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CryptoPunks are digital collectibles that exist entirely on the blockchain as non-fungible tokens (NFTs). Cryptopunks started the revolution of digital art linked to NFTs. In this article, we will explain what are CryptoPunks, how you can create your own CryptoPunk, and what you can do with them.
Cryptopunks: The start of a revolution
Cryptopunks are algorithmically generated digital art pieces. Cryptopunk was launched in 2017 by LarvaLabs and created by developers Matt Hall and John Watkinson. There are only 10,000 CryptoPunks available in the market. Each cryptopunk is distinctive and uniquely identifiable.
Each cryptopunk is linked to NFT and stored on the Ethereum blockchain. This way a person can claim ownership rights of the cryptopunk.
Price Movement since launch
CryptoPunks today command a hefty price with potential buyers who are ready to pay a lucrative sum to have the ownership of these NFT assets.
There are only 10,000 cryptopunks available in the market and initially, they were given for free. But slowly, the market for collectible digital art started gaining momentum and demand rose. The price started gaining speed slowly.
On Feb 12, 2022, CryptoPunk #5822 was sold for 23.7 million dollars. This is the maximum a single punk has fetched till today. According to the LarvaLabs website, the lowest-priced punk available on the market, today is priced at 67.95 ETH i.e. $84034.44 USD. The crypto punks have generated 1.94 billion USD since its launch in total sales. This gives us an idea of the huge growing market that cryptopunks have created.
Check the price movement of these 3 punks to understand how some cryptos have risen up to 27,000 times in value.
To understand the concept of CryptoPunks, we need to grasp the basic underpinnings of NFTs.
NFT’s
NFTs are digital assets minted on the blockchain which come with an immutable certificate of ownership. NFTs can take a number of forms including images, music, video, animation, cartoon character, and so on. As these are minted on the blockchain, the ownership of NFTs is unique and exclusive; which means no two persons can hold the ownership of the same NFTs.
How are Cryptopunks Unique and have a High Value?
- Each punk is attached to a unique ID in the form of NFTs on the Ethereum blockchain.
- After the creation of a cryptopunk art, it is minted i.e. it is attached to a NFT.
- After being minted, a unique key is generated for the said punk, and this data is stored on Ethereum blockchain.
- This key will be given to the owner of the cryptopunk and the holder of the key is the true owner of the cryptopunk. One can unlock the ownership data of the punk only with the key. It is just like the key to a locker storing valuables but in digital form.
- This means that every time you buy or sell a crypto-punk, you are actually buying or selling an item based on real data from the blockchain!
- The copy of the cryptopunk may appear the same but will have no value because of the missing unique ID.
What determines the price of different cryptopunks?
CryptoPunks fall into five different categories with male, female, zombie, alien, and ape. The price is determined by how unique a particular punk is. All have different attributes like Chinstrap, Earring, Crazy Hair, Cigarette, Big Shades, etc. The rareness of the combination of attributes decides the price of the punk.
For example, the highest-selling punk #5822 is one of the 9 Alien Punks. It shares only 1 attribute with other punks. Only 333 such punks exist making it extremely rare. It has the Bandana attribute which is shared with 481 other punks.
How do I wrap my cryptopunks?
Wrapped Cryptopunks convert CryptoPunks into ERC-731 tokens. This, in turn, lets you trade and exchange them for ETH on any NFT marketplaces. You can wrap or unwrap Etherscan.io.
Where can I buy/sell cryptopunks?
You can buy or sell them in a marketplace, like OpenSea, or trade them with friends. You buy the digital key of the selected. Larvalabs has its own marketplace for bidding, buying, and selling punks.
Can you create your own CryptoPunks?
Yes, anyone who is aspiring to get into the domain of NFTs can create CryptoPunks.
- That said, like other NFTs, it is equally necessary that there must be uniqueness and exclusivity to the creation.
- The price that you will get into the NFT Marketplace for your CryptoPunks is directly proportional to the rarity and appeal these characters will bring to the table. Therefore, it will be beneficial on your part to come up with the unique CryptoPunks so that potential buyers might find it interesting and worthy to invest their money in these digital assets.
The huge popularity that CryptoPunks enjoys in the market is definitely a positive motivation for the creators to extend the collection of these characters and create a win-win situation for all stakeholders involved in the ecosystem.
How to make CryptoPunks?
You can create your own CryptoPunk and put it up for sale on the network. You need to be aware of how to code on haslips art engine. You should also know how to work on photo editor software like photoshop, canva, etc. Let’s check the steps.
You can create your own cryptopunk and put it up for sale on the network. You need to be aware of how to code on haslips art engine. You should also know how to work on photo editor software like photoshop, canva, etc. Let’s check the steps.
- You can use Photoshop, Canva, or any other image editor to create the image of your cryptopunk. Generally, cryptopunks are created on a 24 by 24 pixels transparent background. Make a basic punk profile and add the different attributes you want your punk to have. Save different layers of the images like accessories, background, beard, face, head, and so on. You can create different variations for your cryptopunk depending on the layers you have. Remember, the uniqueness of the punk will determine its demand and price.
- Download and install Visual Studio Code, node.js. From the Hashlips repository download the zip file of the hashlips_art_engine from Github and unzip the folder.
- The third step is running the different files on the VS code and installing the different files.
- On the config.js folder, the layers folder should appear in a specific order. Also, select the number of images, the size of images, etc. Type node.index.js and run the terminal for image creation.
- Check the Build folder in the hashlips folder and check the different punk images that are generated.
- Trading your CryptoPunks on the chosen marketplace constitutes the next step in the process of creating and selling CryptoPunks. It is important to understand that the extent of reach, scope, and popularity of the marketplace is going to play a crucial role in determining the overall success of your NFT creation. In order to make sure that the CryptoPunks that you have created reach a maximum number of potential buyers, you should select from the leading NFT marketplaces in the world.
Conclusion
CryptoPunks is one of the most popular categories in the segment of NFTs and by creating and selling these digital assets, you can make a decent amount of money. The potential of CryptoPunks to draw in a large number of potential buyers depends on their exclusivity and rarity. Hence, you must put in all efforts to make sure your CryptoPunks are created as unique as possible to fetch you the maximum amount of money. In sum, CryptoPunks offers a very lucrative opportunity to leverage your knack for art and use your creativity for minting money.
