Non Fungible Token of Crypto Punk has become a recent trend hot topic. We are reading a lot of news about NFTs daily, but some make us wink, and some wake us with surprise. NFT is making a massive difference in the crypto market. Crypto Punks in the business for a long time are keen to produce 24X24 avatars; there are about 10,000 avatars where every avatar is massively unique. There are more than 6000+ male avatars and 3000+ female avatars.
CryptoPunks
CryptoPunk was one of the first and oldest Non Fungible Tokens, built with the ethereum blockchain. The crypto punks were developed by the Larva labs, an American-based Studio. Exactly 10,000, 6039 males and 3840 females. Crypto punks are among the early ones who thought about bringing cryptocurrency to monetizing and investing when the whole world concentrates on Fiat currency.
Crypto punks are the parts of the crypto art that can be collected, sold, and as 8-bit-styled crypto punks. The crypto punks are made with exploring the liberty available in the ecosystem. This small entrepreneur group decided to present a medium with the value of freedom, decentralized, which gives equality and social justice. So they built a new system and introduced the blockchain and cryptocurrency in their approach.
Crypto punks are sold for millions, becoming more and more popular in the market. This team even managed to modify the ERC-20 token for supporting NFTs when even the ERC-721’s idea doesn’t exist.
Crypto Punks – What do they follow?
Crypto Punks believed that the computer ecosystem can change the way humans work. They believe this automated environment can enhance bureaucracy and eradicate the inefficiency of the economic incentives and system by adopting cryptocurrency and the blockchain into asset management.
Transparency
They are built to express the importance of privacy, not being controlled by central nodes, and to place a very transparent sheet where everyone can see how their privacy is anonymously handled.
Decentralized
When the NFT concept of NFTs is beginning to flash in someone’s mind, Crypto punks already built their vision of decentralization. All information and assets stored will not be accessible to intermediaries.
Unique
Though they are built with ERC-20, which is used for identical tokens, crypto punks are similar. Their 10000 supply tokens were different from others. They were the ones who talked a lot about the concept of NFT.
Flow
Crypto Punks are accessible to view for anyone. All you have to do is to log in and choose your desired Punk, but only a single user can own the Punk. Which is made available in limited and rare conditions. The crypto punks crossed over 8000 + sales in the first quarter of the year 2021. About 127,360 ETH, which is 251,620,000 USD as the market value, the growth of Crypto Punk is growing day by day.
How to buy Crypto Punks?
Crypto punks have their own marketplace, and these marketplaces act as a showcase for the users who tend to buy, sell or stake the crypto punks. Follow the steps to buy one.
Step 1: Visit the Larva labs marketplace.
Step 2: Log in with your existing account.
Step 3: Sign up if you don’t have an account.
Step 4: Search for the desired Punk.
Step 5: Integrate your wallet.
Step 6: Buy the Punk with the wallet.
Crypto Punks also reached into the OpenSea – A familiar NFT marketplace in existence. But the punks here are a bit different from the original. They are wrapped with the NFT token standard ERC-721. This wrapped NFT marketplace can be unwrapped easily to its original form.
Wrapping
The wrapping process is all about getting an NFT ERC-721 token by sending your crypto punk to a wrapping contract where the Punk will be on hold by the escrow process. With the NFT token available from wrapping, you can use them in any way like all other NFTs. When you want to unwrap them, your NFT will be revoked, and Punk will be released from the escrow.
Covid Alien
7523 – a rare alien punk series named covid alien gone for over 11.7 Million dollars. This super rare alien punk series had nine alien punks in them. Shalom McKenize is the largest stakeholder in Draftkings, whose net worth is about $1.6 billion.
Crypto Punks attributes
CryptoPunks has the strategy to make the token unique and rare. They use the attributes to make them rarer and increase the scarcity. As the rarity and scarcity increase, the bidding or fixed price will eventually increase.
For example, there are 48 CryptoPunks with the chokers. No other crypto Punks will get hold of the choker in the future. If the buyer wants to buy a Crypto Punk with a choker, they have to bid within the constraint and need to quote a higher price to get hold of it.
Crypto Punks with Limited Attributes
Tiara – 55
Pink with hat – 95
Pigtails – 94
Orange Slide – 68
Choker – 48
Buck Teeth – 78
Beanie – 44
These attributes even have gender constraints as a beanie or hoodie can only be owned by male punks. It is the same as, Orange side or red mohawk for the female punks. Some attributes are shared among all the genders, but they may look varied on each of them.
Tracking your Punk
The Punks can be tracked like NFT in the existing NFT tracking pages or Dapps, where the sales detail, collection detail, and prices they sold can be found in these Dapps. This comes in handy when you are about to buy a Crypto Punk to know their market value.
Wrapping up the Blog
The crypto punks NFT have influenced the market massively. They were the pioneer game-changers with just 8-bit images; their popularity is getting higher day by day. Their market value is facing immense growth. Their adoption of blockchain technology will make them stay in the crypto-world for very long. Being a Pioneer in the Crypto development space, we at Infinite Block Tech build valuable NFTs that can elevate your Asset value vigorously and get you into the high revenue stream. To join with us grab our contact and give us a call.
