CryptoPunks NFTs – Price and Project Analysis (2022 and Beyond) – Business 2 Community | NFTRADIUS

NFTs have grown into a phenomenon, gaining mainstream attention in 2021 and continuing to do so in 2022. When the craze started there were NFT collections being “dropped” every day and their prices soared continuously. So much was the hype surrounding NFTs, that the market was soon flooded with hundreds of types of NFTs to buy and invest in.

During and after this popular surge, the original ‘OGs’ of NFTs soared even higher. CryptoPunks are touted as one of the pioneers of the NFT space.

Cryptopunks NFT online

First launched in 2017, CryptoPunks have achieved legendary status, raking in millions for a single NFT. Floor prices for NFTS can be volatile and some NFT projects have failed, but cult classics like CryptoPunks have remained largely stable. With celebrities and sports persons entering the high-power NFT league, prices of popular NFTs have soared to unprecedented heights.

In this guide we’ll cover what are CryptoPunks, why is their value so high, and where do they stand right now, four years after arriving on the market.

Cryptoassets are a highly volatile unregulated investment product. 

What are CryptoPunks?

Let’s start with breaking down what is an NFT. An NFT or Non-Fungible Token is data added to a file that creates a unique signature. It can be in the form of an image, a file, a song, a tweet, a text posted on a website, a physical item, and various other digital formats.

What makes NFTs so valuable is that even though anyone can own a digital file, NFTs are marked with a unique code to differentiate it from any digital replicas. NFT tech is a form of decentralized certification.

Non-Fungible Tokens or NFTs are based on incredible technology. They can be considered as a bridge between real-world and blockchain networks. This special, interlinking feature makes NFTs rare and expensive. In spite of being a novel technology, NFTs have often been tagged as fraudulent and bogus by many, especially during their early days in the market.

What are CryptoPunks

Via LarvaLabs.com

Critics have even called them useless, claiming that anyone could make a digital copy of the NFT artwork by simply taking a screenshot of the said NFT, without having to buy them. Also, the digital copy would be as good as the original, some critics have alleged.

Despite the claims of the critics, NFT supporters and gaming enthusiasts are not affected by such theories. There have been reports of some gamers earning as much as even $2000 a month simply by gaming for 2 hours a day. Not just rewards, certain NFT-project owners also get exclusive access to some VIP events, held only for a select few and attended by the who’s who.

For gaming aficionados, these perks may have been more than enough, but developers didn’t quite stop at that. They have now started creating unique gaming avatars as Non-Fungible Tokens. In fact, there are certain games now where you have to pay real money just so that you (your avatar) look cooler in the online world.

Today, anyone can own an NFT in the form of a unique avatar that represents only them and can’t be replicated. These special features and exclusive identities are what make the concept of NFTs unique. The reason behind the immense success of CryptoPunks lies in the demand, development, and novelty of NFTs in the market. One of the OG NFT collections, CryptoPunks was the one that largely transformed the NFT space.

How Many CryptoPunks are there?

There are 10,000 unique collectible characters in the CryptoPunks project. The CryptoPunks NFT collection was created and developed by Larva Labs a team of two developers who have worked on a wide range of projects, ranging from mobile games to digital art and everyday design in the past. The knowledge gained from these projects helped Larva Labs create CryptoPunks and led to their huge popularity right now.

Initially, Larva Labs, the developers behind the CryptoPunks project, rolled out these NFTs for free. Fast forward a few years, every one of them is worth hundreds of thousands, even millions of dollars.

Questions have often been raised on the uniqueness and worth of a collection of pixelated art. But CryptoPunks is more than that – in the developers’ words, investing in NFTs like CryptoPunks allows people to express themselves with the help of unique character-based artwork.

One of the facts that might corroborate this theory is that people are getting more and more concerned with their digital image as the digital world expands by leaps and bounds. People are now ever more conscious about how they appear in their profile pictures, bios, headers, and digital spaces.

