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NFT Collections: CryptoPunks

NFT

Thousands of creators make money every day by selling their art as NFTs, but this hasn’t always been the case. There was a time when no one knew the potential that NFTs could have. Luckily, a brave group of creators decided to give these tokens a chance. Visit The official Oil Profit Site for more information on bitcoin trading.

That’s how the CryptoPunks collection was created, and now it has become one of the most popular and expensive NFT clusters on the market. In this article, you’re going to learn everything you need to know about CryptoPunks and how to invest in one of these illustrations.

What Are CryptoPunks?

CryptoPunks are part of a “profile picture” NFT collection, which consists of 8byte randomly generated illustrations that people tend to use as their profile pictures. This gallery started as a simple programming project, as its developers wanted to create a program that could randomly generate cool profile pictures.

However, things didn’t go as planned, and their art rapidly caught everyone’s attention. Therefore, they decided to store it in Ethereum’s network. Nowadays, there are over 10,000 punks available for the general public, and their prices can go as high as millions of dollars.

History of CryptoPunks?

In the early stages of the project, CryptoPunks were free, and anyone who wanted to have one could download it from the developers’ website. During this time, no one knew what NFTs were, and the team that developed this collection was only trying to experiment with its illustrations.

However, only a couple of years passed until the prices skyrocketed and CryptoPunks became the most wanted NFT collection in the world.

These avatars were inspired by the punk scene, as shown through their name and accessories. However, the most interesting part is that these random features define their worth, as rarer elements tend to be sold for a higher amount of money.

Why Are CryptoPunks Special?

One of the main reasons why people seem to love CryptoPunks so much is because this is one of the oldest NFT collections that can still be found. Cryptopunks have hugely influenced the crypto community and indirectly generated similar projects like the Bored Ape Yacht Club.

However, some CryptoPunks have a higher demand than others. Some illustrations of aliens, zombies, and apes have been sold for unbelievable amounts of money. This is because most CryptoPunks are human-shaped, and finding these rare specimens is extremely hard.

How to Buy CryptoPunks

You may think that buying CryptoPunks is like purchasing any other NFT at OpenSea, but this is not the case. These NFTs can only be bought through Larva Lab’s website, where you can bid for these avatars in the several auctions that are done every day.

However, if you want to do this, you must be aware that these NFTs aren’t cheap, and you need to be willing to fight for them against very wealthy competitors.

The Future of CryptoPunks

CryptoPunks have been taking over the off-chain world in the past years. Nowadays, we can see illustrations of Punks being hanged in galleries, and the floor price to buy them keeps increasing by the second.

However, some controversies have happened within the community, and many other NFT collections have arisen to compete against CryptoPunks. Therefore, it is very unlikely for Larva Labs to release more punks, as the company has begun to work on other projects to move on from the outdated collection.

Bottom Line

CryptoPunks revolutionized the world of NFTs. This collection had an admirable impact on how we use tokens today and paved the path for several other NFT groups.

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