CryptoPunk is algorithmically generated art images of 24×24 pixels. Besides, most are punky-looking girls and guys. However, there are few rare types like Zombies, Ape, and even Aliens.
The Development
The original cryptocurrency, Bitcoin, is built only to transact and store the ownership of coins itself. CryptoPunk uses a successor called Ethereum, which permits arbitrary computer code on the blockchain to store its results.
The CryptoPunk system is unique. The developer doesnt have control over the code running in this decentralized system. Once we release it onto a blockchain, there’s nothing that you can do to modify its contents!
This seems scary for developers due to bugging. However, it allows users to ascertain the presence of only 10,000 punks. Moreover, it assures users that no one can steal their punks. And basically confirm that everything about CryptoPunk code is authentic.
Acquiring a CryptoPunk
Initially, acquiring CryptoPunk was free, as long as you had an Ethereum wallet. As a result, all 10,000 punks were acquired faster.
READ ALSO: How to Buy CryptoPunks NFT
Currently, one must trade crypto punks through a marketplace. Through a marketplace, you can bid on, buy or sell punks. Any punk with a blue background is not for sale; thus, no current bids. Punks with red backgrounds are up for sale. Finally, the purple background indicates an active offer.
What do The Stats Say?
First, the lowest value Punk available is worth 78.4 Eth. Secondly, there are 12,665 sales made in the last 12 months. Since its inception, crypto punks have traded up to 375.92k Eth. with a daily value of 4.8k Eth.
The largest CryptoPunk sale was #3100, which was worth $7.58M.
CryptoPunk transactions take place frequently, a sign that it might be authentic.
In terms of bidding, there was an average of 32.9 Eth over the year, with a current open bid worth 12.95 Eth. The total cost of existing bids strands at 9,184.79 Eth.
Over the last year, the average cost of punk is 30 Eth. And a total value of 375920.78 Eth was sold over the past year.
There are 223 punks on ERC-721, wrapped for sale.
How to Get a Punk
First, Download and install MetaMask. This will allow authorized websites to access your Ethereum account.
Secondly, buy some ether if your account is new.
Thirdly, use the buttons to bid on or buy punks.
CryptoPunks are shooting up in value.
Ownership of CryptoPunk
A fan described the ownership of each work as outlined in a contract on Ethereum’s publicly accessible blockchain.
The incorruptible and long-lasting blockchain technology can keep track of the ownership history. Therefore, providing a great way to avoid fraud.
The CryptoPunk system can only allow one person to hold a punk at a time.