Blockchain technology is expanding its horizons and is now accessible to anyone and everyone willing to learn about it. People have started creating NFTs of interesting and unique items on the blockchain, these include artists, musicians, and content creators as well. Among other forms, art has become one of the most popular NFTs right now, with the rise in the popularity of digital collections.

CryptoPunks Price Right Now

CryptoPunks Price

CryptoPunks price – NFTpricefloor.com

At the time of writing, the CryptoPunks floor price is just under 73 ETH which means the cheapest price you can buy a CryptoPunks for is over $215,000.

The current CryptoPunks prices are lower than their 2022 open of around $250,000, but the floor has risen compared to its lowest mark in February, at around $150,000. The 24 hour CryptoPunks trading volume averages $2-3 million USD.

According to the Larva Labs website, the current lowest-priced Punk is available listed at just over 72 ETH. In 2021, the average bid over the year for a Punk was 58.76 ETH which was nearly $170,000 USD. There was also a mysterious sale that happened in October 2021 wherein CryptoPunk #9998 was apparently sold for a record-breaking $532 million.

Being the OG NFT collection, CryptoPunks NFTs are usually at the top of the charts, with an average selling price of around $350,000 to $500,000. In reality, though, there have been quite a few Punks that have fetched millions. The highest recorded sale for a CryptoPunk was on the 12th of February 2022 when Punk #5822 went for $23.7 million. Days before that, Punk #5577 was sold for 2,500 ETH, 7.7 million USD.

Cryptoassets are a highly volatile unregulated investment product. 

Why are CryptoPunks so expensive?

At first glance, the CryptoPunks project is just a bunch of 8-bit artworks that don’t really make sense. Many believe it is still an internet fad that will soon fizzle out. But projects like CryptoPunks, Bored Ape Yacht Club, and more have a larger relevance in the overall metaverse space.

They signify avatars that companies like Meta and Microsoft think we will own when we interact in virtual worlds in the future. The blockchain platform used to signify ownership of these punks is the same one that will signify ownership of avatars in the metaverse and keep different people’s avatars from appearing similar to each other’s or even being stolen.

CryptoPunks are popularly known as the OGs of the NFT market. What makes them so valuable is the fact that CryptoPunks are one of the first NFT collectibles introduced on the Ethereum blockchain back in 2017. They are a series of characters represented in the form of pixels.

CryptoPunks exist in a wide variety of shapes and forms. While the majority of them depict humans, there are a few based on apes, zombies, and aliens as well. Although there are many varieties of punks in the CryptoPunks collection, human CryptoPunks are the most common. They are classified on the basis of their rarity, and the humane characters, being the most common, are sold cheaper than the rarer, hard-to-get non-human characters of CryptoPunks.

The value of CryptoPunks changes depending on their attributes. As a result, some are more expensive as compared to others. There are eight CryptoPunks in the collection which do not have any attributes, while 9 of them are aliens. Then, there are 24 that are apes, another 44 with a beanie, and 48 having a choker.

Cryptopunks NFT worth buying

Out of the remaining, 78 have buck teeth and 128 have rosy cheeks. There is one particular CryptoPunk, the pipe-smoking alien CryptoPunk, which has several rare attributes and was sold for more than $7.5 million. But this trend does not imply that only attributes decide the value of a CryptoPunk. Their price and value are often determined by the appearance of the portrait and its popularity.

Apart from the features and attributes, it is the historical importance of CryptoPunks which makes them so valuable. CryptoPunks is one of the first NFT projects that was launched on the Ethereum blockchain, back in 2017. It was minted well before other famous projects like CryptoKittes arrived in the NFT space.

This is one of the main reasons why CryptoPunks are far more expensive than most of the other collections in the NFT market. Since it is the first-ever NFT collection of its kind, CryptoPunks’ owners are referred to as the OGs of the NFT world. This is why owning a CryptoPunk gives you a higher status in the digital space. CryptoPunks owners are widely respected and even envied by NFT lovers.

