Last updated: Sep 21, 2023
CryptoPunks is a groundbreaking NFT collection, which gained notoriety for its algorithmically generated pixel art. Created by Canadian software engineers Matt Hall and John Watkinson of Larva Labs, the project later transferred its IP rights to Miami-based Web3 company Yuga Labs.
CryptoPunks was initially unveiled in a free-mint event on June 9, 2017. Interestingly, the first version had a bug in the smart contract that allowed buyers to essentially get their NFTs for free. To rectify this, a second version (V2) was launched on June 23, 2017. Though the project had a slow start, averaging $288,000 in annual sales until 2020, it gained significant traction afterward, with sales surging to $361.7 million in 2021 alone.
There are a total of 10,000 unique CryptoPunks, split between V1 and V2 versions. Remarkably, the creators do not earn revenue from secondary sales.
CryptoPunks operates on a custom ERC-20 token standard due to the absence of an NFT standard back in 2017. The artwork consists of 8-bit pixel art inspired by various subcultures. In terms of rarity tiers, there are 92 CryptoPunks traits and two types of attributes—types and accessories. A vibrant secondary market has formed around these traits, adding depth to the collection's value.
The team behind this revolutionary project is surprisingly small, consisting only of co-founders Matt Hall and John Watkinson. Both have extensive experience in tech and have collaborated with giants like Google and Microsoft.
With a Discord community of over 712,000 members and a Twitter following of 250,000, the CryptoPunks community is robust and highly active.
A notable partnership came to light in July 2022 when luxury brand Tiffany & Co. announced an exclusive offer for CryptoPunks holders, providing them the opportunity to purchase specially designed pendants.
The benefits of owning a CryptoPunk are manifold. Besides the inherent value of holding a highly sought-after NFT, the decentralized marketplace allows for easy trading, and after the Yuga Labs acquisition, the IP rights offer additional avenues for monetization.
Though the project didn't initially have a roadmap, the acquisition by Yuga Labs has given birth to new plans. They intend to integrate CryptoPunks into an in-development metaverse game called Otherside.
CryptoPunks can be acquired from multiple platforms like OpenSea and LooksRare, besides their own marketplace. The floor price currently stands at around 46 ETH, equating to approximately $74,092, making it the cheapest available option to acquire a CryptoPunks NFT. Conversely, the most expensive CryptoPunk sold in the last 90 days from this writing, fetched a jaw-dropping 550 ETH.
Creator’s Website: https://www.larvalabs.com
Owner’s Website: https://www.yuga.com
Smart Contract Addresses:
CryptoPunks V2 Wrapped - https://etherscan.io/token/0xb7f7f6c52f2e2fdb1963eab30438024864c313f6
CryptoPunks V1 Wrapped - https://etherscan.io/token/0x282bdd42f4eb70e7a9d9f40c8fea0825b7f68c5d
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