In the world of NFTs (Non-Fungible Tokens), a few projects have made history. One of the most important is CryptoPunks—the first major NFT collection on Ethereum, which has inspired hundreds of projects since its creation.
These small pixelated characters look like graphics from old-school video games, yet their value reaches millions of dollars. What makes people willing to pay so much for them? Why are they still considered one of the most important projects in the crypto world?
What Are CryptoPunks?
CryptoPunks is a collection of 10,000 unique characters, each measuring 24×24 pixels. They depict various types of characters—humans, zombies, apes, and even aliens—each with its own distinctive features, such as hairstyles, glasses, or beards.
Although they may look like simple images, they are much more than that. Thanks to NFT technology, each CryptoPunk is a unique digital asset that can be bought, sold, or held on the Ethereum blockchain.
CryptoPunks have become a status symbol in the crypto world. Many people use them as profile pictures on social media, further increasing their popularity.
The History of CryptoPunks – Where Did They Come From?
The collection was created in 2017, before NFTs became mainstream. Its creators, Matt Hall and John Watkinson from Larva Labs, originally treated it as an experiment. They wanted to explore how blockchain technology could be used for digital art ownership.
The look of CryptoPunks was inspired by London’s punk scene and cyberpunk aesthetics—a mix of rebellious style, futuristic technology, and anonymity.
The creators initially gave away most of the Punks for free—all users had to do was pay the blockchain transaction fee. At the time, no one expected that a few years later, they would be worth millions of dollars.
In 2022, Larva Labs sold the intellectual property rights for CryptoPunks to Yuga Labs, the company behind Bored Ape Yacht Club.
How Were CryptoPunks Created?
CryptoPunks were generated using generative art, meaning they weren’t drawn manually but created by an algorithm that randomly selected character traits from a predefined set.
Each Punk belongs to one of five categories:
- Men and women – the majority of the collection
- Zombies – less common
- Apes – even rarer
- Aliens – the rarest and most expensive
There were 87 different attributes, including hairstyles, hats, glasses, and beards. Each CryptoPunk had between 2 and 4 traits, but some were exceptional—one had seven traits, making it highly valuable.
This method of generating NFT collections later became the standard for many other projects.
Why Are CryptoPunks So Valuable?
Today, CryptoPunks remain one of the most recognizable NFT collections. Their high value comes from several factors:
- They were first – a pioneering project that paved the way for the NFT market.
- They are rare – only 10,000 exist, and many people want to own one.
- Status symbol – owners include celebrities like Jay-Z and Gary Vaynerchuk.
- Historical significance – they became part of crypto and digital art history.
The most expensive CryptoPunk ever sold went for $24 million.
Is It Worth Owning a CryptoPunk?
Many collectors believe that CryptoPunks are more than an investment—they are a piece of digital history, similar to the first artworks in a new era of blockchain technology.
For some, they represent prestige; for others, they are a way to store wealth. Some investors have held onto their CryptoPunks since 2017 and have no intention of selling them.
On the other hand, the NFT market is volatile, and prices can rise or fall significantly. While CryptoPunks may retain their value due to their historical importance, there’s no guarantee that their prices will reach their previous highs again.
Summary
CryptoPunks was the first major NFT collection, changing the world of cryptocurrencies and becoming an icon of digital art. Although the NFT market has evolved, CryptoPunks remain among the most sought-after digital assets