It sounds crazy when you take into account that back in 2017, CryptoPunks were given out for free and today, just because you own one, you can get to meet some of the coolest celebs and artists like Snoop Dogg, Jay Z and Gary Vee. All the members of the exclusive NFT club share one thing in common with everyone – owning a unique CryptoPunk NFT. Some have even labelled CryptoPunks as the Bitcoin of the NFT market.

CryptoPunks Price Prediction 2022

Since CryptoPunks are so famous in the NFT world, the chances that a CryptoPunk will ever sell for less than 55 Ether are quite slim. With passing time, the value of this project is only likely to increase. The year 2022, might see an annual low of around 65 ETH

There is only one way a CryptoPunk could trade for less than 65 ETH. It is possible if owners having more than 10 CryptoPunks decide to reap some quick profits. The idea is highly unlikely since there is no reason why someone would decide to sell something for less than it is value.

The highest price ever for which a CryptoPunk was sold is 8,000 Ether or 23.7 million USD. There was also a controversial sale in which there was a CryptoPunk that sold for almost 124,000 ETH. It is still widely believed to be an internal trade.

Experts believe this sale was carried out with the help of 3 wallets which kept shuffling the assets. It is believed that CryptoPunk #9998 sold that NFT to himself. If projections for 2022 are to go by, CryptoPunks could surpass its all-time high record and might trade for even more than 8,000 Ether.

On the optimistic side, if the entire cryptocurrency community continues to be bullish, CryptoPunks may one day sell for more than 10,000 ETH. Who knows?

Cryptoassets are a highly volatile unregulated investment product. 

CryptoPunks acquired by Yuga Labs

Yuga Labs are the creators and makers of Bored Ape Yacht Club NFTs, the most highly valued in the NFT industry. On March 12th, 2022, Yuga Labs made an announcement on Twitter that they had bought the rights to CryptoPunks, as well as Meebits NFTs, from their original creator and developer – Larva Labs. The same was also posted by Larva Labs on Twitter.

That large NFT acquisition and change of ownership did not lead to any change in the CryptoPunks, at least until now. Larva Labs appreciated this move by Yuga Labs and predicted that CryptoPunks NFTs would see more growth under their leadership and direction.

The floor price of CryptoPunks rose on the day this public announcement was made, soaring once again above 70 ETH, suggesting the investor confidence and buying interest have led to an increase in Punks’ acquisition.

Bored Ape Yacht Club Metaverse Project Plans

Shortly after launching ApeCoin which was first sent to BAYC NFT holders then listed on cryptocurrency exchanges, Yuga Labs posted a teaser trailer to Twitter announcing a metaverse project they will be launching.

They have already also raised $450 million in seed round investing to build their metaverse. Watch the BAYC metaverse video trailer.

How to buy CryptoPunk NFTs?

Today, most of the Non-Fungible Tokens or NFTs are purchased with ether (ETH). It is the native currency of the Ethereum network. As with most cryptocurrencies, Ether can be converted from U.S. dollars on all the major crypto exchanges.

But unlike Bitcoin, which mainly acts as a cryptocurrency and a payment network, blockchain networks like ETH and SOL allow users to develop apps that can store personal data and establish protocols to process complex financial transactions. The process of buying an NFT might seem confusing at first, but it is only as difficult as buying your favorite merchandise online. In order to purchase an NFT follow the steps below.

Step 1 – Open an account on eToro

Though there are various cryptocurrency exchanges out there, we suggest opening account on eToro as it is regulated by authorities such as the FCA, ASIC, and CySEC.

etoro crypto trading

Step 2 – Set up a Digital Wallet

One needs to set up a digital wallet to store their cryptocurrency. A crypto-wallet is essentially a private address existing on the blockchain that is visible to everyone but only the owner possesses access to it.

