What are CryptoPunks: popularity explained | NFT Collectibles

What are Cryptopunks and what makes their randomly generated 8-bit appearance so valuable?

In this video we take an in-depth look into why these digital misfits are being auctioned for millions of dollars and you will discover why Cryptopunks kick started the NFT CryptoArt movement.

00:00 Intro
00:20 What are cryptopunks?
01:42 Why are cryptopunks selling for millions?
02:45 Unique attributes
03:33 Top 3 cryptopunk auctions
04:26 How to buy cryptopunks?
04:52 Where to buy cryptopunks?

CryptoPunks are collectible pieces of digital art that have been algorithmically generated, each with their own traits and distinctive attributes.

There are a total of 10.000 Cryptopunks and each punk is completely unique because of the combination of certain accessories and traits.

Some attributes are shared only with a few other Cryptopunks which makes certain punks more valuable than others.

The concept of Cryptopunks started as an experiment into the value of Non-Fungible Tokens and digital art. And more importantly: Could a few lines of computer algorithm code translate to a feeling of meaningful ownership?

Cryptopunks launched in 2017 at a time when the NFT hype was non-existent and were initially given away for free. Over the years, the set of eccentrics gradually became more popular and reached its famed status after auction sales reached 7,5 million dollars in 2021.

Cryptopunks is the brainchild of New York-based Larva Labs, founded by Matt Hall and John Watkinson, who were inspired by the rebellious punk rock scene, which at the time resembled the upcoming blockchain revolution.

As one of the first famous NFT projects, Larva Labs inspired digital artists to offer their works as NFTs, putting Cryptopunks at the forefront of the CryptoArt movement.


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