CryptoPunks is the oldest developed on the Ethereum network non-fungible token (NFT) is a project. The project consists of algorithmically generated 24×24 pixel portraits with random attributes such as the person wearing a hat or smoking a pipe. Initially, these NFTs, which could also be obtained for free (provided that they cover the transfer fee), made serious pricing due to their excessive interest and rarity.
How Did CryptoPunks Start?
CryptoPunks, created by Larva Labs, a two-person development team that works on all kinds of projects, from mobile games and utilities to web infrastructure, digital design and art. The team developed a pixelated character generator inspired by the London punk scene and cyberpunk films and novels.
This is what was printed on the Ethereum network in 2017 NFT’s were limited to 10,000 characters. In the early days NFTanyone interested in the was able to get 1 for free. Of course, by paying the transfer fees. The larva got the 9,000 pieces back to their owners in this way, but kept the 1,000 NFT to themselves. Now, the only way to own a CryptoPunks is to buy it from its owner.
Why Is CryptoPunks So Special?
Some may have also read this question about why it is so expensive. First of all, there are a few things that make it unique. Firstly Ethereum (ETH) the oldest in the network NFT another detail is that it is a collection, the first of its kind. The collection is limited to only 10,000 pieces, which makes this valuable project scarce for collectors.
Some parts are more valuable than others. For example, there are 9 aliens, 24 monkeys, 44 beret-wearing parts. Naturally, among the 10,000 artifacts, the rarer ones are valued extra decently. Each piece has 7 different features.
What’s more fun is that multiple signs of rarity can be in a single collection. For example, CryptoPunk #7804, an alien (9) wearing small shades (378), a hat (254) and a pipe (317), sold for more than $7.5 million.
Actually CryptoPunks this example we have given over the other NFT it also reveals the valuation of its projects. One collection it can also consist of 1000 pieces, but more unique what happened, of course, is expensive.
The most important thing that makes it valuable is the meaning that the collectors attach to the pieces and what they see from it.
Will CryptoPunks Be Valued More?
If the Earth has 1000 years of life left, these parts will remain the same as today during that time. So it won’t be the 10,001 th track. The question you need to ask is will this interest continue in the future? It is the relevance of buyers to them that determines the price of a product. If the supply is to remain constant, the demand must increase.
No project can launch the first NFT on the Ethereum network by teleporting to the past. Accordingly, CryptoPunks will retain their power, such as uniqueness, the ability to be the first, for as long as the world exists.