When CryptoPunks was first launched a few years back, no one could predict how big they would become one day. From a distance, the tiny, pixelated faces in small squares may not look like much, but they are exceptional. Its become a sensation within the NFT community and sells for millions of dollars.
With the demand for non-fungible tokens at an all-time high, investing in CryptoPunks wouldn’t be a bad idea. So how many of them are there? Delve in to find out more.
What Are CryptoPunks?
CryptoPunks are digital collectible 24×24 pixel art frames algorithmically generated. The collectible and scarce arts include punky-looking males, females, and non-human CryptoPunks that sell for more due to their scarcity. The uniqueness of each makes them valuable in the NFT marketplace.
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There are only 10,000 CryptoPunks in total, with 6,039 males and 3,840 females. Unlike other collectibles, it’s impossible to mint new pieces, so they will never exceed this limit. The tokens have proof-of-ownership and are available on the Ethereum blockchain. A single person can own only a single punk on the ETH network.
How Does CryptoPunks Work?
The ERC-721 token standard on the Ethereum blockchain is the code that makes NFTs possible. They’re non-fungible, giving each token a unique value and making it possible to tokenize assets like art and other digital collectibles. The creators, Larva Labs, had to modify the ERC-20 code available back then to produce just enough NFTs.
There’s a composite image containing all the CryptoPunks since they’re too large to store on the blockchain. Hashing the reference image and comparing it to a specific image hash in the token’s contract makes it easy to authenticate each token. Each punk has metadata correlated to its position on the composite image, so it’s easy to get them #5000 in the composite image.
What Are the Different Types of CryptoPunk NFT?
Out of the 10,000 total CryptoPunks, there are five different types of NFT. They include the male (6,039), female (3,840), ape (24), zombie (88), and alien (9) tokens, each with various attributes and accessories. Despite the type of accessories they have, the punks hold value based on their type.
For instance, alien punks are very rare due to their limited number compared to male or female punks. Their rarity creates a high-value point for alien punk tokens, and that’s part of the reason why punk #3100 sold for $7.58 million and CryptoPunk #7523 selling for a whooping $11.7 million. A rare accessory can also increase the value of a CryptoPunk NFT.
Where to Buy
For ease of trading on these platforms, CryptoPunks are often wrapped in ERC-721 tokens. You can wrap and unwrap them back to their original ERC-20 form on your MetaMask wallet.
The Future of CryptoPunks
While CryptoPunks is no longer unique to NFTs, it’s a revolutionary addition to the NFT marketplace. The rarity of the tokens and their growing demand only means that these punks are here to stay. The sheer number of projects inspired by CryptoPunks is evidence of their massive popularity.