put it up for sale
Existing bids
Transaction history
What makes it unique

Key general metrics include the following:

Current lowest price punk available
Number of sales (last 12 months)
Total value of all sales (useful life)
Total sales value (24 hours)
Sales value (week)
Sales value (4 weeks)

You will also find the list of all CryptoPunk owners, along with the attributes and counts of all the Punks. Under Largest Sales, the top 12 punks that rank highest in terms of sales price at Larva Labs are listed . There is more information to give you a good idea about the market.

Since the actual images of the Punks are too large to be stored on the blockchain , the contracts have the hash of the composite images . If you want to verify that the Punks in the Ethereum contract are really genuine and official true CryptoPunks, you can do so by checking the SHA256 hash on the CryptoPunks image with the contract hash. can be accessed More technical details and the source of the contract on GitHub.

Step 4: Make the purchase

Take your time to review the prices. They vary quite unexpectedly. By the time I refresh the page, they may have risen to the roof or collapsed. So if you think the listed price is fair, please do so. If you think it is too high, please place an offer.

Not all punks are always available for purchase . It is entirely up to the sellers. However, you can persuade them to sell through interesting offers. If you’ve set your mind on a punk, this is the way to go.

As soon as you click the Buy button, a new MetaMask window will appear asking for review and confirmation. This is where you’ll find the long-awaited gas fee – the amount you pay as compensation for the power computing required to process and validate transactions on the blockchain Ethereum . It varies from time to time based on network congestion.

In case it is too high for your budget, it is better to come back later. There are apps that notify you of fluctuations in gas rates . If you agree with the price, press confirm. Confirmation of the transaction may take a few minutes.

Congratulations! You are now a proud owner of a CryptoPunk and officially part of the NFT revolution!

It is also worth noting that CryptoPunks trading does not depend on Larva Labs or the official website. The website could crash tomorrow, or be stolen or banned. But that will not change anything about your ownership or the transfer of it. The website helps you connect with the chain, that’s it.

Buy CryptoPunks on OpenSea

OpenSea is the marketplace largest NFT in the world. A platform peer-to-peer where you can discover, collect, bid and sell extraordinary NFTs. This could be rare digital items, works of art, or game collectibles secured by blockchain . It crossed $ 3.4 billion in transaction volume in August and has more than 2 million different NFTs for sale.

Buying CryptoPunks on OpenSea is not much different from the above. For example, you need to convert your fiat currency to ETH. You need to connect your cryptocurrency wallet to the site; in this case, OpenSea. And finally, make the payment from MetaMask.

However, some steps vary.

Let’s see how.

Step 1: Create an OpenSea account

As with Larva Labs, you need to connect a Ethereum wallet web3-enabled to your device before you can sign up for OpenSea. The most popular cryptocurrency wallets are supported by the platform, including Coinbase Wallet, MetaMask, Dapper, and Fortmatic.

In this way, your assets remain in your wallet until you proceed with the purchase. OpenSea does not store your cryptocurrencies or the NFTs you bought with it. Your wallet does. Until you sell them, they will be in your custody. But they can only be accessed online. This is where hardware wallets come in handy . They store their cryptocurrency and NFT offline. Given the high prices of NFTs and the huge demand in the market, hardware wallets offer one of the safest ways to keep digital collectibles.
Step 2: check the prices

You will find all the details and statistics about the punks on the website. For clarity, you can also visit Larva Labs.
Step 3: do it

Now that you’ve made up your mind about the punk you want to buy, it’s time to make the actual purchase. For this, you need money. Add ETH to your MetaMask account from a cryptocurrency exchange .

You can buy a Punk for the listed price or make an offer . Once both parties agree on the price, you can proceed with the payment as you would at Larva Labs.

The real game changers

Many industries, companies, and influencers have endorsed CryptoPunks. The collectible is blockchain amateur not only drawing attention to NFTs, but also to the crypto industry as a whole. UTA is the latest to join the CryptoPunk craze.

According to the Hollywood Reporter, UTA will represent CryptoPunks, along with other Larva Labs projects for film, television, video game, and publishing projects. This will be the first initiative of its kind to bring NFT projects to mainstream media.

Visa recently bought a CryptoPunk for almost $ 150,000 worth of Ethereum.

CryptoPunks opened our eyes to the true potential of technology blockchain in the collectibles industry. It paved the way for ERC-721 tokens and the various NFT projects in the spotlight today.

We can’t say for sure if the boom is here to stay or take an uphill (or downhill) turn. One thing we do know is that the legendary example set by CryptoPunks is here to stay and inspire.

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