What are Crypto Punks?
They might appear to be ordinary 8-bit avatars, but their value is far from ordinary. Crypto Punks are amongst the top-selling NFTs, and their prices are all expected to rise as NFTs gain more traction.
So what are crypto punks? Let’s get into it!
Founded in the year 2017, Crypto Punks were made by Larva Labs. They are a total of 10,000 unique avatars each expressing their style, color, or background. What’s interesting is the fact that back in 2017 they were given away for free to many users; most of them had little idea they will soon become a millionaire. Users only had to pay a small gas fee, which is a fee you must pay for any NFT you hold. They are 24×24 pixel art images that are being generated algorithmically.
Each amongst the 10,000 Crypto Punks can be shown their originality depending upon their proof of ownership stored within Ethereum’s blockchain. This is why they can be proved to be none exactly like the other. Currently, the lowest price of a single Crypto Punk is about $281,135 and has about sales of 13,009 times within the last 12 months. Collectively, their total value is about $1.28 billion.
The inspiration behind Crypto Punks
Crypto Punks are extremely anti-establishment looking and that is by design. To Hall and Watkinson, who are the creators, Crypto Punks being a part of blockchain technology has to be something that looked a bit different. They had to be misfits from the society and thus were inspired being a part of London’s 1970s punk movement which was popularized in the Blade Runner series, one of the most popular sci-fi films where it is known as cyberpunk.
Types and attributes
Crypto Punks come in different types and have different attributes. While it has been found this does not have too much effect on their prices, even then users seem to appreciate those who are unique in their manner. The different types of crypto punk attributes comprise Alien which is about nine in total, Ape which is about 24 in total, Zombie which is about 88 in total, Female punks that are about 3840 in total and male that are about 6039 in total.
Thus, Alien and Ape ones are more expensive because they are lesser in numbers and automatically become more unique. Other kinds of attributes also help to distinguish crypto punks like wearing a pilot helmet while some have buck teeth or welding glasses. Others are smoking a pipe, some wear a top hat, some have pigtails, some are wearing a cowboy hat; the list goes on and on.
Criticism of Crypto Punks
Since Crypto Punks are digital art, they can be viewed by anyone and anywhere in the world, some even can take their screenshot from Larva Labs and use them. However, very few can own them. The issue of ownership has been raised by many people, but Ethereum’s blockchain ensures there can only be a single owner of a single Punk.