05 Aug 2021 9:39 AM +00:00

What Are CryptoPunk NFTs?

You may have seen the price of some recent CryptoPunk NFTs, but what exactly are they?

Despite falling in popularity after an initial surge of interest earlier this year, new NFTs continue to sell - such as Mila Kunis' Stoner Cats NFT.

Here's a look at one of the trending NFTs - CryptoPunk.

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What is CryptoPunk NFT?

The CryptoPunk NFT collection is a group of 24x24 pixelated characters. There are 10,000 unique CryptoPunk avatars falling into five broad types: Alien, Ape, Zombie, Male and Female.

These avatars can have up to 7 different 'Attributes', which can either be accessories, hairstyles, or facial characteristics.

CryptoPunk NFTs exist on the Ethereum blockchain, and need to be purchased or sold using ETH on OpenSea.

There are currently 2763 unique accounts that own CryptoPunks, with one address holding 430 CryptoPunk NFTs.

The NFT collection was created by LarvaLabs in 2017, making them some of the earliest NFTs produced. LarvaLabs has since created another group of NFT characters, Meebits, which are a collection of 20,000 voxel 3D avatars.

CryptoPunk NFT Price

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According to LarvaLabs, the average price of one CryptoPunk NFT sold in the last year was 24.56 ETH ($64,855 at the time of writing).

However, it appears the price of CryptoPunks has increased significantly since last year. The 'cheapest' Punk available costs 34.49 ETH - or $91,078.

The most expensive Punk, CryptoPunk 3100, sold for 4,200 ETH ($7.58M) in March 2021. Its previous owner purchased the NFT for just $2,127 in July 2017.

The total value of all CryptoPunk sales combines to make $752,560,000 - or 280,010 ETH.

Read More: How Long Does It Take To Mine 1 Ethereum?

[Featured Photo by Nick Chong on Unsplash]