Nfts
history, prices and most valuable objects
Over the past few years, the non-fungible token (NFT) market has been on a journey from an initial global frenzy to a more stable but somewhat subdued phase.
In 2021, NFTs captured the world’s attention, making waves in news headlines and cryptocurrency markets. Despite a slowdown in 2023, NFTs continue to generate significant trading activity, with sales regularly hitting the $1 million mark. As of July 4, 2024, CoinMarketCap reported The market cap of NFTs has surpassed $3.697 billion. Some NFTs have reached astonishing prices, making them some of the most expensive digital assets ever sold. This includes well-known characters from the Cryptopunks collection, which have set benchmarks in the industry.
What are Cryptopunks?
Cryptopunks is the first widely adopted collection of NFT avatars. Launched in 2017 on the Ethereum blockchain, it includes 10,000 distinct NFTs. The project was created by Canadians Matt Hall and John Watkinson of the Larva Laboratoriesa US-based company. Cryptopunks include a variety of pixel-art characters, such as humans, zombies, apes, and aliens. The buzz surrounding the Cryptopunks art project was instrumental in propelling the NFT sector in the spotlight.
Cryptopunks Price History
The growth in the price of Cryptopunks is notable. Originally a free project where enthusiasts only had to cover Ethereum gas fees for transactions, Cryptopunks NFTs have grown in value and desirability. As of March 2024, the total value of Cryptopunks has reached an incredible $1.5 billion.
The Most Expensive Cryptopunks
Here are the top 3 Cryptopunks that stand out as the most expensive in history.
CryptoPunk #5822, considered the most valuable cryptopunk of all time, fetched a staggering $23.7 million (8,000 ETH) on February 13, 2022. This particular NFT is all about rare Cryptopunks, as it is one of only nine “alien” punks among 10,000 characters, which contributes to its high value.
On March 20, CryptoPunk #7804, another of the nine “aliens,” sold for 4,850 ETH, which was worth $16.42 million at the time of sale.
The transaction is the second largest in the collection’s history, both in terms of dollars and cryptocurrency. It came about two weeks after another Alien Punk, #3100, was purchased for 4,500 ETH ($16.03 million).
Cryptopunks set the benchmark for tokenized avatars, a benchmark that was later picked up by projects like Bored Ape Yacht Club and many others that followed. Even the cheapest Cryptopunks NFT currently on the market costs around 51 ETH, or $177,000.
Where to buy Cryptopunks NFTs
There are several online marketplaces available to buy and sell CryptoPunks. The Larva Labs website serves as the main platform, listing CryptoPunks available for sale. Alternatively, OpenSea stands out as the world’s largest NFT marketplace, offering vast CryptoPunk trading opportunities.
Source: OpenSea
To get started, you will need to create an account and link an Ethereum wallet such as MetaMask to the platform. With your wallet connected, you can trade on the CryptoPunks you want. Winning auctions require you to complete the transaction using ETH from your wallet, securing ownership of the CryptoPunk NFT. Storing the NFT directly in your wallet ensures its security.
To track CryptoPunks market trends and prices, resources such as the Larva Labs website and CryptoSlam are of inestimable value.
Conclusion
NFTs are a big part of the art and collectibles market. While they are on the cusp of widespread adoption, impressive sales figures and significant interest in renowned collections such as CryptoPunks underscore their growing popularity and potential.
FAQ
How many Cryptopunks are there?
The Cryptopunks NFT collection includes a total of 10,000 distinct NFTs.
Who created the Cryptopunks?
The Cryptopunks NFT collection was designed by Matt Hall and John Watkinson, software developers at Larva Labs studio.
When did cryptopunks come out?
Cryptopunks was released in 2017. It was one of the first NFT collections in the world.
How to buy Cryptopunks?
You can buy Cryptopunks on the main Cryptopunks marketplace, Larva Labs, or via the OpenSea platform. You need to create an account there, link an Ethereum wallet like MetaMask, place bids on the desired Cryptopunks, and complete the transactions using ETH from your wallet after winning an auction.
How much are Cryptopunks worth?
Cryptopunks have seen their value increase dramatically. As of March 2024, the entire Cryptopunk collection was valued at $1.5 billion. Some Cryptopunks have fetched millions of dollars each, with the highest sale reaching a staggering $23.7 million.
Why are Cryptopunks so expensive?
Cryptopunks are considered valuable due to their rarity, historical significance as one of the first NFT projects, and unique attributes. Some types, such as “alien” punks, are extremely rare within the collection, increasing their market value.