CryptoPunks are 10,000 unique collectible characters with proof of ownership on the Ethereum blockchain. The project is the first-ever non-fungible token to deploy on Ethereum. As a result, CryptoPunks is the backbone for the ERC721 token standard which powers nearly all blockchain digital art and crypto collectibles. More importantly, without CryptoPunks we may not have the modern CryptoArt movement we see today on platforms such as SuperRare.
What is CryptoPunks?
They are uniquely generated characters in the form of 24×24 pixel art images. No two Punks are alike as they have been generated algorithmically. As you may have guessed, the characters follow a punk theme though there are some rarer types. Such as apes, zombies, and even some aliens. Using the larvalabs website, you can browse a CryptoPunk to see their accessories and attributes. Along with their transaction (sale) history, meaning you can always verify who owns which CryptoPunk.
The project started by two creative technologists called Matt and John, now known as Larvalabs. Initially, anyone with an Ethereum wallet could claim a CryptoPunk. However, today if you want to own a Punk you would have to buy it. All of the sales happen through the larvalabs website, which is a little tricky to navigate. More recently, developers have wrapped Punks to enable buying and selling on other marketplaces which are more beginner friendly.
Wrapped Punks for Trading
As the first non-fungible token, they do not follow the ERC721 standard. As a result, they are not compatible by default with platforms such as OpenSea or Rarible. This makes it harder for investors to buy and sell them safely. Luckily, there is a tool by arkgallerydao which lets you wrap them. Once wrapped, the Punks collectibles are tradable on other NFT marketplaces.
Interest in owning a Punk has grown since the wrapper tool was released, we expect prices will start going up by demand!