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What are CryptoPunks and has one sold for $530 million?

LOVED by celebs, CryptoPunks are all the rage – but what are these non-fungible tokens (NFTs)?

CryptoPunks were the first NFTs built on Ethereum and many famous faces have owned one. Now jeweler Tiffany & Co. even sells real CryptoPunk pendants.

Kryptopunks come in unique digitizations

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Kryptopunks come in unique digitizations

What are CryptoPunks?

CryptoPunks are algorithmically generated characters in a small pixel art frame.

Developed by Lava Labs in 2017, they were among the first NFT collectibles to be sold on the Ethereum transaction-tracking blockchain.

These collectibles are pixelated characters. Most are humanoid, but some are aliens, monkeys, and zombies – to name a few.

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Although everyone CryptoPunk is different, non-human digitizations sell for more due to their scarcity.

The chips are also unique in that they are non-fungible — meaning they cannot be traded against each other like the fungible tokens Bitcoin and Ethereum.

How can I buy a CryptoPunk?

Corresponding Benzinga.comthere are three steps you need to take to buy a CryptoPunk.

1. Buy Ethereum (ETH).

Since non-fungible tokens are still in early development, you can’t go to an exchange and buy them just yet.

Instead, you need to buy NFTs with Ether, the native token on Ethereum’s blockchain.

According to Benzinga, platforms that offer ether are Coinbase, eToro and Gemini.

Once you have enough Ether to buy your punk, you need to transfer your funds to an Ethereum wallet

2. Buy or download a wallet

“To buy a CryptoPunk, you need to connect a software wallet to Larva Lab’s website,” says Benzinga.

“The most commonly used software wallet is Metamask as their Google Chrome extension makes it easy to interact with websites that conduct cryptocurrency transactions.

“Anyone who wants to keep their NFTs safe should keep them in an Ethereum wallet.”

3. Buy a piece from the collection.

According to reports, there are currently 10,000 CryptoPunks on the Ethereum blockchain.

So if you want to buy a CryptoPunk, you have to buy it from someone who already owns the collectible.

Benzinga suggests, “To do this, go to Larva Lab’s website and look at the CryptoPunks for sale, and the prices for these collectibles range from around 90 Ether to thousands of Ethereum.

“You then need to buy a listing with cryptocurrency in your Ethereum wallet. Some offers you can buy automatically, others accept offers and have no set purchase price.

“If the seller accepts your bid, the transaction will be processed on the Ethereum blockchain and the NFT will be sent to your Ethereum wallet.”

What have CryptoPunks been sold for so far?

At the time of writing, the average price for a CryptoPunk is around $400,000.

But as rare and sought after as they are, CryptoPunks are extremely expensive digital collectibles.

On October 29, 2021, it was reported that a CryptoPunk NFT sold for a staggering $530 million – making it the most powerful NFT ever.

However, cnet reports that it will most likely cost a lot less due to a clever transaction method called a flash loan.

Jeweler Tiffany & Co. also started selling CryptoPunk pendants in 2022.

Each pendant is crafted after your NFT and costs 30 Ethereum – approximately $50,000.

And the pendants are set with diamonds and precious stones and hang from an 18k gold chain.

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