There are a variety of platforms that offer digital wallet services. One of the most favorite crypto wallets right now in the market is eToro. One must make sure to do due research, be aware, and analyze their actions to avoid unnecessary problems or losses. To start with, make sure you choose a wallet that suits your needs best.

Etoro wallet

eToro wallet

Another good NFT wallet is Metamask, as it is compatible not only with Google Chrome browser but with Android and iOS apps as well. MetaMask is a highly versatile wallet option as it is compatible with almost every website on the Ethereum blockchain.

Cryptoassets are a highly volatile unregulated investment product. 

Step 3 – Buy Ethereum

Once the digital wallet has been securely established and is operational, you need to buy Ethereum. We suggest buying ETH through eToro. as it’s an FCA regulated platform.

Ethereum price

Ethereum price chart

Cryptoassets are a highly volatile unregulated investment product. 

Step 4- Buy CryptoPunks through NFT marketplace

One of the best places to check out which CryptoPunks are available for purchase is to visit the Larva Lab’s official website. On the website, you can connect your wallet directly to the platform.

After you initiate the connection, you will be presented with the “Connect” button. Once you proceed by clicking on it, your wallet will be connected to the Larva Lab’s official website and you will be all set to make your debut NFT purchase.

Cryptopunks NFT buy opensea

Buying CryptoPunks on Opensea

When you buy CryptoPunks, keep in mind that there is no need to pay the listed price immediately. You can also bid lower than the list price and hope to pay less than the original price it was listed for.

Think well before buying but don’t wait for too long either because projects like CryptoPunks are increasing in valuation. Some NFT marketplaces also have CryptoPunk clones, cheaper NFTs with a similar Punk vibe.

What’s next for CryptoPunks?

The acquisition by Yuga Labs did not lead to any change in the CryptoPunks value. Larva Labs appreciated the move by Yuga Labs and predicted that Punks would see further growth under their leadership and direction.

The floor price of CryptoPunks rose on the day this public announcement was made, soaring once again above 70 ETH, suggesting the investor confidence and buying interest have led to an increase in Punks’ acquisition.

Is CryptoPunks the best NFT to buy in 2022?

The hype around NFTs is understandable given the consistent rise in its monetary value as well as popularity.

CryptoPunks have undisputedly pioneered the present-day NFT market since they were amongst the first NFT projects minted on the Ethereum blockchain, in the year 2017. Most CryptoPunks price predictions are bullish for 2022 and in the run-up to the next Bitcoin halving in 2024.

A promising new NFT collection in 2022 is the Lucky Block Platinum Rollers club, owners of one of these NFTs get a chance to participate in daily prize draws and win cash rewards.

NFT Calendar svg%3E

Via NFTLaunchpad.com

The Lucky Block NFTs collection is much cheaper than CryptoPunks NFTs ($1500 vs. $200,000 and higher).

There are several other perks – owners of this NFT have the chance to win daily prize draws. The Telegram group for the Lucky Block community currently has 44,000+ members in it.

Overall, we consider LBLOCK and their new NFT range to be a good investment. We suggest reading more about the Lucky Block NFTs. Read our 2022 NFT calendar for more info on the best NFTs to buy as they drop.

lucky block logo

Cryptoassets are a highly volatile unregulated investment product. 

Summary

Most CryptoPunks holders are optimistic the bull market for NFTs will continue, especially in the run-up to the next Bitcoin halving in 2024.

Read our detailed guide on how to buy Lucky Block NFTs to begin your journey into the NFT space with a affordable investment – they are priced at 3.75 wBNB, which is about 0.5 ETH. They are currently listed for sale at a new marketplace, NFT Launchpad.

If you’re ready to invest in NFTs but are on a budget, another way you can start with as little as $1 at auction on smaller marketplaces such as the Crypto.com NFT marketplace.

Cryptoassets are a highly volatile unregulated investment product. 

FAQs

Why are Cryptopunks so expensive?

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What does ‘NFT Floor Price’ mean?

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