NFTs
history, price and most valuable items
Over the past few years, the non-fungible token (NFT) market has been on a long journey – from the initial global frenzy to a more stable, yet somewhat subdued phase.
In 2021, NFTs first caught the world’s attention, making waves in news headlines and across crypto markets. Despite a cooling-off period in 2023, NFTs continue to drive significant trading activity, with sales consistently reaching the $1 million mark. On July 4, 2024, CoinMarketCap reported The NFT market cap has surpassed $3.697 billion. Some NFTs have fetched astonishing prices, making them some of the most expensive digital assets ever sold. This includes well-known characters from the Cryptopunks collection, which have set industry benchmarks.
What are Cryptopunks?
Cryptopunks is the inaugural and widely adopted collection of NFT avatars. Launched in 2017 on the Ethereum blockchain, it comprises 10,000 distinct NFTs. The project was created by Canadians Matt Hall and John Watkinson of Larvae Laboratoriesa US-based company. Cryptopunks include a variety of characters in a pixel-art style, such as humans, zombies, apes, and aliens. The buzz around the Cryptopunks art project was instrumental in boosting the NFT featured sector.
Cryptopunks Price History
Cryptopunks’ price growth is remarkable. Originating as a free project where enthusiasts only had to cover Ethereum gas fees for transactions, Cryptopunks NFTs have grown in both value and desirability. As of March 2024, the total value of Cryptopunks has reached a staggering $1.5 billion.
The Most Expensive Cryptopunks
Here are the top 3 Cryptopunks, standing out as the most expensive in history.
CryptoPunk #5822, considered the most valuable cryptopunk of all time, raised a staggering $23.7 million (8,000 ETH) on February 13, 2022. This particular NFT is related to rare Cryptopunks as it is one of nine “alien” punks out of 10,000 characters, which contributes to its high value.
On March 20, CryptoPunk #7804, another of the nine “aliens,” sold for 4,850 ETH, which was worth $16.42 million at the time of sale.
This transaction ranks as the second most valuable in the collection’s history, both in terms of dollars and cryptocurrency. It occurred approximately two weeks after another Alien Punk, #3100, was purchased for 4,500 ETH ($16.03 million).
Cryptopunks set the standard for tokenized avatars — a standard later built upon by projects like Bored Ape Yacht Club and many others that followed. Even the cheapest Cryptopunks NFT currently on the market is priced at around 51 ETH or $177,000.
Where to buy Cryptopunks NFT
There are several online marketplaces available to buy and sell CryptoPunks. The Larva Labs website serves as a primary hub, listing CryptoPunks available for sale. Alternatively, Open sea stands out as the world’s largest NFT marketplace, offering ample opportunities for CryptoPunk trading.
Source: Open sea
To get started, you will need to create an account and link an Ethereum wallet, such as MetaMask to the platform. With your wallet connected, you can trade in the desired CryptoPunks. Winning bids require you to finalize the transaction using ETH from your wallet, thus securing ownership of the CryptoPunk NFT. Storing the NFT directly in your wallet ensures its security.
To track CryptoPunks market trends and prices, resources such as the Larva Labs website and CryptoSlam are priceless.
Conclusion
NFTs have secured a prominent place in the art and collectibles market. Although they are only on the cusp of widespread adoption, impressive sales figures and substantial interest in renowned collections like CryptoPunks underscore their growing popularity and potential.
Common questions
How many Cryptopunks are there?
The Cryptopunks NFT collection comprises a total of 10,000 distinct NFTs.
Who created the Cryptopunks?
The Cryptopunks NFT collection was designed by Matt Hall and John Watkinson, software developers at Larva Labs.
When did cryptopunks emerge?
Cryptopunks was launched in 2017. It was one of the first NFT collections in the world.
How to buy Cryptopunks?
You can buy Cryptopunks on the main Cryptopunk marketplace, Larva Labs, or through the OpenSea platform. You need to create an account there, link an Ethereum wallet like MetaMask, bid on the Cryptopunks you want, and finalize transactions with ETH from your wallet when you win a bid.
How much are Cryptopunks worth?
Cryptopunks have seen a significant increase in value. As of March 2024, the entire Cryptopunk collection was valued at $1.5 billion. Some Cryptopunks have fetched millions of dollars each, with the highest sale reaching an impressive $23.7 million.
Why are Cryptopunks so expensive?
Cryptopunks are considered valuable due to their rarity, historical significance as one of the first NFT projects, and unique attributes. Certain types, such as the ‘alien’ punks, are extremely rare within the collection, increasing their market value.