CryptoPunks NFTs: Prices and Sales at Record Levels

The so-called CryptoPunks are among the first known NFT projects worldwide. The 10,000 unique tokens with digital art have been experiencing a huge price jump and liquidity market over the past few days.

The big topic of NFTs caused quite a stir in 10,000 CryptoPunks in 2017 and remains a good example of understanding the importance of non-fungible tokens. In addition, early CryptoPunks collectors can now be pleased: the average price paid for one of 10,000 digital artworks has nearly tripled in the past seven days and CryptoPunks is reaching a market that is greedily accepting sales offers. The cheapest Cryptopunk currently costs over $80,000. So it’s time to take a closer look at the characters.

History of CryptoPunks

The founders of Narva Labs in New York, Matt Hall and John Watkinson, wanted to dig deeper into NFTs in 2017. To do so, they programmed software that produced 10,000 unique characters using pre-defined properties. They called the CryptoPunks project and immortalized each of these 24 x 24 pixel images via NFT as in the Ethereum (ETH) blockchain. 9,000 of these tokens, which document ownership of CryptoPunk, have been abandoned. 1000 NFTs Hall and Watkinson kept to themselves.

Perhaps the designers themselves were surprised when a secondary market quickly formed around CryptoPunks. Cryptopunks are digitally represented as NFT and can be easily sold or auctioned off in the Ethereum ecosystem. Since all 10,000 are clearly documented, it is always clear whether the individual performances are a rare combination of specific puzzle pieces or whether a particularly rare example is provided. Historic data is documented in OpenSea based on data from the ETH blockchain and explains: Cryptopunks changed every day from 2018 to the end of 2020, but at low prices and with small trading volumes.

From the fall of 2020, the price curve and the number of cryptocurrencies sold per day will rise. While previously you could buy CyberPunk for as little as 1 ETH, by the end of 2020, you had to budget well for 5 ETH. NFTs reached the art market at the latest in March 2021, when digital artist Beeple’s work “Every Day: The First 5,000 Days” grossed $69 million at classic auction house Christie’s. Two months later, Christie’s offered nine CryptoPunks bundled together at nearly double the estimate of $17 million. Christie called Giving a “revolutionary NFT project,” and “the A and Z of the crypto art movement.”

CryptoPunks in August 2021

The current situation with CryptoPunks is clear: on average, more than 50 ETH is paid for one of these NFTs, over 100 CryptoPunks find a new owner every day and on many days the trading volume exceeds 10,000 ETH. Converted at current prices, this means that individual CryptoPunks can hardly be found for less than $50,000 USD and in the last week alone more than half a dozen rare samples have been paid out at over $1M USD each. With Open Sea as the market leader, events can be followed in real time. Collectors such as businessman and wine expert Gary Vaynerchuk compare CryptoPunks in their significance with the American painter Jackson Pollock, who has become a modern classic. Others try the Mona Lisa and think that buying CryptoPunk today is similar to buying Leonardo da Vinci’s Mona Lisa when it was created in the 16th century.

Conclusion: CryptoPunks – Blue Chips Among Creative NFTs?

You can certainly argue about the artistic value of CryptoPunks, illustrations can be found at Narva Labs and you can simply print your favorite and hang it on the wall. As an investor, when bidding on CyberPunk, it is important to pay attention to how rare or common its features are, as this has a critical impact on value. Is the cyber boom only a temporary phenomenon? You may smile at her or find her crazy – but hilarious pixel art with the NFT as a royal document has found its way into the classic art market. There they explain how new technology has finally found transparency in the buying and selling of artworks and how it becomes possible to exclude owners of galleries and auction houses. There is a lot to suggest that a handful of digital artwork will continue to include at least one CyberPunk in the future and that the secondary market will not collapse. However, this actually depends on the position as a well-deserved leader for CyberPunks and cannot necessarily be transferred to other creative NFT projects.

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