CryptoPunks is one of the first non-fungible token projects based on Ethereum. It is a collection of 10,000 pixelated characters, most of whom are humans, but some are aliens, apes, and zombies.

CryptoPunks is considered one of the first Ethereum-based non-fungible token projects. It is a collection of 10,000 pixelated characters, most of whom are humans, but some are aliens, apes, and zombies. These characters are unique, and their features are centered on 8-bit punks. A total of 9,000 CryptoPunks were distributed for free at the start, while the project’s developers kept the remaining 1,000. CryptoPunks were among the first NFT collectibles created on Ethereum’s blockchain when they were introduced in 2017. Furthermore, the introduction of CryptoPunks aided the development of the Ethereum blockchain’s ERC-721 tokens.

Types and Attributes

The platform has classified its NFT collection into the following types:

TypeTotal NFTsAvailable NFT

Each NFT is assigned an attribute or a set of attributes that make it unique. Attributes play a big part in this NFT Collection, making the digital assets stand out. Some of the most commonly used attributes include Earring, Cigarette, Hot Lipstick, Purple Lipstick, Mole, Nerd Glasses, Shades, and more. Some CryptoPunk portraits may be more valuable than others based on these attributes. A CryptoPunk with numerous rare attributes, for example, can be pretty valuable. However, rarity isn’t the only aspect in determining the value of a CryptoPunk. For example, some collectors like portraits just because they like how they look.

Buying CryptoPunks NFT

You can’t buy non-fungible tokens on an exchange just now because they’re still in their infancy. So instead, what you need is Ethereum tokens and a wallet for interacting with Ethereum-based applications.

  • Once you have acquired ETH, you can go to Larva Labs’ official CryptoPunks market and start shopping. However, because all 10,000 CryptoPunks have already been produced on Ethereum’s blockchain, you’ll have to buy one CryptoPunk from someone who already owns one.
  • You can make a bid on a listing. You will complete the transaction on the Ethereum blockchain if the seller accepts your offer. The NFT will then be sent to your wallet. 
  • Remember that you’ll need enough ETH to pay for both the CryptoPunk you wish to buy and the gas price connected with making an ETH-denominated payment.
  • To make the NFT more accessible, the creators also introduced wrapped punks that allow you to turn your CryptoPunks into ERC721 and thus making them tradable on any Ethereum marketplace such as Rarible and OpenSea

Final Words

Due to their exclusivity and status as the original NFT collection, CryptoPunks are currently in high demand. Furthermore, during the COVID-19 pandemic, CryptoPunks benefited from a surge in collectors’ products and increased interest in cryptocurrencies and other blockchain initiatives. However, the use of Ethereum by the CryptoPunks and the lack of standard payment rails like a credit card or PayPal make it difficult for an average individual to become more indulgent.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *