What is CryptoPunks?

CryptoPunks is a collectible crypto artwork. It is represented by NFTs on the Ethereum blockchain. It consists of 10,000 small, 8-bit style "punks", each with unique characteristics. It became famous for being one of the first NFT projects, significantly inspiring many crypto artists and the development of the ERC-721 token standard for digital collectibles. CryptoPunks became famous in 2021, with some of them selling for millions of dollars and making them among the most expensive NFTs.

Who Invented CryptoPunks?

CryptoPunks was created by New York-based Larva Labs founders Matt Hall and John Watkinson. The project started in 2017 as an experiment on NFTs and the value of art, helping to popularize what we now know as crypto art.

In addition to being a type of cryptocurrency, it is quite different from Bitcoin or other cryptocurrencies. Each of the 10,000 punks are unique NFTs on the Ethereum blockchain. Of these, 3,840 are women and 6,039 are men. Also several monkeys, aliens and zombies are included in this collection. The combination of different features ensures that each of the 10,000 pieces is completely unique. In the early days, punks were distributed free of charge. At that time, all that had to be done to own one of these punks was to pay the corresponding Ethereum transaction fee.

Since then, the popularity of these artworks has grown tremendously with NFTs in general. For example, the Christie's auction house auctions off collections with an estimated value of millions.

How CryptoPunks Work?

When the project was launched, the ERC-721 token protocol used for NFTs today was not yet available. In this case, Larva Labs has made it available with its existing ERC-20 network. In keeping with the punk culture, the team changed the ERC-20 code enough to come up with unique products. CryptoPunk Maximum Total Supply is 10,000 displayed on Etherscan. Although punks appear to be an ERC-20 token, they are not actually the same.

It is possible to determine the authenticity of each CryptoPunk by hashing its reference image and comparing it to a specific image hash in the token's contract. Because these images were too large to be stored on the blockchain, Larva Labs created a composite image of all 10,000 punks. A hash of this image is included in the CryptoPunks token contract.

Where can I buy CryptoPunk?

In addition to designing CryptoPunks, Larva Labs has also created its own dedicated marketplace on the CryptoPunks website. Users can bid, buy and sell CryptoPunk here. You can interact with this marketplace by installing and connecting MetaMask.