What began as an experiment in art, scarcity, and demand has become the world’s most expensive NFT collection, with a total value of over $770 million.
These NFTs are called Cryptopunk.
These 10,000 on-chain pixel avatars have transcended their artistic merit to become cultural icons, status symbols and milestones in internet history – but what exactly are they, what should you know about them, and why exactly are they so expensive?
Here is our complete guide to cryptopunk in 2024.
What is Cryptopunk?
CryptoPunks is one of the earliest and most influential NFT projects on the Ethereum blockchain.
Created in June 2017 by Matt Hall and John Watkinson of Canadian developer Larva Labs, the series features 10,000 unique pixel art avatars called “Punks.” Each punk is algorithmically generated and has its own unique set of attributes, making each punk unique.
The punks are mainly human characters, divided into 6,039 males and 3,840 females, each with various accessories such as hats, sunglasses, earrings, etc. There are many non-human punks that have become highly sought after:
- Zombies: 88 zombie punks with green skin and zombie-like features
- Apes: 24 Apepunks with brown fur and ape faces
- Aliens: 9 ultra-rare alien punks with light blue skin that are the most valuable in the collection
This aesthetic draws inspiration from the 1970s punk movement, giving the series a raw and edgy vibe that resonates with many in the cryptocurrency community. With 87 possible attributes for a punk, and a single punk possessing anywhere from zero to seven traits, the uniqueness and rarity of each punk greatly enhances their mass appeal.
Why is cryptopunk so expensive?
When CryptoPunks was born in 2017, NFTs were far from mainstream attention.
Matt Hall and John Watkinson wanted to experiment with how blockchain technology could impact the scarcity and demand of digital art. CryptoPunks are freely claimed by anyone with an Ethereum-enabled wallet.
Initially, interest was modest, with only 800 to 1,000 claims in the first week, but after Mashable reported that all 10,000 CryptoPunks were quickly claimed – and interest has only grown since then.
Some of the early collectors included names familiar to many NFT fans—Pranksy, 6529, and Seedphrase—whose participation helped attract the larger community to the CryptoPunks collection.
When NFTs began to become mainstream in late 2020 and early 2021, CryptoPunks were considered the gold standard of the medium – and soon, CryptoPunks became the most valuable collection of NFTs in the world, with individual Punks selling for eye-popping prices.
CryptoPunks holds 6 of the 10 most expensive NFT sales of all time, including CryptoPunk #5822 in February 2022 for $23.7 million (8,000 ETH), and CryptoPunk #7523 in June 2021 for $1,170 Sold for $10,000 (4,700 ETH).
Despite this success, CryptoPunks still faces many challenges.
V1 Punks (the original NFT series of CryptoPunks) contained a bug in their smart contracts, leading to the adoption of V2 Punks as the main CryptoPunks series you know today. Although Larva Labs has distanced itself from the series, V1 Punks still exist.
There is also uncertainty about the intellectual property rights of holders, leaving many unsure of what to do with their punks. This issue was resolved when Yuga Labs acquired management rights to the CryptoPunks series in March 2022 and subsequently awarded the intellectual property rights to the holders.
What’s next for CryptoPunks?
CryptoPunks has been largely unaffected since its March 2022 acquisition by Yuga Labs, creators of the popular Bored Ape Yacht Club NFT series, with one notable exception.
In February 2023, Yuga Labs announced their “Punks in Residence” plan to collaborate with mainstream artists to create derivative works based on the CryptoPunks brand – although this all fell through on the first try.
Nina Chanel Abney is a well-known artist whose work has been exhibited in several prestigious galleries around the world, but the online backlash against her “Super Punk World” collection led Yuga to cancel the auction and give away all 500 via random NFT airdrop, and Punk’s residency plan is suspended.
Despite this, CryptoPunks remains the most valuable and respected NFT series, and Yuga’s largely hands-off approach has helped elevate the series’ status, visibility, and recognition.
While the NFT market is notoriously volatile, CryptoPunks’ historical significance makes their future as top collectibles secure. Combined with its dedicated community of motivated creators, influencers, celebrities, and more, CryptoPunks is set to be a leading project for many years to come.
