A few years back, when CryptoPunks debuted, no one could have predicted how big the initiative would be.
These assets are one of the latest sensations in the NFT community. They were actually among the very first NFTs on earth, and now, they sell for millions!
2012 has seen a rise in demand for NFTs. But if you are new to NFTs, it isn’t easy to understand their value. You might never get the concept behind the punks. Therefore, we are developing this guide for you:
What are CryptoPunks
The CryptoPunks are a collection of pixelated images (24×24) that display eccentric personalities and features. Each one has its unique combination, so they’re impossible to replicate! Also, there are punky-looking males and females with some queer type within. Zombies, Aliens, and Apes are some of these types.
In reality, every single Punk is unique. The uniqueness adds value to the NFT marketplace. CryptoPunk is a new form of asset tokenization.
Punks Images
In developing images of punks, they used codes to generate characters. Again, it was run once to create the set of 10,000 punks.
Distribution
The first 1000 (Dev Punk) punks are reserved for the developers. They gave away the 9000 extra without cost.
What is the number of crypto punks?
There are only 10,000 crypto punks. Currently, the code for generating them is under Ethereum Blockchain. No individual can create more or control ownership of punks.
Are They an ERC-721?
No. Several of the earliest released ERC-721 tokens are actually secretly based on an even earlier, defunct standard called “ERC-20.” Unlike its predecessor, this token standard was created to allow uniqueness and provide a marketplace function.
Are They Convertible to ERC-721?
Yes, but it hinders effectiveness. Conversion options have been explored, from wrapper contracts to complete migration, but the disadvantages outweigh the benefits.
What Wallets Do CryptoPunk Support?
The standard choice is metamask. However, it can also use mobile wallets.
READ ALSO: CryptoPunk NFTs Breaks Monthly Sales Record – Here’s the Average Price of One Punk
How to Buy CryptoPunks?
There are some sites where you can buy Punk, including larva labs or OpenSea.
How Does Bidding Work?
Bidding is done through escrow. The escrow system allows interested buyers to place bids for an item. The seller gets a notification of the bid. Especially if they sign up to receive emails and if they follow discord chat.
Types Of CryptoPunks NFTs
Basically, there are five types of CryptoPunks NFT. They include male, female, Alien, Zombie, Ape. Every kind of Punk has different attributes. Despite the attributes, the type of Punk might hold value. For instance, there are 6039 male punks, meaning the other kinds of punks are rare.
In contrast, there are 9 Alien punks only. Significantly they are pretty rare. This makes their value high. Punk number 3100, which is an alien, was sold at $10.67M.
On the other hand, there are only 88 zombie punks and 22 ape punks. In total female punks are 3840.
CryptoPunk Attributes
Every CryptoPunk has an attribute. The attributes contribute to the value of the Punk. For instance, out of 10000 punks, only 44 have a beanie. Suffice to say, a punk with a beanie will have a higher value compared to others.
There are four species of Punk. However, we can still break down the attributes into non-searchable traits.
The CryptoPunk site is comprehensive and detailed with information. Everything from rarity to what the other traits are can be found there. Even though there are some subtleties, some features have excellent qualities that make them more sought after than others. These include hoodies and 3D glasses.
Trait Combination
The rarest combinations are zero traits (8) and 7 traits (1). The former making one the most significant sales ever.
The most desirable traits include six trait punks(11) and single trait (333). However, it depends on single trait traits.
There are five traits with a higher value than single traits.
Sex-specific traits
There are male-only traits, including Beanie or Hoodie. Others like a red mohawk or orange side are female only. Still, others are shared while others are different females and males. Some have indistinct differences, like goldchain.
With time you can use a thumbnail to identify a male and a female.
Trading Punks
You can trade CryptoPunks at Opensea and larva labs. In the open sea, you have to “Wrap” the CryptoPunk. Opensea doesnt recognize ERC 20
What is Wrapping?
You can trade these tokens on the blockchain. You’ll send them to a wrapped contract where they will stay in escrow for as long as you need. And then, once that’s done, take it out of their hands with an ERC 721 token representing your Cryptopunk!
The owner can “unwrap” if any sooner to receive the same cryptopunk in exchange, and the wrapped token burns.
Concluding Thoughts
CryptoPunks is a fun and new way to collect, trade, and grow in the blockchain industry. It’s one of those rare projects with uncertainties. But so far, it has gone beyond expectations.
The future is uncertain, but it’s clear that punk music isn’t going anywhere anytime soon.