CryptoPunks: An insight into the earliest and expensive NFT collection

Popular as the first NFT issued on ethereum, CryptoPunks are a collection of 10,000 NFTs (6,039 males & 3,840 females) and the brainchild of Larva Labs. Initially, they were available for free, and anyone could claim them, but with time, all of them were claimed. 

Though a major chunk of CryptoPunks depicts humans, others are based on zombies, apes, and aliens. While 8 Cryptopunks lack attributes, 9 are aliens, 44 have a beanie, 24 are apes, 48 have a choker, 128 have rosy cheeks, and 78 have buck teeth. 

The Punks have a total of seven different characteristics, and CryptoPunk #8348 is the only one to possess all the traits.  

An experiment gone right

It may shock you but CryptoPunks never thought of creating a community, nor was there ever a roadmap for it. In fact, the project was an experiment by Matt Hall and John Watkinson, founders of Larva Labs, who are also Canadian software developers.

The criticism

Critics have labeled CryptoPunks good for nothing and easy for anyone to create their digital copy through a screenshot. However, the NFTs are strongly favored by luck, and words from critics fell on deaf ears of NFT enthusiasts. 

Entry of Yuga Labs 

On March 12, Yuga Labs announced buying the rights to CryptoPunks as well as Meebits NFTs. The same day, the price of the NFTs collection jumped over 70 ETH, which ensured both the investors and buyers that CryptoPunks are in safe hands.  

Current price trend

The opening rate of Punks was around $250,000 on January 1, 2022; however, it fell to $150,000 the next month. At the onset of March, the mark went close to $200,000.

The average bid for a Punk in 2021 was 58.76 ETH or USD 170,000. October 2021 had a controversial sale of CryptoPunk #9998, which sold for $532 million.

The average selling price of CryptoPunks remains $350,000 to $500,000; however, certain Punks have grabbed eyeballs by being sold in millions.

Also Read: BAYC: The story of the most successful NFT ever

CryptoPunks are always active

Alien Punk #3100 was sold for 8 ETH or $2,000 on July 6, 2017. The same Punk was sold for 4,200 ETH or $7.51 million in March 2021. 

As recorded in April 2021, about 8,000 sales happened in the past 12 months, and the average price was 15.45 ether or $30,412.40. The overall value is 27,360 ether or $251,620,000 for all sales and is continuously growing. 

Controversies that made noise

John Watkinson sold his V1 CryptoPunks NFTs stock in February this year after which Larva Labs tried blacklisting the project and eliminating it from the marketplaces. The whole incident was potent enough to make V1 Punks to drop; thus, making buyers suffer a financial loss. Neglecting the consequences, Watkinson kept the money he got from the sales. The whole episode invited a lot of backlashes.

Another highly controversial incident happened when Larva Labs attacked authorized projects and could not clear the intellectual property rights users had in terms of the Punk NFT they held. 

Celebrities & influencers with most CryptoPunks

• American music producer Shawn “Jay-Z” Carter bought CryptoPunk 6095 for $120,000 ETH.
• American entrepreneur Gary Vee bought Ape Punk 2140 for $3.7 million. He also owns Zombie Punk 2424.
• Music artist Steve Aoki bought CryptoPunk 6473 for 65 ETH and later sold it for 300 ETH.

Current Statistics by Rarity

With 3559 owners at the moment, CryptoPunks’ 7-day volume is 1,736.87 ETH, and the total volume is 976,106.18 ETH. The average price for 7 days is 44.54 ETH.

FAQs