What Are CryptoPunks?
CryptoPunks launched in June of 2017. It made way for rare digital art to be tokenized on Ethereum blockchain, easily distributed and helps prove ownership when needed. There are over ten thousand algorithmically computers generated unique CryptoPunks. CryptoPunks tied to a token on the Ethereum blockchain. CryptoPunk is one of the first Non-Fungible Token.
CryptoPunks are 24 * 24-pixel art pictures or images. Initially, CryptoPunks released it for free for anyone to claim they had an Ethereum wallet. The number of CryptoPunks will never be more than 10,000. CrytpoPunks can only be sold or transferred. You cannot copy or double-spent it.
Who Are The Founders Of CryptoPunks?
Matt Hall and John Watkinson founded CryptoPunks out of their mobile-focused company Larva Labs. They call themselves creative technologists. They created Crypto Punks where digital creators can distribute artworks.
How Does CryptoPunks Work?
By now, we have understood that CryptoPunks run on top of Ethereum based blockchain. The code for Crypto Punks is also available to all the nodes in the blockchain network. Anyone in the network can modify it. The complete code is available on the blockchain.
One cannot change the Ethereum network whenever required. The code can be modified only by the user in the CryptoPunk. The tokens which are in Crypto Punks represent the user. Each token ownership is authenticated and permanently verified by a Cryptographic property.
In the beginning, CryptoPunks were available for free. But as the demand increased, owners started selling them at a premium price. You have to consider one condition while selling Crypto Punks to check the cost to be more than 11 cents to the auctioned price.
Is CrytpoPunks Safe To Use?
CryptoPunks runs on the Ethereum Blockchain and is safe. In CryptoPunks, there is nothing to worry about the copyright system. It is possible to transfer ownership from one user to another. They will work with the existing contracts. However, smart contracts are left as it is without having to from one user to another. The algorithm behind CryptoPunks makes it safe.
The only problem with the use of CryptoPunks is that Larva Labs has the right to revoke or modify the copyright license.
How To Get A CryptoPunk?
You can Get CryptoPunks by using the following ways via Metamask wallet or Mist Browser for ETH Dapps.
MetaMask is a Cryptocurrency Wallet. You can use this wallet on chrome, firefox, and Brave browsers. MetaMask is also a browser extension that works as a bridge between a regular browser and the Ethereum blockchain.
If you want to receive a CryptoPunks through MetaMask Wallet, you need to follow the following steps
- Install a chrome browser plugin named MetaMask to allow websites to access your Ethereum account.
- If your account is new, then you need to buy some ether. The MetaMask plugin has a button that will help you while buying some ether from coinbase.
- Once the installation of the plugin is complete, this website will recognize it. It will add buttons that will allow you to bid on or sell your favorite punks. You can do the buying and sell directly in the interface.
Mist Browser For Ethereum Dapps
It is considered the hard option for getting CryptoPunks. To use this option, you need to run a wallet on your computer.
- You need to download and install Mist. Mist is a web browser for Ethereum apps.
- The entire blockchain will sync to your computer. For that to finish, you need to wait. It will take up approx. 10-20 GB of the computer’s space.
- You will also require some ether. You will find a button in Mist that will allow you to buy ether directly.
- Now, you need to open Mist and load this website. On the top right, you will get an icon to authorize. It will let you see your Ethereum account. Now you can sell and buy your Punks.
Where To Buy CryptoPunks
When CryptoPunks came into existence, it was available for free and easily claimable by anyone who had an Ethereum wallet. But now, you can only purchase it from someone through the NFT marketplace auctions.
Larva Labs Website
As we all have understood by now that CryptoPunks are 10,000 in numbers and unique. Through Larva Labs, you can buy, bid on, and offer your Punks for sale. You need to go through the marketplace instructions to acquire your very own Punk.
The Larva Lab website will give you all the information regarding CryptoPunks. It will show the status of every piece of Punk in the market. You can see which Punks claimed, which Punks are available for sale, and which Punks have an active bid on them.
CryptoPunks Marketplace On OpenSea
OpenSea is the largest marketplace for crypto collectibles and Non-Fungible Tokens. You can buy, sell and discover unique assets. Some of them are ENS names, CryptoPunks, CryptoKitties, Decntraland, and many more.
How To Sell CryptoPunks?
The selling of Cryptopunks is similar to that of buying. We have already discussed how you can buy CryptoPunks. On those platforms, we can sell Crypto Punks as well. There is a marketplace on OpenSea, where you can buy, sell and explore digital assets.
We believe the best way to buy/sell is from the Larvalabs.com site with Metamask. Larva labs are the original place for Crypto Punks and scam-free. It is also a convenient place t sort through different punks and their uniqueness and rarity.
Punks For Sale
CryptoPunks is a digital collectible character on the Ethereum blockchain. They are 10,000 in numbers. When you visit the Larva Labs website, you will see the list of Punks For Sale. Punks are nothing but digital characters that are unique. Each Punk has its unique characteristics and attributes and never alike. Any individual can own Punks on the Ethereum blockchain.
When you visit the Larva Labs website, the Punks are color categorized. There is a zoomable image of all the Punks available for buying, selling, or bidding. They are color-coded to show their status. The Punks with a blue background means claimed Punks with a red means available to be sold by their owner. The Punks with a purple background are the ones who have an ongoing bid on them. When you zoom in on a particular Punk, then you can see its details.
Punk Types And Categories
CryptoPunks are 10,000 digitally generated characters. Every character is unique and, every Punk contains different types and traits.
Most of the Punks among the 10,000 are humans. There are four types:
- Zombie (88 Punks)
- Beanie (44 Punks)
- Ape (24 Punks)
- Alien (9 Punks)
The most expensive cryptopunk sold at the time of writing this article is one of those 9 Alien Punks. Moreover, Alien Punks are the holy grail for Ethereum blockchain art collectors.
NFT Whale wallet contains 301 Crypto Punks. They sold Punk 2890 for 605 ETH ($762K USD at current market price of Ethereum). Not just that, there is already another offer from the Crypto Whale @0x_b1. This just means the bidding war is just starting and the first million dollar USD NFT is not far away. CryptoPunk 3100 Alien shows a bid amount of 666 ETH or $875K USD, though it’s not for sale.
Are CryptoPunks ERC-20 Tokens?
CryptoPunks were created before ERC-721 Non-Fungible Tokens came into existence. So, the founders used the modified version of the ERC-20 token for the Punks. CryptoPunks are almost an ERC-20 token. They support the methods that provide you with the balance. You can see Crypto Punks as a token in your wallet and see how many you have.
Wrapped CryptoPunks is a smart contract. They convert the original Crypto Punks into ERC-721. Once you have wrapped Crypto Punks, you can convert your Punk into cash. You can list it in other marketplaces like OpenSea or Rarible.
Once the ERC-721 CryptoPunks are created and issued, they become tradable on any Ethereum marketplace.
Takeaway- CryptoPunks NFT Larva Labs Review
- According to Larva Labs, CryptoPunks is the project that inspired the modern CryptoArt movement. It has featured in The Financial Times, The Paris Review, Salon, The outline, Mashable, BreakerMag, Christie’s of London, Art Base, The PBS News Hour, and The New York Times
- Crypto Punks is the first Non-Fungible Token that powers all digital art and collectibles
- Take a look at CryptoPunks larva labs github for the development of the NFT platform
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates