What Is CryptoPunks NFT? Explained!

CryptoPunks NFT collection consists of images of 24×24 pixel and 8-bit style avatars. Previously, NFTs from this collection have been sold for millions of dollars.

Currently, there are 10,000 such NFTs in circulation, and they are viewed as a form of asset tokenization. Recently, this NFT collection has been trending and is making headlines in the news.

Here in this article, you can read more about the CryptoPunks NFT collection, its buying options, and CryptoPunks NFT price. Let us start reading. 

What Is CryptoPunks NFT?

CryptoPunks NFT was released in 2017 by John Watkinson and Matt Hall, two developers from Larva Labs, a mobile software company based in New York. initially, 9,000 punks were given for free while the remaining 1,000 were held by the blockchain.

If you had an Ethereum-compatible wallet you could have bought CryptoPunks at that time. When this project was made there was no idea of making it as a commercial-based NFT collection and was only seen as a project to provide entertainment for the public. 

The name of the NFT collection ‘CryptoPunks’ may seem a bit rare. Let us look at the reigns of the name. ‘Punks’ is a form of visual art and is often associated with the punk subculture, characterized by anti-establishment views, and promotes individual freedom.

This can be rooted back to punk rock music, which generally had short and fast-paced songs that were loud and aggressive and had hard-edged melodies and singing styles with stripped-down instrumentation. 

Currently, Larva Labs generates revenue by selling CryptoPunks NFTs as its own. We do not have a verified report on the number of NFTs that the lab possesses. 

CryptoPunks NFTs are pixelated images and there are different types of punk images song them. The NFTs resemble the characters that they were inspired by. 

The five punk types are as follows:

  1. Ape
  2. Alien
  3. Female
  4. Male
  5. Zombie

The value of a CryptoPunks NFT is based on its attributes. The price of the punk characters will be higher than others if they wear a hat. The creators often refer to this hat as a ‘beanie’ and a multi-colored one having a propeller on the top.

There are only a total of 44 beanie characters in the whole of the collection. The value can escalate based on its rarity too. The majority of the punk types present humans but there are other types too such as Alien, Ape, and Zombie. There are 6039 male characters and 3840 female characters. 

There are only 9 Alien punks and therefore they have an extremely high marketplace value. The CryptoPunks NFT collection has 24 Ape NFTs and 88 Zombie NFTs. 

NFTs Dominating The Marketplace Again

Are NFTs Dominating The Marketplace Again?

The recent reports and trends show that NFTs are dominating the marketplaces again. The experts have already started to ponder, whether the NFTs are making a comeback. All this news started to swirl around as a CryptoPunks NFT was recently sold for $16 M.

The CryptoPunks NFTs #3100 were sold for over $16m which indicates that the NFT market is coming out of the bear market and is anticipating a bull run shortly. Within hours of the $16 m CryptoPunks NFT sale another NFT collection, Boogle #071 sold for $355,368.

This colossal sale has potentially increased the sale of the CryptoPunks NFT collection and it has had a volume of $17 m in trading sales in the past 24 hours alone. This is equivalent to a 2,393% increase from the last day. 

This has led to Ethereum rising to the top 1 position as the most traded blockchain network in NFT. these mega sales also played a crucial role in pushing the Ethereum NFT trading sales volume over 93% from the other blockchain networks.

Over the course of the last 24 hours alone, the NFT collections based on the Ethereum network have accumulated a trading sales volume of $42 million. 

CryptoPunks NFT Price (PUNK)

At the time of writing this article, CryptoPunks NFT has a price floor of $203,739 and a 24-hour sales volume of 733.36 ETH. currently. A total of 9,994 cryptopunks NFTs have been minted and these are held by individual owners. It has a total market cap of $2,036,163,243.

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