NFTs

What You Need to Know About CryptoPunks NFTs

CryptoPunks NFTs are one of the earliest NFT collections that you need to know.

NFTs (Non-fungible tokens) is one element of cryptocurrency that has really grown in recent times with CryptoPunks being one of the popular assets.

CryptoPunks, CryptoKitties, and, Bored Ape Yacht Club (BAYC) have been the top NFT assets in the last couple of years. These assets are rare, exclusive, and expensive with CryptoPunks first of its kind.

BAYC is one of the top NFT art collections that were created after CryptoPunks NFTs
BAYC NFTs are part of the NFT art movement inspired by CryptoPunks NFTs

While many investors look for the next awesome art collection, CryptoPunks remains a good option due to its unique features. This has also made its price skyrocket in the NFT marketplace.

This post will explain what you need to about the CryptoPunks NFT and how to buy it. Let’s get right into it.

What is CryptoPunks NFT?

CryptoPunks is one of the top NFT collections on the Ethereum blockchain. It was launched in 2017 by the Larva Labs Studio. However, Yuga Labs took over full ownership on 7th May 2022.

This NFT collection is one of the earliest and a model for the modern crypto art movement. It was also an inspiration for the  ERC-721 standard for non-fungible tokens. The developers were inspired by the London punk scene and cyberpunk films and novels.

As Bitcoin which is the first crypto has a maximum supply of 21 million, CryptoPunks are known to be 10,000 in total. This has made it to be digitally scarce and rare.

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There are 6,039 male and 3,840 female (human) CryptoPunks as well as three other types. They are Zombies (88), Apes (24), and Aliens (9). This NFT art collection consists of 24×24 pixel portraits featuring random attributes.

Although it was created free with only a gas fee to be paid at first, today CryptoPunks is one of the most expensive NFTs.

What you need to Know about CryptoPunks NFTs
CryptoPunks NFTs

What You Need to Know About CryptoPunks NFTs

CryptoPunks are one of the most expensive NFT collections today. In October 2021, one of the CryptoPunks, #9998 sold for 124,457 Ether ($532 million USD at the time of the sale). This made it the most expensive NFT sale following Beeple’s $69.3 million Everyday: the First 5000 Days collection in February 2021.

The fact that only 10,000 CryptoPunks are available makes it unique. This has made it scarce among investors.

It is important to know the NTF collections are not of the same value and their attributes differ. There are some with no attributes while there are some which have multiple attributes (alien, smoking pipes, wearing shades, and so on). The fact that one CryptoPunk art has more than one attribute increases its worth in the marketplace.

How to Buy a CryptoPunks NFT

NFT collections are available for purchase on NFT marketplaces such as Opensea, Rarible, etc. If you are purchasing a CryptoPunks NFT, here’s a guide on how to do so below.

1. You’ll always need a cryptocurrency wallet when buying a crypto asset whether NFT or not. This wallet has a unique address which means no one can access it but you. If you’re buying CryptoPunks NFTs, you’ll need a crypto wallet such as MetaMask in this case.

2. You’ll also need Ethereum (ETH) to buy NFTs on NFT marketplace. You can either buy some ETH from the service provider or from crypto exchanges such as Coinbase, Binance, etc. This ETH will be sent to your unique wallet address once you’ve made payment.

3. The next thing to do is to set up your wallet to work with your web browser using its extension.

4. Once this is done and you have your ETH in your wallet, you can make your CryptoPunks NFT purchase. You can find available CryptoPunks to sell on Larva Lab websites with their prices.

5. When you find one that you like to buy, click on it and then click the buy button on its page. Your browser will ask you to connect your wallet and confirm the transaction.

6. Once this is done, the ETH will go to the seller, and you’ll see the CryptoPunks NFT in your wallet. With this, your transaction has been successful.

Closing Thoughts

CryptoPunks NFT is among the top non-fungible tokens you can get your hand on today. These pixel portraits are scarce and can be bought from the real owners.

Although they were first created for free with only gas fee been paid but in recent times, it has been one of the most expensive crypto art collection to get.

 

 

 

 

 

 

prestmit

As a cryptocurrency and gift card expert, I am passionate about exploring the intersection of finance and technology. With a background in both fields, I bring a unique perspective to my writing, offering an in-depth analysis of the latest developments and trends in the world of digital currencies and gift cards.

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