CryptoPunk

With the rise of cryptocurrency, a change in perspective about digital assets has surfaced: NFTs (non-fungible tokens). A CryptoPunk is one of the most popular NFTs, with these digital avatars going for hundreds of thousands of dollars each. So, what is CryptoPunk?

 

What is CryptoPunk?

In the form of an NFT, a CryptoPunk is a 24×24 pixel, 8-bit-style one of a kind avatar. In 2017, software developers Matt Hall and John Watkinson undertook an experiment that resulted in their product. The two sought to build a software application that could generate thousands of different avatars. A sum of 10,000 avatars were created as a result of the programme.

The avatars were inspired by the British punk scene of the 1970s, which reflected the anti-establishment nature of blockchains’ development. While anyone can snap a screenshot or copy an image of these avatars, each avatar can only be formally ‘owned’ by one individual. And it’s because of this that they’re such a high-profile purchase.

While each avatar in the collection is distinct, some are regarded as more valuable than others. This is determined by the one-of-a-kind piece of code used to create each avatar. A large number of the avatars are human ladies and men, while a small number are aliens, zombies, and even apes. These rarer avatars usually command a much higher price.

 

Why does everyone want CryptoPunk?

Purchasing art as an NFT result in you being a one-of-a-kind owner, with blockchain documentation of all prior owners. CryptoPunks is a smart option for investors that have faith in the NFT market because of its distinctiveness.

In general, as the public’s views and popularity increase, so does the value of an NFT. However, an NFT’s value might decrease dramatically at any moment, so these investments could be incredibly profitable or a means to lose a lot of money, depending on how you look at it. However, the worth of CryptoPunks has risen at an exponential rate so far.

 

Where can you buy it?

So, exactly where can a person find cryptopunk nft art malaysia ? Currently, CryptoPunks may only be purchased through the LarvaLabs website. Hall and Watkinson, the original inventors of CryptoPunks, control this site. There is a CryptoPunk marketplace on this site where you may acquire avatars from other proprietors or even sell your own if you have one.

Hundreds of various CryptoPunks are available for purchase on the LarvaLabs website. The lowest of these avatars costs $139,000, which is still a lot of money for most people. Other  CryptoPunks, on the other hand, are on the market for an incredible $3.19 billion. 

It’s fair to assume that getting a CryptoPunk requires a lot of money, but don’t get too worked up over it. The appeal of NFTs has waned significantly since its peak earlier on in the year, and with waning popularity comes waning value. So, if the NFT excitement continues to fade, CryptoPunks could be selling for as little as a few thousand dollars per avatar in the not-too-distant future.