What are Cryptopunks?

What are Cryptopunks?

CryptoPunks are collectible works of crypto art represented by Ethereum NFTs. There are 10,000 tiny, 8-bit-style punks, each with its own distinct qualities. As one of the earliest well-known NFT initiatives, they influenced many crypto artists and even the creation of the ERC-721 token standard for digital collectibles.

These are essentially 24 x 24-pixel pictures that are considered art. Furthermore, these are primarily punk-looking men and women with a few uncommon kinds thrown in for good measure. Apes, Aliens, and Zombies are examples of these kinds. In truth, the most intriguing feature is that each and every punk is unique, which is why these are so precious in the NFT market. It is a novel type of asset tokenization.

Furthermore, you may check out every single punk’s official webpage to discover what qualities or attributes they have and how much their current worth is. Another distinguishing feature of these CryptoPunks is that there are only 10,000 of them in total. The developers will not produce any more or will have no influence over their circulation. On the Ethereum network, a single punk is owned by a single person. At first glance, these little, pixelated faces in tiny squares don’t appear to be anything exceptional. Some people are smoking pipes. Others wear caps. Some of them are even aliens. However, when it comes to NFTs, appearances can be deceptive.

The mere possession of one of these odd-looking punks could certainly buy you anything from a tiny flat to a sprawling house.

Who Created Cryptopunks?

In 2017, software engineers Matt Hall and John Watkinson undertook an experiment that resulted in their invention. The duo wished to develop a software application that could generate hundreds of distinct avatars. A total of 10,000 avatars were created by the program.

Hall and Watkinson originally intended to utilize this software to create an app, but these avatars quickly became a great leap in technology. The Ethereum blockchain stores this type of digitally created art. Hall and Watkinson were able to redefine what it meant to ‘own’ anything using this technology.

CryptoPunks was the first non-fungible token when it was introduced in 2017. Furthermore, the platform makes use of the Ethereum blockchain to power the CryptoPunks’ development and architecture. As unbelievable as it may sound, CryptoPunks were made available for free in 2017. At the time, Ethereum’s ERC-721 non-fungible token standard didn’t even exist, so the two-person team at Larva Labs launched them as an experiment. Ethereum wallet users scooped up the 9,000 CryptoPunks made available to the public, while Larva Labs kept the remaining.

About Larva Labs

Larva Labs is a New York-based mobile software firm. They create apps for iOS and Android smartphones. Some of their products’ highlights include the number one paid game on Android, RetroDefense, and a picture manipulation app in the top 50 on iPhone, PhotoTwist.

Two of the most popular projects of Larva Labs besides CryptoPunks are Autoglyphs and Meebits.

  • AUTOGLYPHS

    Autoglyphs are a generative art experiment, with each one being unique and produced by code running on the Ethereum blockchain. Anyone prepared to contribute the creation cost of 0.20 ($655) to our selected charity, 350.org, can design a glyph. The glyph’s originator will then become the glyph’s first owner. However, after 512 glyphs have been generated, the generator will shut down and the glyphs will be accessible exclusively on the secondary market.
    The Autoglyphs are a highly efficient generative algorithm that can generate billions of distinct artworks and is wrapped in an ERC-721 interface. While ERC-721 is the standard for “non-fungible tokens” (a term used by the CryptoPunks), it is more commonly used to govern ownership of digital objects held elsewhere. The major distinction with Autoglyphs is that the art is included in the contract, making it literally “art on the blockchain.”
    Examining any glyph creation transaction on the blockchain reveals this. The event data includes the whole output of the generator, as well as the artwork itself.

  • MEEBITS

    As we know, Larva Labs is the creator of the popular CryptoPunks NFT series as well as Autoglyphs. They are writing yet another success story in the NFT sector with their third NFT initiative. If you’re wondering what exactly are Meebits, continue reading further.
    Meebits are famous not just because they are cool avatars, but also because they are created by a successful and well-known team of developers from Larva Labs. Meebits are 3D characters produced by an algorithm and connected to NFTs on the Ethereum blockchain. They are displayed as voxels (or pixels with volume), much like characters from popular games such as Minecraft or Roblox. These NFT characters may be used as avatars in the metaverse, as well as in games and virtual reality.
    On May 4, 2021, Larva Labs released its most recent NFT project. Since then, these NFTs have been flying off the shelves. The makers of Meebits hope to recreate the same feeling that individuals had when they were youngsters, collecting cards and sharing them with pals. Larva Labs has assigned a wide range of use cases for these 3D models in this regard. One important characteristic, for example, is the capacity to exchange Meebits for Meebits.

