From Pixelated Arts To Million Dollars NFT

CryptoPunks are unique characters, and are one of the earliest examples of non fungible tokens on Ethereum. Each character in it is different. Its creators, Matt and John, are founders of the New York based software company, Larva Labs . They were inspired by the London Punk scene of the 1970’s.

Yuga Labs acquired CryptoPunks on March 11, 2022, and announced they have given full commercial rights to the CryptoPunks’ owners. Later on 7th May, 2022, the transfer was completed, and the whole CryptoPunks marketplace was moved to the new Yuga Labs website.

The Rise of CryptoPunks Due to Different Attributes

All the CryptoPunks NFTs are algorithmically generated through computer codes. This is the reason why no two CryptoPunks are the same. Originally, they were released for free and anyone with an Ethereum wallet could claim them after paying the gas fee. The characters of this NFT mostly represent humans, but they also include 88 Zombies, 24 Apes and 9 Aliens.

Every successful project mostly has some controversies linked. Same is with this NFT. In October 2021, a single NFT transaction was made for 124,457 Ether for CryptoPunk #9998,  much higher than all the previous sales made. Thus, it was thought to be associated with some kind of scam.

Larva labs confirmed the purchase was made with a flash loan- an unsecured loan. Using this, the user buys the NFT by borrowing money, taking out and repaying the loan within a single blockchain transaction. Later, this invalidates the sale from statistics.

Another major event related to CryptoPunks was on 23 February 2022, when an auction was announced known as Sotheby’s auction. In this, the auction of 104 CryptoPunks was announced. The auction began but the sellers changed their mind and decided to withdraw the auction to keep the whole lot.

Cryptopunk has multiple rare attributes making its worth  a lot. They are more valuable than others based on their portraits and unique attributes. Some wear a beanie or choker, while some have buck teeth and rosy cheeks.

Recent Market Performance of CryptoPunks

CryptoPunks has a total volume of 149,908 ETH. It has 3,688 owners. Seeing the seven days data on OpenSea, it reveals the average price on Jun21 is 59.098 ETH and the number of sales is 5, whereas the average price of the NFT is 47.398 ETH and the number of sales is 5 on June 27.

The owner distribution data reveals there are 2,767 owners for 1 item, 618 owners for 2-3 items, 221 owners for 4-10 items, 49 owners for 11-25 items, 15 owners for 26-50 items, and 21 owners for more than 51+ items.

The recently listed CryptoPunks include CryptoPunk #5412 with a uniqueness of red hair and blue specs whose last sale was of 38 ETH. Others include CryptoPunk #5336 with red eyes and CryptoPunk #8553 being bald with red eyes.

Recently sold ones includes CryptoPunk #1500 at 45 ETH, CryptoPunk #5540 at 46 ETH, and CryptoPunk #4076 at 71 ETH.

The total number of holders are 3.69K and the whales are 143. As per June 14, 2022 data, the holders are 3,478 and whales are 521, while the holders have increased to 3,686 and whales are 164 on June 10,2023. 

CryptoPunks has a total volume of 1 Million, current market cap at 499,749 ETH and floor price is at 48ETH. The floor price change is -3.32% within 24 hours.

Summary

CryptoPunks are very unique and no two resemble the same. It is an art form which is very popular. It is made by a combination of the same attributes like hairs, eyes, skin still they are very different from one another.

However, remember to research NFT properly before the investment. Study the NFT market for demand and supply ratio and whether the demand will continue to increase in future or reach a peak.

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