CryptoPunks proves the stability of crypto crazes
Touted as a pioneer in the Web3 world – continuously gaining mainstream attention – CryptoPunks is a remarkable example of NFT stability.
Despite some outsiders perceiving the collection of NFTs as pixelated images with few assets, Web3 enthusiasts view them as considerably more.
WHAT ARE CRYPTOPUNKS?
CryptoPunks is one of the earliest NFT projects developed on the Ethereum blockchain. The collection consists of 10,000 8-bit-style pixel art images of punk-looking misfits. Each character has opposing personalities, showing off distinctive, randomly generated features.
The ideology behind the project isn’t clear at first. However, once diving into the project, the digital artwork clearly brings online issues to light. For example, CryptoPunks pixelates the faces of its characters to express people’s self-consciousness when changing digital images on social accounts.
THE HISTORY OF CRYPTOPUNKS
Assisting towards the collection’s prestigious reputation, the creators and developers of the project, Larva Labs, are well-known software developers who enrich mobile games and digital art. Joining forces to create CryptoPunks in 2017, the two-person team played around with a picture generator while bearing the UK punk scene and cyberpunk movement in mind.
Causing the project to go down in history as the first non-business use of NFTs, Larva Labs initially distributed 9,000 punks to Ethereum wallet owners for free, keeping the remaining 1,000 to themselves. Despite taking a while to be recognized, the free punks were snapped up at once at a later date.
The project’s efforts didn’t pay off until 2021, but it was worth the wait for Larva Labs. Currently, CryptoPunks’ floor price is below 73 ETH, with the lowest price of one NFT being around $215,000.
ARE NFTS HERE TO STAY?
As the costs of punks continue to surge, the collection becomes a considerable digital flex for strengthening economies, accelerating the adoption of blockchain, and boosting personal status. In February, the highest recorded sale for one punk alone surpassed $23.7 million.
Now, Larva Labs are advancing digital assets full time. Despite not making underlying changes to the CryptoPunks contract, the curators are continuously improving the website’s marketplace and supplying the company’s ecosystem with industry news and opportunities.
NFT projects Azuki, Bored Ape Yacht Club and MoonBirds are currently ahead of CryptoPunks in 24-hour trading on OpenSea. Regardless, the punks have a solid space in the cryptocurrency marketplace and have for years.
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT drops, releases, reviews and more.
