CryptoPunks: A Type of NFT and The Explanation
We have heard of NFTs millions of times before. We are aware that there are many types of common NFTs arts such as digital arts and collectables. But, have you ever heard of CryptoPunks? If you have not, you can search cryptopunk nft art in Malaysia for further information. In this post, we will unveil the real meaning behind CryptoPunks and why are they so popular especially among youngsters and young artists. Let’s find out what are the speciality they hold and are they that unique to the point that they have been mentioned by so many people.
The Real Definition
CryptoPunks are among the best NFT collection that is found on the Ethereum blockchain. They are usually in figures of avatars and the first project was launched by two brilliant software developers, Matt Hall and John Watkinson. It started off as an experiment first in 2017 and was later credited as a project. The original inspiration is actually from the London Punk Scenes which is a cyberpunk movement. Another inspiration is taken from an artist, Daft Punk. Apparently, they both thought that this software could be made into an application, but later these avatars became one of the milestones in technology. They are kept on the Ethereum blockchain and have become a part of the cryptocurrency world.
Why Are They Special?
Just like other types of NFTs such as digital art, memes, music arts, video clips and many more, they hold their own uniqueness and speciality. The most prominent reason is that CryptoPunks are among the earliest NFT projects that are available on the Ethereum blockchain. Do you remember CryptoKitties? CryptoPunks existed a few months before them and this is why they hold an advantage in this term. Next up, it is because of their rarity. You have to know that there will be only 10,000 CryptoPunks existing. This contributes to the high-volume demand.
Are They Valuable?
With the high-volume demand and rarity, of course, they are valuable. Since they are among the first project on Ethereum, this gives a reason for the very expensive price that can only be bought by certain people. The arts are very interesting and rare, making them even more demanded. As mentioned before, there are only 10,000 CryptoPunks in the world, making the number of those who are after them increase. Even though there are 10,000 of them, it doesn’t mean that they would all be sold. This is why they are very expensive and exclusive. If the supply is low, it increases the price and also increases the number of target buyers. The most expensive CryptoPunk ever sold is the CryptoPunk 5822. It is an alien type of CryptoPunk and it holds a value of $23.7 million. There are other types of CryptoPunks such as the ape, but currently, the alien type is dominating the list with three out of five of them are consist of aliens. Buying an NFT could be worth it, depending on the purpose of you purchasing it and the passion you have.