The world of blockchain-based collectibles offers investors many options. Although Bitcoin is the most popular cryptocurrency worldwide, other coins and tokens are catching up fast. In this post, let’s take a look at the popular CryptoPunk NFT collection and take a look at the bestsellers…
What is CryptoPunk NFT?
CryptoPunks are Ethereum-based digital artworks. These are based on ERC-721, a standard specific to NFTs. The art of each CryptoPunk collection is unique. It is said to consist of 10,000 pieces, which, although not intangible, were given to early investors at no cost. These lucky investors can sell their CryptoPunks pieces through NFT platforms like OpenSea. The official website shows that the total sales value of all CryptoPunk NFTs was around $2 billion in February 2022. This is due to million dollar sales of some of the 24×24 pixel art characters. But NFTs are not like a regular cryptocurrency sold on exchanges like Coinbase. Instead, each NFT is unique and does not share its properties with others.
It is pertinent to note here that an NFT has a record of ownership in some Blockchain networks such as Ethereum, and the true value is the value of the artwork attached to that NFT. For example, a home in Florida was recently sold as an NFT. The price the buyer paid was for the house. Similarly, the price of any CryptoPunk NFT is directly linked to the underlying art. CryptoPunks are said to be algorithmically generated, and if these artworks can appeal to art lovers, their owners may benefit.
Which CryptoPunk NFTs broke records?
According to reports, CryptoPunk #7523 was sold for $11.8 million in June last year. Prior to this sale, CryptoPunk #3100 and CryptoPunk #7804 were also sold for millions of dollars.
As a result
NFTs seem to be in demand and everything from a virtual parcel of land to Jack Dorsey’s first tweet is being sold as NFT. CryptoPunks is a popular example and they use the services of Ethereum, which is second only to Bitcoin in the crypto world. Depending on its unique features, CryptoPunks could become a valuable digital artifact that could push the price even higher. However, many of the critics we quoted from Somanews say that NFTs can be overpriced and driven by the blockchain craze. The long-term viability of CryptoPunk and other NFT projects remains a wait-and-watch game.