Everything about the mainstream NFT collection

In recent years, the non-fungible tokens (NFTs) market has been on quite a journey – from its initial global frenzy to a more stable yet somewhat subdued phase.

In 2021, NFTs captured the world’s attention for the first time, making waves in both news headlines and the cryptocurrency markets. Despite a cooling-off period in 2023, NFTs continue to generate significant trading activity, with sales consistently reaching the million-dollar mark. On July 4, 2024, CoinMarketCap reported that the NFT market cap had surged past $3.697 billion. Some NFTs have fetched astonishing prices, making them among the most expensive digital assets ever sold. This includes well-known characters from the Cryptopunks collection, who have set benchmarks in the industry.

What are cryptopunks?

Cryptopunks is the first and widely embraced collection of NFT avatars. It was launched in 2017 on the Ethereum blockchain and consists of 10,000 different NFTs. The project was created by Canadians Matt Hall and John Watkinson of Larva Labs, a company based in the US. Cryptopunks feature a variety of pixel art style characters such as humans, zombies, monkeys and aliens. The buzz around the Cryptopunks art project played a major role in putting the NFT sector in the spotlight.

Price history of Cryptopunks

The price growth of Cryptopunks is remarkable. Originally created as a free project where enthusiasts only had to pay Ethereum gas fees for transactions, Cryptopunks NFTs have grown in both value and desirability. As of March 2024, the total value of Cryptopunks reached an incredible $1.5 billion.

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Most expensive crypto punks

Here are the top 3 Cryptopunks, which stand out as the most expensive in history.

Considered the most valuable cryptopunk ever, CryptoPunk #5822 raised a whopping $23.7 million (8,000 ETH) as of February 13, 2022. This particular NFT covers rare Cryptopunks, as it is one of only nine ‘alien’ punks under 10,000 characters, which contributes to its high value.

On March 20, CryptoPunk #7804, another of the nine ‘aliens’, was sold for 4850 ETH, which amounted to $16.42 million at the time of the sale.

This transaction ranks as the second most valuable transaction in the history of the collection, in terms of both dollars and cryptocurrency. It happened about two weeks after another Alien Punk, #3100, was purchased for 4500 ETH ($16.03 million).

Cryptopunks set the benchmark for tokenized avatars – a benchmark that was later built upon by projects like Bored Ape Yacht Club and many others that followed. Even the cheapest Cryptopunks NFT on the market today costs around 51 ETH or $177,000.

Where can you buy Cryptopunks NFT?

There are multiple online marketplaces available for buying and selling CryptoPunks. The Larva Labs website acts as a primary hub, where available CryptoPunks are listed for sale. Alternatively, OpenSea stands out as the largest NFT market in the world, offering extensive CryptoPunk trading capabilities.

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Source: OpenSea

To get started, you’ll need to create an account and link an Ethereum wallet like MetaMask to the platform. Once your wallet is connected, you can trade desired CryptoPunks. Winning bids require you to complete the transaction using ETH from your wallet, thus securing ownership of the CryptoPunk NFT. By storing the NFT directly in your wallet, you are assured of its security.

For tracking CryptoPunks market trends and prices, resources such as the Larva Labs website and CryptoSlam are invaluable.

Conclusion

NFTs have gained prominence in the art and collectibles market. Despite being only on the cusp of widespread adoption, impressive sales figures and substantial interest in renowned collections such as CryptoPunks underline their growing popularity and potential.

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