What is CyptoPunks?
CryptoPunks is a set of non-fungible tokens that exist on the Ethereum blockchain and was launched in 2017 by Larva Labs and Canadian developers John Watkinson and Matt Hall.
The cyberpunk movement, London punk scenes, and electronic music duo Daft Punk influenced the CyptoPunk project. Furthermore, the crypto art blockchain initiative was influenced by the ERC-721 standard for NFTs, which has since expanded into a component of the decentralized finance environment and cryptocurrency on several blockchains.
Punks are 24×24 pixel art frames containing algorithmically generated characters. These CryptoPunks are collectible and uncommon, much like art and trading cards. The makers of CryptoPunks, on the other hand, can’t create any extra pieces. Thus the supply will never surpass 10,000 NFTs. Furthermore, every punk has its page on which it can display its characteristics and ownership/for-sale status.
Auctions for the sale of CryptoPunks are also held regularly. Sotheby’s auctioned five avatars, all human men and women, just a month ago. One of the nine super-rare extraterrestrial CryptoPunks was sold for $11.7 million here.
Even the most basic avatars cost over $100,000, so you need to be pretty rich to acquire one of these. Don’t panic, though. Since their peak early this year, the popularity of NFTs has waned significantly, and with it has gone a lot of its value. If the NFT craze continues to weaken, CryptoPunks may be selling for just a few thousand dollars apiece shortly.
Why Blockchain?
CyptoPunks uses the Ethereum blockchain because it is a platform that can handle high volumes of transactions. This means for CryptoPunks, there will be minimal to no fees when using the Ethereum network to transact. Additionally, as a world-first and innovative project, CyptoPunks can set an example for other cryptos in terms of transparency and trustworthiness.
How to Buy a Punk?
- You can’t go onto an exchange and buy non-fungible tokens just yet because they’re still in their infancy. Instead, you’ll need to use Ether, Ethereum‘s native token, to buy NFTs. Coinbase, eToro, and Gemini are three of the best platforms to purchase Ether. You’ll need to move your money to an Ethereum wallet once you’ve accumulated enough Ether to purchase your punk.
- To buy a CryptoPunk, you must link your software wallet to Larva Lab’s website. Metamask is the most widely used software wallet since it has a Google Chrome extension that simplifies interacting with cryptocurrency-transacting websites.
- It would be best if you stored your NFTs in an Ethereum wallet to keep them safe. Hardware and software wallets are the two most common types of Ethereum wallets. Your cryptocurrency and NFTs are saved in software wallets like Coinbase Wallet, Metamask, and hardware wallets like Ledger Nano S and Trezor.
- The most secure way to store your digital collectibles is with hardware wallets, physical devices that keep your cryptocurrency, and NFTs offline. Since most hardware wallets may hold a range of cryptocurrencies, you must buy one wallet for all your digital belongings.
- Buy a piece of the collection. This implies that you must trade with someone who already owns the item if you want to acquire a CryptoPunk. View the CryptoPunks listed for sale on Larva Lab’s website, and prices for these collectibles vary from around 90 Ether to thousands of Ethereum.
Some items may be purchased automatically, while others need to be given an offer before being sold. The NFT will be delivered to your Ethereum wallet after the seller accepts your request and the deal is processed through Ethereum’s blockchain. Most listings accept Ethereum payments, but other Ethereum cryptocurrencies are also accepted.
