CryptoPunks have carved a niche for themselves in the digital art and cryptocurrency world as one of the first and most iconic non-fungible token (NFT) projects. These are 24×24 pixel art images, algorithmically generated to produce a variety of punky-looking characters, including humans, apes, zombies, and even aliens.
Each of these digital artworks is unique, with its own set of attributes and a profile page that displays its ownership and whether it is up for sale. With a total of 10,000 uniquely generated characters, no two CryptoPunks are exactly alike. They are stored on the Ethereum blockchain, allowing for verified ownership of each individual piece. This collection is often compared to owning a piece of digital history, akin to a rare painting, due to its status as one of the pioneering NFT project
Initially, CryptoPunks could be claimed for free by anyone with an Ethereum wallet, paying only the transaction fee. However, after all 10,000 were quickly claimed, they became available for purchase exclusively through a blockchain-embedded marketplace. This marketplace facilitates the buying, selling, and bidding on CryptoPunks, with the background colour of each Punk indicating its availability status. Punks with a blue background are not for sale and have no current bids. Punks with a red background are available for sale by their owner. Finally, punks with a purple background have an active bid on them.
Creation
CryptoPunks emerged from the creative minds behind Larva Labs, a small but innovative development team consisting of Matt Hall and John Watkinson. Their journey into the NFT space began with an experiment inspired by a combination of cultural movements and science fiction elements.
The inspiration for CryptoPunks can be traced back to several sources, primarily the London punk scene of the 1970s, which was known for its rebellious spirit and distinctive style. This movement, along with the cyberpunk genre’s futuristic and dystopian themes, provided a rich tapestry of ideas for the creation of the Punks. Influential works such as the sci-fi movie “Blade Runner” and William Gibson’s novel “Neuromancer” also played a significant role in shaping the aesthetic and ethos of the CryptoPunks project.
Using their backgrounds in digital design and art, Matt and John developed a pixelated character generator that could produce a wide array of unique characters. This algorithm was designed to ensure that each CryptoPunk had its own set of traits, making every character distinct from the others. The result was a collection of 10,000 CryptoPunks, each with its own personality and style, hosted on the Ethereum blockchain in 2017. Their creation also predates the ERC-721 standard, which is widely used for creating NFTs today, making them a custom contract that functions similarly to ERC20 tokens. This unique aspect allows owners to view their CryptoPunks within their wallets, although transferring ownership requires specifying which Punk is being transacted.
The launch of CryptoPunks was a landmark event in the digital art world. Initially offered for free, aside from the gas fees required for the transaction on the Ethereum network, the Punks were quickly claimed by enthusiasts and early adopters. Larva Labs retained 1,000 of these portraits for themselves, a decision that underscored the value they saw in their creation. As the NFT market exploded, these initially free pieces of digital art became highly sought-after commodities, fetching significant sums on the secondary market.
Acquisition by Yuga Labs
In a move that marked a significant milestone in the NFT landscape, Yuga Labs, the entity behind the wildly popular Bored Ape Yacht Club, acquired the CryptoPunks and Meebits collections in March 2022.
The acquisition represented a pivotal moment for the CryptoPunks community. Yuga Labs announced its intention to grant CryptoPunk owners the same intellectual property rights that Bored Ape owners enjoy, thereby empowering them to create and sell derivative works based on their Punks. This decision was met with enthusiasm from the NFT community, as it promised to resolve long-standing issues regarding ownership rights and open up new avenues for creativity and collaboration.
Larva Labs expressed confidence in Yuga Labs’ stewardship, believing that under their guidance, CryptoPunks would continue to thrive and play a vital role in the burgeoning decentralised web.
Types of CryptoPunks
The CryptoPunks collection is known for its diversity, featuring a wide range of characters that include humans, zombies, aliens, and apes. Each Punk is algorithmically generated, ensuring no two are exactly alike, and is categorised based on its unique set of features or traits.
Character Types
- Humans: The majority of the CryptoPunks are human characters, split between 3,840 females and 6,039 males. These Punks display a variety of hairstyles, accessories, and facial expressions.
- Zombies, Apes, and Aliens: Among the collection, 88 are zombies, 24 are apes, and 9 are aliens. These rarer types are highly coveted due to their unique appearances and the scarcity within the overall collection.
Rarity and Value
The rarity of a CryptoPunk is determined by its type and the combination of traits it possesses. Traits can include accessories like earrings, hats, and glasses, as well as distinctive features like mutton chops, rosy cheeks, and more. The more unique the combination of traits, the rarer and often more valuable the Punk becomes. The combination of up to 87 different traits adds layers of complexity and rarity to the CryptoPunks.
The London punk movement’s influence is evident in the design of these traits, reflecting a rebellious and distinctive style that resonates with collectors and enthusiasts.
- Dev Punks: The first 1,000 Punks were reserved by Larva Labs and are known as Dev Punks. These hold a special place in the collection due to their association with the creators.
- Genesis Punks: A small subset of Punks lacks any distinctive features, often referred to as Genesis Punks. Their simplicity adds to their allure and rarity.
- CryptoPunk #8348: Highlighting the rarity within the collection, CryptoPunk #8348 stands out for having seven traits, making it one of the most sought-after and valuable Punks.
