What is CryptoPunks?
Let's find out CryptoPunks meaning, definition in crypto, what is CryptoPunks, and all other detailed facts.
The world of non-fungible tokens (NFTs) has been rapidly growing in popularity over the past few years. The growth was influenced by selling and buying NFTs on Ethereum, which began in December of 2017, with CryptoKittens. Since then, there are millions of tokens that are currently existing on the network. CryptoPunks are one of the most well-known Ethereum-based NFT collectibles.
Every image showcases a different punk that can be an ape, a robot, an alien, and so on. Every punk is unique and can even look similar to particular celebrities. The collection was created back in 2017 by John Watkinson, Andy Milenius, and Matt Hall. It consists of 10,000 24x24 pixel images.
Initially, it was an experiment performed by Larva Labs (the creator of CryptoPunks). Therefore, the collection was completely free. At that time, the standard for NFTs (ERC-721) didn't exist yet.
The team behind CryptoPunks had no clue that their collection would become the most well-known name in the NFT industry. When Larva Labs produced CryptoPunks, 9,000 of them were taken by Ethereum wallet owners, whereas the rest were kept by Larva Labs itself.
CryptoPunks were developed with a similar purpose as CryptoKitties. This means that they anticipated revealing the possibilities of non-fungible tokens on Ethereum using ERC-721. CryptoKitties, on the other hand, showcased the possibilities with ERC-20 and ERC-223 tokens.
NFT market and CryptoPunks faced a huge growth in their value in 2021. In the first six months, the estimated volume for 2021 was $2.5 billion. Multiple NFTs were sold for $1 million each.
Currently, CryptoPunks is the most desired NFT collection. Multiple NFTs are sold for millions of dollars. After all, CryptoPunks is one of the first NFT collections.