2023-09-03 14:40:03
News JVTech The Incredible Story of Cryptopunks: How 256 Randomly Generated Pixels Became Real Pieces of Multi-Million Art
Published on 03/09/2023 at 16:40
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If you have ever heard of Cryptopunks but not really understood what it is, let us explain. We’ll dive deep into this phenomenon of Cryptopunks, exploring their origin, evolution, and impact on the world of digital art and pop culture.
Summary
What are NFT Cryptopunks? 2017: The Birth of Cryptopunks From free art to NFT collector fever The influence of NFT Cryptopunks web 3 history
What are Cryptopunk NFTs?
2017: the birth of Cryptopunks
Born in 2017, Cryptopunks marked a major turning point in the history of digital art and blockchain technology. This innovation is due to the creative minds of Matt Hall and John Watkinson. At the time, the two men cultivate a particular attraction for the crypto sector and decide to rely on technology to generate unique images taking up the principles of virtual currency. To do this, they use the network of the second largest cryptocurrency on the market: Ethereum.
This choice is not made by chance because in 2015, Ethereum has introduced ERC-20, a technical standard that allows the generation of non-fungible tokens (NFTs). Unlike Bitcoin, these created tokens are not fungible, i.e. they have a single value. Concretely, 1 bitcoin = 1 bitcoin, but 1 NFT is not equivalent to another NFT in terms of value and characteristics.
This technical innovation makes it possible to introduce the famous avatars named Cryptopunks. 10,000 punk-looking 576-pixel avatar tokens with randomly generated characteristics land on Ethereum, the first of its kind. The mixed collection is composed of:
6,039 male characters3,840 female characters88 zombies24 monkeys9 aliens
Behind this modest appearance hides an innovative concept that will gradually seduce the cryptosphere, and more…
From free art to NFT collector fever
In their early days, 90% of Cryptopunks were available for free. This apparent generosity attracted a small group of followers, but no one might then foresee the magnitude of what was to follow. What was once seen as a simple artistic project mixed with technological innovation has finally become a cultural trend of the web. With each Cryptopunk having unique visual characteristics, the 10,000 tokens quickly became scarce given the growing demand.
The most relentless digital art enthusiasts have even taken it into their heads to start a collection of Cryptopunks with very specific traits. Among the rarest features, we find the “monkey” style punks or the “aliens” which represent respectively 24 and 9 pieces over the entire collection. This type of part has become extremely rare on the market, driving up their prices to unimaginable sums.
L’influence des NFT Cryptopunks
Celebrities Serving Cryptopunks
The rise of Cryptopunks took on another dimension when certain public figures began to show their sesame. From rapper Jay-Z to youtuber Logan Paul and tennis player Serena Williams, celebrities from all walks of life have widely popularized the phenomenon. This convergence between the digital world and popular culture has had a major impact on interest around NFT collections.
The sudden spotlight sparked a growing trend, sending prices for these pixelated avatars skyrocketing. Over time, owning a Cryptopunk has quickly become much more than an investment. These have become a kind of virtual identity card to access a very closed circle. Indeed, the owners of the NFTs have founded a real community of passionate collectorswith the air of virtual brotherhood.
Cryptopunks: Exceptional Sales and Huge Impact on NFTs
Over time, these digital artifacts have become prized pieces, multiplying sales records. For example, Cryptopunks characterized by the Ape trait have achieved spectacular sales in the past:
CryptoPunk #5577 sold for 2,501 ETH (around €7,800,000 at the time) CryptoPunk #5217 sold for 2,250 ETH (around €5,258,000 at the time).
These insane transactions have attracted the attention of mainstream media as well as specialized crypto media. This media noise inevitably raised questions regarding the enthusiasm for these new kinds of art pieces.
This success around the Cryptopunk collection has also acted as a catalyst for other collections. of NFTs. Projects like CryptoKitties or the Bored Ape Yacht Club (BAYC) have decided to exploit the idea by adding their touch. Thus, ”’the market was quickly flooded with multiple projects more or less inspired by Cryptopunks and other successful collections”, which is still worth a speculative reputation to this market.
An Episode in Web History 3
But Cryptopunks have not been content to exist solely in the virtual world. Far from the speculative aspect, these now represent a part of the history of the internet and are thus erected as symbols. Indeed, several pieces have appeared in prestigious museums and art galleries all over the world. A notable example of this development is the acquisition of Cryptopunk 110 by the Center Pompidou in Paris. since last February. This transition from the digital canvas to physical space is testament to the enduring influence of Cryptopunks on contemporary art.
As pioneers, cryptopunks paved the way for a new artistic and economic ecosystem. Behind their simplistic appearance, they embody a vision of virtual art in which the notion of ownership operates thanks to the blockchain. Today, Despite the Cryptocurrency Winter, NFT Cryptopunks Continue to Snatch Up for Small Fortunes. For the same reason, Cryptopunks still fuel debates around their value. However, it is clear that the demand remains since the pixelated avatars are still selling for a floor price (the lowest price of an NFT collection) of around 46 ETH, or €72,157.86 each.. The next time you hear regarding these seemingly simple images, remember that these avatars have spawned a digital revolution far larger in size than their pixels would let on.
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About NFTs
What is an NFT?
An NFT is the abbreviation of Non Fungible Token or non-fungible token in French. NFTs are cryptographic tokens issued on a blockchain.
By exploiting this technology at the genesis of cryptocurrencies, NFTs inscribe inviolable properties in this virtual register. As a result, NFTs are true attestations of digital ownership.
Is an NFT necessarily an image?
A distinction must be made between an NFT and the object associated with it. Indeed, the non-fungible token is above all a virtual property certificate and not the digital file as such. An NFT is usually associated with a photo or video, but it can also take the form of text, music or any other digital or physical format.
What is an NFT used for?
NFTs are generally used to assert property rights online. Thus, the owner of a token of a virtual work can collect royalties, ensure respect for the intellectual property of his digital object, etc.
This feature has notably enabled the NFT to shine in art by creating value and rarity in digital images available on the web. Also, beyond art, this technology offers multiple uses in several sectors such as in video games, the traceability of a product, etc.
How is the value of an NFT defined?
These tokens are non-fungible, i.e. they have a unique value unlike cryptos, which are fungible (1 bitcoin = 1 bitcoin).
The price of an NFT is therefore arbitrarily set by the owner of the token. This price is usually in cryptocurrency, most of the time in Ether (ETH).
How to buy and sell NFTs?
NFTs are generally bought or resold on trading platforms such as Opensea or Foundation.
What is an NFT mint?
The “Mint” or strike in French, is the initial sale process of a token. To permanently become part of the blockchain ledger, these new tokens must be mint. By this action, the user comes to complete a transaction with his fees to see his token appear first hand on the blockchain.
What is an NFT airdrop?
An airdrop refers to the free distribution of an NFT to a crypto wallet address.
How to store an NFT?
To store an NFT, you must have a wallet / crypto wallet. The most popular are Metamask or Trust Wallet.
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