CryptoPunks have been around since 2017, and after their boom in 2021, they have become more famous than ever. Nowadays, they’re even a symbol for people in the cryptocurrency world, which is one of the many reasons why investors are interested in them.
This review discusses the primary aspects you should keep in mind if you’re thinking about purchasing CryptoPunks, including what they are and the risks of buying them.
CryptoPunks at a Glance
- There are more than 10,00 options available
- Regardless of the Punk you choose, you’ll get a unique image
- They are an attractive option to many investors since many characters are rare
- Some people consider them immensely valuable
Commissions and Charges
If you want to buy CryptoPunks, commissions and charges depend on the specific marketplace you get them from.
CryptoPunks are pixel art images, so you must get them through the marketplace of your choosing. Overall, Larva Labs is the primary place to go if you want to buy Punks, but it’s not the only one – you can also get them at OpenSea, Nifty Gateway, Rarible, or SuperRare.
To buy CryptoPunks, you need to buy Ethereum (ETH), which is the crypto used for these transactions.
Once you have ETH in your digital wallet, you’re able to make your purchase. Nonetheless, keep in mind that some platforms offer you different payment options, which is why you have to take a look at the various alternatives depending on the marketplace you chose.
All CryptoPunks are pixel art images created by an algorithm. Most of them look like ‘punk’ people, for example, boys and girls with spiky hair, smoking cigarettes, etc.
However, there are some rare Punks, and they’re usually much more expensive than the regular ones. The three special CryptoPunks are the Ape, Zombie, and Alien.
At the same time, there are more than 87 additional attributes you could get when you buy your Punk. Thus, each image is completely unique.
CryptoPunks don’t have categories, but some of them are rarer than others, and that’s what makes their value vary.
John Watkinson and Matt Hall were the ones who created CryptoPunks back in 2017, and Larva Labs was in charge of their development.
Once Watkinson and Hall launched the small development studio, they started creating an algorithm that could come up with unique pixel images.
Even though some people didn’t think that Punks were valuable originally, CryptoPunks have become immensely famous, and they have even been categorized as part of the 2021 NFT craze.
Additionally, part of Punks’ importance comes from the fact that they inspired the NFT art movement as people know it today. In other words, CryptoPunks were an immense precursor to current art trends in the cryptocurrency world.
Punks have inspired artists to turn their pieces into NFTs, which is one of the most valuable aspects of their history. Therefore, even though there’s still a lot of controversy around them, they’re still a crucial part of cryptos’ development.
You can use CryptoPunks to earn revenue, but you need to treat the images as any other asset you own. In other words, you must keep in mind that they’re an investment type, so you have to choose intelligently.
Some Punks have allowed people to earn millions of dollars, but keep in mind that the market varies a lot. Thus, if you want to use them to make money, you should consider the most recent trends, compare prices, and have a lot of patience.
On occasion, people have said that Punks (or NFTs in general) are going nowhere. Nonetheless, remember that the same was said about cryptocurrencies when Bitcoin was created in 2008, so it might just be a matter of time before Punks gain even more popularity.
Pros and Cons of CryptoPunks
Considering the pros and cons of getting Punks is essential, especially if you like these images and want to invest in some of them. Take a look at some of their advantages and disadvantages:
- Each Punk is unique
- There are thousands to choose from
- Some people have gained a lot of money reselling their Punk
- The only thing that backs them as valuable items is people’s opinion
- There are no guarantees with Punks – there is no way to know if they will work for you in the future
A Few Interesting Facts about CryptoPunks
There are more than 10,000 Punks, and since some of them are so rare, they are often a symbol of exclusivity and status in some cryptocurrency communities.
You can get both female and male Punks – there are 6,039 male characters available and 3,840 females. Since all of them were generated by a computer, there are no two characters completely alike.
In 2021, a single Punk was sold for $532 million, which led to many comments on social media. People started saying that the sale must have been a scam or some scheme to launder money. Nonetheless, Larva Labs stated that the person who bought the CryptoPunk did it through a flash loan.
CryptoPunks are slightly different than other types of NFTs. In this case, Punks are not a work of art that an artist made and minted – they were created by a computer.
Furthermore, its value is intrinsically linked to what the community considers to be valuable. Consequently, you might buy one that later becomes rare or special, and it might give you convenient profits.
However, there is no guarantee that it happens like that, which is why other investors prefer to avoid buying Punks whatsoever. In some cases, certain people have said that they’re a waste of money and that purchasing them is simply too risky.
Even so, you should keep in mind that Punks have become a symbol for the crypto community in general. Therefore, deciding whether or not they’re a convenient investment opportunity is completely up to you – they’re available in different trustworthy marketplaces, such as Larva Labs, Nifty Gateway, Rarible, and SuperRare.