When NFT collections first started, many got a lot of traction that quickly dissipated. After all, with newer and better things coming up every day, having a significant market share takes work. CryptoPunks is one of the NFTs (non-fungible tokens) that has been able to withstand the competition over the years. We look at what it entails and why collectors keep investing in it.
How It All Started
2017 was a great year for NFT creators. NFT was still growing and people were trying to understand how it worked, thus investing their time and energy into upcoming collections. So, when Larva Labs launched CryptoPunks, they got a wonderful reception from the industry. After all, their art, which was available on the Ethereum Blockchain, had introduced unique aspects that were not typical of the current collections. So good were the NFTs that they inspired the standard for ERC-721 collections.
What Made it Unique
With any collection, the focus is always on what sets it apart from the other options in the market. So, what was different about CryptoPunks?
The retro visuals
People love seeking inspiration from the past and reliving the good old days. So, the minute that people noticed the retro 8-bit style images, they were sold on the art.
The characters
Diversity is key in any collection. With 10,000 characters at play, collectors were in wonderland, picking what they wanted.
The rarity
The developers ensured that there was a lot of versatility in the character traits and physical attributes, thus creating rarity levels where collectors would strive to get the rarest combinations in characters.
Over the years, the collection has become more sought-after because of its cultural and historical significance.
Reviewing the Characters
Collectors have the chance to buy any of the 10,000 characters, referred to as punks. These fall into the following categories:
- The humans: There are 6,039 male and 3,840 female characters that vary in their dress, facial hair, and accessories.
- The Zombies: These also feature in the collection, numbering 88 of the characters. As you would expect, the creators have gone out of their way to bring out the gruesomeness of their features, including skin with a greenish hue.
- The apes: These have similar features to apes. With only 24 of these characters in the collection, landing an ape is quite hard. Collectors who have such NFTs often get a high market value during sales or trades.
- The aliens: If you thought the apes were hard to come by, wait until you try to land an alien NFT. There are only 9 in the collection, with the aliens boasting bluish skin.
Adding the retro image appeal to these characters makes them even more attractive in the market.
The Appeal of CryptoPunks
There are many reasons people choose to invest in these NFTs. Let’s consider the top motivations:
They are culturally significant
As NFTs grow, collectors have started looking back at where the industry began. And with this collection having started when the industry was yet to blow up, many people want to invest in it as a way of holding on to the past.
They are in high demand
Many of the NFTs in this collection have sold for thousands to millions of dollars – for example, #5822 sold for close to $24 million, and where there is this kind of money, there is a lot of interest.
They are a status symbol
Oowning NFTs from sought-after collections gets you the equivalent of street cred. And what better way to earn this than by investing in a collection that pioneered many of the NFTs we see today?
Moreover, the collection ownership is on the Ethereum Blockchain, which is known for its immutability and transparency.
Conclusion
CryptoPunks, one of the earliest NFT collections, ranks high in the market due to its diverse collection that features unique characters that pay an ode to the NFT history.