Why Are CryptoPunks so Popular?

Why are CryptoPunks so popular

NFTs have gained popularity in 2021. A lot of NFTs were launched, bought, and sold on the internet. Out of all the available ones, CryptoPunks have been a popular one. 

The value of CryptoPunks has tremendously increased and yet the demand kept on increasing. 

If you are new to NFTs and wondering what CryptoPunks and what makes it worth the hype, we have come up with an informative article for you. 

The demand for NFTs is still increasing and they have been purchased for millions of dollars. NFTs came into the limelight after the Beeple’ NFT Sales. After that, the price of NFT has only grown. 

CryptoPunks is also one of the top 5 expensive NFTs available. In March 2021 itself, the Ultra-rare alien punk was available in the market for 4200 ETH. Now, it is available for around 35000 ETH. 

Well, even now the lowest price that you have to pay for punk is around 68 ETH, as of February.

Certainly, that’s not the lowest price for a lot of us out there. But why is this so famous? If you wish to know, keep reading this post.

Know More About CryptoPunks

Before explaining to you why CryptoPunks are famous, you must know what they are. 

Cryptopunks are artworks made digitally and generated using an algorithm. It was developed by two programmers, Matt Hall and John Watkinson in 2017. 

They released 10000 punks and recorded the ownership on the blockchain. These are nothing but 24 X24 pixels which resemble punk heads. But not all of them are the same. Each one of them is unique in its features and look.

Moreover, some punks are women and men, some may have beards, some are pierced, and some are smoking. In this way, they have created 1000 punks. 

These Punks resemble non-human species including apes and zombies and can be rare to find. Moreover, Larva Labs also launched 10000 crypto punks. 

An individual is allowed to own 9000 CryptoPunks. Whereas, the remaining 1000 are kept with the owner only and they are named Dev Punks.

In the beginning, when these CryptoPunks were launched, nobody purchased them. But later on, when Mashable explained the significance and published them, they got sold in 24 hours only. 

You will find a specific profile page for CryptoPunks. It will display all the ownership details, specific numbers, and attributes of the CryptoPunks.

Price of CryptoPunks

The price of Crypto Punks keeps fluctuating and you will see a new price of crypto punks every day in the market.

However, As of February, the lowest price of CryptoPunks was around 68 Ether which in the future is surely going to increase. 

Why Are CryptoPunks So Popular?

Popularity plays a major role in determining the price of NFTs. CryptoPunks has gained immense popularity in 2020 and that is one of the major reasons behind the high price of CryptoPunks. 

CryptoPumks are so popular because

  • Unique Features
  • Limited Availability
  • Auctions
  • Celebrity Influence
  • Gallery Show
  • Age of CryptoPunk

1. Unique Features

So, as we have mentioned, there are a total of 10000 CryptoPunks available and each of them has a different attribute. You can check for the attributes of the profiles of the CryptoPunks. 

Moreover, in case 10,000 crypto punks are sold and you need to buy one more, you will have to buy the CryptoPunk from the resale.

This makes it quite expensive. Out of 10000 punks, the following are the punks:

  • Male Punks: 6039
  • Smoking a cigarette: 961
  • Headband ones: 406
  • Female punk: 3840

2. Limited Availability

Well, limited availability is one of the major reasons for which CryptoPunks became so famous. As you know that only 10000 CryptoPunks are available in the market. No more of them will be added to the NFT collection. 

When all of them were sold out, the price of CryptoPunks started to grow. This is because there is only one version of these crypto punks available and no one else can produce them. 

Therefore, if you wish to sell your NFT in an Auction, you will get enough money for this unique art.

3. Auctions

CryptoPunks were also sold in different auctions for millions of dollars. These auctions have gathered a lot of attention in the market and made them quite famous. The most famous CryptoPunk auctions are:

  • CryptoPunk 6965: 1.5M dollar
  • CryptoPunk 3100: 7.58 M Dollar
  • CryptoPunk 7804: 7.5M dollars

4. Celebrity Influence

Everyone gets influenced by the things that celebrities do. There are a lot of celebrities out there who showed their interest in CryptoPunk and purchased them.

This also influenced a lot of people to invest in CryptoPunk and then it certainly became popular among people. This increased its price and demand in the market.

5. Gallery Show

CryptoPunk has also been a part of a gallery show. It was a part of Perfect and Priceless value systems. In this, the CryptoPunk was printed on a paper wallet. An individual can also sell or buy a physical print. This then increased the popularity of CryptoPunk in the market.

6. Age of CryptoPunk

What makes CryptoPunk more famous is its age. CryptoPunk also has become famous as it is one of the oldest existing NFTs. This increases its social and cultural significance. Moreover, it also offers CryptoPunk’s metadata or information of NFT like its name, traits, description, and other things. This makes it more appealing for a lot of people and provides its authenticity.

Also Read: 13 Best NFT Rarity Ranking/ Checker Tools

How You Can Buy CryptoPunk?

You can use different ways if you wish to buy CryptoPunks. You can find CryptoPunks at the following marketplaces:

  • Rarible
  • OpenSea
  • Larvalabs.com
  • SuperRare

Here, we are going to discuss how you can buy CryptoPunks from LarvaLabs. But before you proceed to buy a CryptoPunk, here are all the things that you will have to keep in mind. 

  • If you see any Punks having a Blue background, you can not buy those. They will not have any current bids
  • In case a punk has a red background, it is provided on sale via owners.
  • Lastly, the punks that have a purple background, will have an active bid.
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So, check out the following steps to buy CryptoPunks on LarvaLabs:

Step 1:  You will have to download MetaMask wallet or any other preferred wallet on chrome. Add the required plugin to the system.

Step 2: The next thing you will have to do is to add ethers to the account. If you are using a new account, you will have to get Ether using Coinbase.

Step 3: You will have to open LarvaLabs.com. 

Step 4: When you will add the plugins, you will have to move to the website. It will then recognize the added plugins and will offer the functionality.

Step 5: They will then be able to buy, sell, or bid on the punks.

Step 6: You will be able to bid or buy the punks from the website and then complete the transaction easily.

CryptoPunks in Coming Years

Most people think about what will happen to CryptoPunks in the coming Years. NFTs are currently noticing a dip in the price after the sudden increase in the price of NFT. But they are going to be in the market for a long time. 

No matter how many new NFTs are being launched in the market, CryptoPunks are surely the ones that have a bright future. It is one of the most influential and popular ones in the market.

CryptoPunks are now usually seen from a social status point of view as there are very few people who can afford them. There are high chances that by the time the price of this NFT will only increase. 

Therefore, a fractionalized ownership of the CryptoPunks is around the corner. This can be because it is the only method to buy this expensive token.

Winding Up

Hopefully, by now you have an idea of what CryptoPunks are and why they are worth the hype. They are certainly one of the most expensive NFTs you will find. 

You may also find other NFTs which are performing well. But whenever you choose to invest in NFTs, make sure that you research them properly and then only invest. 

We hope that you have liked our post. For more such posts, stay tuned to our website.