Why CryptoPunks are so expensive? (2024)

FAQs

Why are CryptoPunks so expensive? ›

NFTs, in general, derive much of their value and popularity from the rarity and scarcity of tokens. CryptoPunks are also not left out. The limited supply of CryptoPunks available for purchase adds to the thrill and pushes demand to the moon and beyond. The rarity of most CryptoPunks makes them highly coveted.

Each pixelated CryptoPunk is randomly generated with a unique set of accessories like hats, facial hair, glasses, earrings and more. Unlike the many other NFT collections it went on to inspire, CryptoPunks were created using the ERC-20 token standard, the same used by cryptocurrencies such as MANA and ENJ.

The most expensive CryptoPunk of all time remains CryptoPunk #5822, which sold for 8,000 ETH worth $23.7 million on Feb. 12, 2022. According to The Block's Data Dashboard, CryptoPunks generated $7.03 million in trade volume between March 10 and March 16 and $25.52 million in sales the week before.

They were originally released for free and could be claimed by anyone with an Ethereum wallet by paying only "gas fees", which were low at the time. Most of the 10,000 CryptoPunks represent humans, but there are also three special types: Zombie (88), Ape (24), and Alien (9).

CryptoPunks price floor and sales live data

In the last 24 hours, the price floor of CryptoPunks is up 0.00%. The 7D average sale price is 28.11 ETH, the 7D highest sale price is 31.00 ETH and the 7D lowest sale price is 25.25 ETH. The project is currently ranked #1 in NFT Price Floor with a floor cap of 263.8k ETH.

CryptoPunks are digital art and a form of asset tokenization that can sell for millions of dollars in the NFT marketplace. There are 10,000 of these images of these 24×24-pixel, 8-bit-style unique avatars.

The most expensive NFT sold is The Merge, the NFT collection created by digital artist PAK that was sold for $91,806,516 within just 48 hours following its release on December 3, 2021, on the NFT marketplace Nifty Gateway.

Originally, Punks could be claimed for free using any Ethereum wallet with enough $ETH to cover gas fees. Now, they can be purchased from their present owners using the bespoke CryptoPunks marketplace, which is also embedded in the blockchain. Via this frictionless market you can buy, bid on, and offer Punks for sale.

Originally, LarvaLabs offered up 9,000 of the CryptoPunks for free to anyone who had an Ethereum wallet (the Ethereum blockchain has its own cryptocurrency called Ether or ETH), keeping the final 1,000 for themselves (the Dev punks).

The record for the highest sale still belongs to Cryptopunk #5,822, another 'Alien Punk,' fetching $23.7 million.

What is the most famous CryptoPunk? ›

“Crypto Punk #5822,” also known as “Blue Bandana,” is one of nine alien Punks and one of 500 wearing a bandana. This sale holds the title of most expensive Crypto Punk ever sold, making it into this year's Guinness Book of Records.

Accessories like hats, facial hair, glasses and earrings make each item from the collection unique; no two CryptoPunks are precisely alike. CryptoPunks are images of males or females with punk features, like spiked or shaved hair.

Yuga Labs acquires CryptoPunks and Meebits and gives commercial rights to the community. The Cryptopunks web app will soon be moving to cryptopunks. app. Learn more →.

Some of the types of NFTs that sell best include: Digital Art: High-quality digital artworks, including illustrations, animations, and digital paintings, created by renowned or emerging artists.

The future of CryptoPunks

They will simply be decentralized and preserved on the blockchain.” Furthermore, Yuga Labs will commit to supporting museums and institutions in acquiring NFT CryptoPunk and educating the public about this collection.

When Larva Labs founders Matt Hall and John Watkinson launched the CryptoPunks project in June 2017, they never expected to spark a digital art movement.

Holders of a CryptoPunk can prove ownership through the Ethereum-based smart contract hash, which is basically the unique digital key confirming they are the rightful owners. This key allows them to buy, sell and trade digital NFTs in the same way physical collectibles can be traded.