How to buy or own CryptoPunks?

Larva Labs established its own marketplace on the CryptoPunks website in addition to developing the CryptoPunks themselves. Users may place bids, purchase, and sell CryptoPunks here. By installing and linking your MetaMask, you may engage with the marketplace. CryptoPunks have also made their way onto OpenSea, a prominent Ethereum-based NFT platform. These pixel punks, on the other hand, are a little different. They’ve been wrapped in ERC-721 tokens, making them tradeable on NFT exchanges.

Purchasing CryptoPunks is a simple process. If you understand how blockchain works, it simply takes a few steps. To learn how it works, follow the step-by-step instructions below.

  1. Purchase Ether: Using a cryptocurrency exchange, you may convert your cash into Ether and transfer it to your wallet.
  2. Transfer it to your wallet: MetaMask is widely used in NFT marketplaces, and CryptoPunks supports it. Create a MetaMask account.
  3. Connect to Larva Labs: You can purchase and sell NFTs from the primary market, Larva Labs, or OpenSea.
  4. Pick a CryptoPunk and Buy It: Take your time looking over the alternatives and then pick a punk.

As you may be aware, purchasing art in the form of an NFT entitles you to be the only owner, with all prior owners documented in the blockchain. Because of its one-of-a-kindness, CryptoPunks is a good choice for investors who believe in the NFT market.

In general, the value of an NFT will only rise when public perception and popularity rise. However, by the same token, an NFT’s value might collapse dramatically at any time, thus these investments can either be very profitable or a means to lose a lot of money. However, the value of CryptoPunks has increased tremendously thus far. When CryptoPunks were first introduced in 2017, they were priced between $1 and $34 apiece. However, a single CryptoPunk can now cost millions of dollars.

The fact that CryptoPunks is one of the earliest NFT initiatives and the first set of randomly generated profile photos to genuinely connect with the crypto community is one of the main sources of demand. They’ve sparked a flood of profile image NFT sets, from Bored Ape Yacht Club to Pudgy Penguins and many more, each of which just adds to the source project’s influence and history. CryptoPunks also has several well-known shareholders, like rapper Jay-Z and influencer and investor Gary Vaynerchuk.

Furthermore, there are distinct differences that make particular CryptoPunks more attractive and precious to collectors. Alien avatars are the most unusual of the randomized pictures, and as a result, alien CryptoPunks are among the most costly NFTs ever sold. Designs for apes and zombies are also popular. However, the majority of CryptoPunks resemble people with different features and accessories, and the plainer-looking ones are priced around the market floor on NFT markets.

The Future of CryptoPunks

What is the future of CryptoPunks? They will almost certainly continue to trade on secondary markets, potentially yielding massive profits for those who purchased them before the spike. There are also CryptoPunk auctions done regularly. It’s safe to assume that you’ll need a lot of money to get your hands on a CryptoPunk, with even the most basic avatars costing more than $100,000.

While they are no longer unique when it comes to NFTs, CryptoPunks were once the blockchain’s pioneers in sheer creative value. Unlike CryptoKitties, which has gamification components, each punk is nothing more than a basic picture. The number of projects directly inspired by CryptoPunks demonstrates their enduring popularity.

We could even get to watch CryptoPunks on the big screen. Larva Labs has inked a representation agreement with United Talent Agency to investigate the possibility of bringing its properties to the cinema, television, video games, and other media. Is a CryptoPunks cartoon on the horizon? We’ll have to wait and see what happens.

Check all NFT projects listed on The Dapp List.

Resources

https://decrypt.co/resources/what-are-cryptopunks-ethereum-nft-avatars
https://www.larvalabs.com/