What is CryptoPunks?

Brief Summary

    CryptoPunks represent NFTs on the Ethereum blockchain and are collectible crypto artworks. Refers to 10,000 small, 8-bit “punks”, all identical. It is one of the famous first NFT projects. For all crypto artists, even digital collectibles, the definition of the ERC-721 token has also been an inspiration. CryptoPunks are grown and sold as the most expensive NFTs. The project actually took place in 2021.  

What is CryptoPunks?

    At first glance, faces may not be obvious in pixel drawings. In this Nft series, some smoke, have a hat. Some may be aliens. But when it comes to NFTs, what you see can be deceiving. Owning one of these NFT series can be the equivalent of a new sports car, a new home. This series, which was produced in 10000 pieces in total, is in great demand. One of the first NFT projects, CryptoPunks just exists. It means nothing but existence. It has no extra features. But it is very valuable.

Who created CryptoPunks?

    It was created by New York-based Larva Labs, which was founded by Matt Hall and John Watkinson. It started in 2017 as an experiment on NFTs and the value of art and eventually helped popularize what we now know as crypto art. It is a kind of cryptocurrency. But they are quite different from Bitcoin or BNB. Each of the 10,000 punks are unique NFTs on the Ethereum blockchain. In this series, 3,840 were female and 6,039 were male. Also, several monkeys, zombies and aliens are included in this collection.

    The combination of different features ensures that each of the 10,000 pieces is completely unique.

    When first produced, punks were distributed free of charge. In this period, paying the Ethereum transaction fee was enough to own one of these punks. Since then, the popularity of these artworks has also increased tremendously with NFTs in general. In fact, Christie’s auction house auctions off collections with an estimated value of millions. This pale-faced alien punk with a band on his head holds the record for being the highest sold CryptoPunk with 4,200 ETH worth approximately 7.58 million USD on the date of sale in March 2021. In the second place is CryptoPunk #7804, which was sold for the same amount of ETH (approximately 7.57 million USD at the date of sale). The difference is due to the increase in the price of ETH. If we look at NFTs in general, these two rank second and third in the ranking of the highest sold unique tokens to date. The NFT at the top of this ranking is Beeple’s work called EVERYDAYS: THE FIRST 5000 DAYS, which was sold for 69,346,250 USD.

How does CryptoPunks work?

    When the project was created, the ERC-721 token protocol used for NFTs today did not exist yet. In this case, all Larva Labs could do was to work with what they had, namely ERC-20.

    In keeping with the punk culture, the team changed the ERC-20 code enough to create unique products and inspired the ERC-721, which was developed soon after.

    If we look through Token Etherscan, we can see that the Maximum Total Supply is 10,000. Although punks appear to be ERC-20 tokens, they are not actually the same.

    You can determine the authenticity of each CryptoPunk by hashing its reference image and comparing it to a specific image hash in the token’s contract. Because the images are too large to store on the blockchain, Larva Labs created a composite image containing all 10,000 punks. A hash of this image is available in the CryptoPunks token contract.

    So, how can you tell which one you have? Each punk’s token contains metadata that expresses its position in the composite picture. For example, CryptoPunk #7504 is the 7504th punk in the large composite image.

    In addition to designing CryptoPunks, Larva Labs has also created its own marketplace on the CryptoPunks website. Here you can bid, buy and sell CryptoPunk. You can shop with this marketplace by installing and connecting your MetaMask.

    CryptoPunks are hosted on OpenSea, one of the leading NFT markets on Ethereum. But these pixelated punks are a bit of a highlight. They are wrapped as ERC-721 tokens for trading on NFT markets. It is possible to easily reverse an ERC-721 CryptoPunk to the ERC-20 formula. These wrapping and original spin recycling processes can be purchased on Wrapped PUNKS and options a MetaMask bag containing CryptoPunk.

Last word

    While CryptoPunks are no longer unique in the context of NFTs, they once pioneered pure artistic value on the blockchain. Unlike CryptoKitties, which have gamification elements, each punk is nothing but a picture. However, it is possible to understand how popular these products are by looking directly at the number of projects inspired by CryptoPunks.

Bir cevap yazın

E-posta hesabınız yayımlanmayacak.