Since the appearance of the first NFTs(non-fungible tokens), their price has risen astronomically, reaching millions of dollars in the last year. Among the leading collectibles on the blockchain is the CryptoPunks collection. Launched in 2017 by Larva Labs studio, the NFT project on the Ethereum blockchain consists of 10,000 unique, algorithmically created 24x24 pixel, 8-bit-style tokenized, and pixelated art images. In March last year, CryptoPunks released on the market racked up $115 million in sales in just seven days.
CryptoPunks Features
The CryptoPunks collection features several unique crypto types, including male and female, as well as 88 zombies, 24 apes, and nine aliens. Because of their rarity, these avatars are among the most valuable. Additional attributes, known as traits, make each CryptoPunk unique, ranging from eyepatches to caps, pipes, necklaces, jewelry, and more. Each CryptoPunk can display any combination of 87 different attributes.
A single CryptoPunk can have a maximum of seven attributes, but there is only one, CryptoPunk # 8348, who possesses all seven traits. It wears classic sunglasses, a top hat, a mole, a cigarette, earrings, buck teeth, and a full beard. There are CryptoPunks with zero attributes; however, the majority usually have two or 3 three. The number of attributes also affects their value.
CryptoPunks inspired several similar collections, with Bored Apes Yacht Club being among the most successful, but unlike the later spin-offs, CryptoPunks were not created to set up a community. They were made without a roadmap and the project started as an experiment.
The CryptoPunk Community
Two Canadian software developers, Matt Hall and John Watkinson are behind Larva Labs and the NFTs. Initially, their idea was to create avatars for the digital community, and CryptoPunks were offered for free. The collection went live in June 2017, and whoever had an Ethereum wallet could collect one of these crypto assets.
The community around CryptoPunks grew organically, explains GMoney, a prominent NFT investor. As one of the first projects on the Ethereum blockchain that set the stage for the surge of NFTs, CryptoPunks are among the well-known and most expensive NFT projects today. They are seen as an excellent investment and a status symbol.
Celebrities, capitalists, and hedge funds have all bought CryptoPunks. They have also been included in auctions, and Christie's is especially credited for the Punk marketplace development. In May, the house sold a collection of nine CryptoPunks for $16.9 million. In early 2022, a sale of a single lot of 104 CryptoPunks was announced at Sotheby's, but 23 minutes into the sale, the owner decided to withdraw the NFT lot from the auction.
The Controversies
Some NFT projects have drawn criticism and were the subject of controversies, including CryptoPunks. Recently, one of its co-founders, John Watkinson, sold his stock of V1 CryptoPunks, prompting Larva Labs to blacklist the project and try to remove it from theNFT marketplaces. For some, the company's reaction came too late, while others criticized it for attacking other valid projects. They also incurred criticism for failing to clarify the intellectual rights the owners of CryptoPunks have.
The last issue was resolved in March 2022, when Yuga Labs bought both CryptoPunks and Meebits, and stated that they would transfer all rights to the CryptoPunks owners. Already a legacy project in the NFT world, CryptoPunks will most likely change, although the new owners so far did not state what they plan to do with the collection (they own 423 CryptoPunks).
While the project's future is uncertain, we look back at the most expensive CryptoPunks and explore what makes them unique.
Featured image: Cryptopunk collage, via cryptopunks.app
CryptoPunk #5822
The title of the most expensive CryptoPunk takes CryptoPunk #5822, sold to Chain CEO Deepak Thapliyal for 8000 ETH or $23.7 million. The digital avatar wears a blue bandana and belongs to the Alien type, one of the rarest among CryptoPunks, with only 0.09% of Punks having this attribute. In addition, the bandana is worn by only 5% of the collectibles.
Cryptopunk #7523
Among the most expensive CryptoPunks ever sold featuring in our list is CryptoPunk #7523, which is also one of a few rare Alien Punks. Known as Covid Punk, it carries a red knitted cap, a medical face mask, and gold earrings. It is also the only CryptoPunk featuring a mask, a critical attribute that raised its price significantly.
The Punk was sold to billionaire Shalom Meckenzie for $11.75 million at the Natively Digital auction at Sotheby's in June 2021.
Featured image: NFT Crypto punk #7523, via cryptopunks.app
CryptoPunk #5577
In February 2022, CryptoPunk #5577 sold for 2,501 ETH or $7.8 million. It is an Ape Punk, and it also wears a Cowboy hat, featured by just 1% of the avatars. Hats, in general, are a rare trait among CryptoPunk collectibles.
Featured image:CryptoPunk #5577, via cryptopunks.app
CryptoPunk #3100
This CryptoPunk also belongs to the rare Alien series numbering nine CryptoPunks in total. Among his attributes is just a white and blue coloured headband, but this did not stop him from being sold for $7.6 million, breaking the previous record held by CryptoPunk #7804 (4,200 ETH). Sold for around $2000 in 2017, this avatar features one of the simplest punk designs.
Featured image:CryptoPunk #3100, via cryptopunks.app
CryptoPunk #7804
CryptoPunk #7804 is one of the nine Alien CryptoPunks. As with all rare NFTs, this one also reached a whopping sale price of $7.57 million (4,200 ETH) in March 2021.
It features a grey Cap Forward trait, like 254 other Punks in the collection, Small Shades, and a Pipe. All of the traits are rare and very compatible when it comes to design, which raised its price further.
Featured image:CryptoPunk #7804, via cryptopunks.app
CryptoPunk #8857
Sold for 2,000 ETH or $6.63 million, CryptoPunk #8857 is a Zombie type Punk with two owners thus far. The Punk also features a great combination of traits, including 3D Glasses and Wild Hair.
Featured image:CryptoPunk #8857, via cryptopunks.app
CryptoPunk #5217
Among CryptoPunk #5217 attributes are a red Knitted Capand aGold Chain accessory. The second Ape Punk on the best-selling list, it was sold for $5.45 million. It belongs to a group of 419 Ape Punks with Knitted Caps and 169 punks with a Gold Chain.
Featured image:CryptoPunk #5217, via cryptopunks.app
CryptoPunk #7252
Belonging to aZombie CryptoPunks type, CruptoPunk #7252 reached the price of $5.33 million in its latest sale in August 2021. Among his attributes are a gold Earring, a Chinstrap, and Crazy Hair.
Featured image:CryptoPunk #7252, via cryptopunks.app
CryptoPunk #6275
The most recent sale price of CruptoPunk #6275 was 1,319 ETH, or around $5.12 million. It is part of the rare Zombie Punks, one of the rarest among the 10,000 CryptoPunks. It has Shadow Beard and Mohawk Dark among its traits.
Featured image:CryptoPunk #6275, viacryptopunks.app
