Non fungible tokens are still burgeoning on crypto market. It’s not surprising based on how many influencers and celebrities have invested in them. The absolutely legendary NFT collection is “CryptoPunks”. So far, the most expensive of them was sold for $23.7M. The price is absolutely immense, especially considering, that is a piece of code on […]
In the ever-evolving realm of digital assets, few have captured imaginations as profoundly as CryptoPunks. Emerging from the Ethereum blockchain, these digital collectibles were introduced in June 2017 by Larva Labs, a dynamic duo of Canadian software developers, Matt Hall and John Watkinson. Melding inspirations from London's punk scenes, the cyberpunk ethos, and echoes of the electronic beats of Daft Punk, CryptoPunks are more than just pixel art; they're a pivotal milestone in the decentralized artscape.
This innovative project didn't just pave the way for the ERC-721 standard for NFTs but gave rise to a new wave of crypto artistry. As cryptocurrencies and decentralized finance platforms burgeoned across various blockchains, the impact of CryptoPunks reverberated.
By 2021, the NFT universe was ablaze. From CryptoKitties to the Bored Ape Yacht Club, and even the meteoric sale of Beeple's "Everydays: The First 5000 Days", CryptoPunks often found themselves at the epicenter of this fervor. With only 10,000 of these tokens in existence, they became coveted digital commodities.
Fast forward to March 2, 2022, in a gesture of immense significance, an anonymous benefactor donated CryptoPunk #5364 to Ukraine's official Ethereum wallet, aiding the nation amidst the Russian incursion.
A mere nine days later, in a move that shook the NFT world, Yuga Labs, the powerhouse behind the Bored Ape Yacht Club, acquired all intellectual rights to CryptoPunks. This transition not only came with an undisclosed price tag but also heralded a new chapter as Yuga Labs granted CryptoPunks holders complete commercial rights. By May 7, 2022, the entire marketplace for these digital punks had found its new home on Yuga Labs' platform.
Each of the 10,000 CryptoPunks stands distinct. A combination of 6,039 males, 3,840 females, and a smattering of Zombies (88), Apes (24), and Aliens (9), they are a testament to algorithmic creativity. Born from code, their original allure was their accessibility, available freely, with enthusiasts only bearing nominal Ethereum "gas fees".
However, with fame come controversies. October 2021 witnessed a staggering transaction for CryptoPunk #9998, fetching a whopping 124,457 Ether (approx. US$532 million). This record-shattering sale ignited speculations of potential foul play, only to be clarified by Larva Labs as a 'flash loan' scenario, essentially a self-purchase using borrowed funds, later nullifying the sale's significance.
Further, in early 2022, luxury auction house Sotheby's announced a grand auction of 104 CryptoPunks. But in an unexpected twist, the seller, recognized as 0x650d, had a change of heart just 23 minutes post the auction's commencement, retracting the lot.
As the digital frontier continues to evolve, one thing remains certain: CryptoPunks have indelibly etched their legacy.