Understanding CryptoPunks
CryptoPunks is a well-known collection of NFT (non-fungible token) collectibles.
Created by John Watkinson, Matt Hall, and Andy Milenius in 2017, this collection consists of 10,000 unique 24×24 pixel images.
CryptoPunks
Unique Characters Owned on the Blockchain
Each image represents a distinct punk character, such as aliens, robots, and apes.
Individuals who possess the corresponding NFT on the blockchain can buy and own these punks. Many of these punks have distinctive appearances resembling various celebrities.
From CryptoKitties to CryptoPunks
The rise of non-fungible tokens, especially on the Ethereum network, has fueled significant growth in the NFT market.
CryptoKitties, launched in December 2017, paved the way for this trend, and CryptoPunks followed suit, showcasing the potential of ERC-721 tokens for non-fungible assets.
Early NFT Collection with Surprising Origins
CryptoPunks remains one of the earliest and most coveted NFT collections, featuring pixelated avatars. Surprisingly, Larva Labs, the creator of CryptoPunks, initially released the collection for free as an experiment.
The two-person team did not know it would become a leading name in the NFT space.
During the release, 9,000 CryptoPunks were claimed by Ethereum wallet owners, while Larva Labs held the rest.