The year 2021 was arguably the most successful season for non-fungible tokens (NFTs). The NFT space got its due recognition. But as the year went by, the hype became a bit outrageous. By the last quarter of 2021, dozens of “unique” NFT collections were being launched every day.
Many of these launches, unfortunately, turned out to be rug pulls or frauds. This minor hiccup though, didn’t detract from the appeal of NFTs in the crypto markets.
The OGs of crypto have skyrocketed and crashed enough times through the last few years to become resistant to such relatively occasional deterrents. Speaking of OGs, CryptoPunks is one of the most successful projects in the NFT space – but are CryptoPunks NFTs a good investment in 2024?
What are CryptoPunks NFTs
Blockchain technology is spreading leaps and bounds every moment and becoming available to anyone willing to learn about it. From artists to musicians and creators alike, people have started creating NFTs to make interesting and unique collectible items for the blockchain. And with the rise in popularity of digital collections, art is one of the most popular forms of NFT right now.
The CryptoPunks project was the brainchild of Larva Labs. They are a team of two developers that have experience in mobile games, utility programs for web infrastructure, digital artworks and design in general. This valuable experience ultimately helped them create CryptoPunks that is so immensely popular in today’s time and age.
CryptoPunks NFT collection
CryptoPunks are revered as the OGs of the NFT market, for being one of the first NFT collectibles introduced on the Ethereum blockchain back in 2017. CryptoPunks are a series of collectibles represented in the form of pixelated characters.
How many CryptoPunks are there
There are 10,000 unique collectible characters in the complete collection. They exist in a wide variety of shapes and forms.
While the majority of CryptoPunks NFTs depict humans, there are a few based on apes, zombies, and aliens as well. Classified on the basis of their rarity, human CryptoPunks, being the most common, are sold for less compared to the rarer, hard-to-get non-human characters of CryptoPunks.
Depending on their attributes, CryptoPunks have value changes, with some being more expensive as compared to the others. In the collection, there are eight CryptoPunks that do not have any attributes, while 9 of them are aliens. Another 24 are apes and 44 have a beanie, while 48 have a choker. Out of the rest, 78 have buck teeth and 128 have rosy cheeks.
One particular CryptoPunk NFT, which had several rare attributes, was sold for more than $7.5 million. But this trend does not suggest that attributes are the only thing that brings value to the CryptoPunk. Their value can simply be determined from the likeness of the portrait and its appearance.
CryptoPunks Price Now
At the onset of March 2022, the CryptoPunks price is hovering around the $200,000 mark. While it is a far distance from its opening rate this year, at around $250,000 on the 1st of Jan, the figure right now is still close to a 25% high as compared to its lowest mark in February last week, at nearly $150,000.
As for the 24-hour CryptoPunks trading volume, it stands at just below half a million USD.
Some rare CryptoPunks NFTs sold for millions of dollars – via Bybit Learn
According to Larva Labs, the developers of CryptoPunks, the current lowest-priced Punk which is available is listed at 68.9 ETH or around $200,00 USD. In 2021, the average bid over the year for a Punk was 58.76 ETH which was nearly $170,000 USD. There was a controversial sale that happened in October last year 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. But quite a few Punks have fetched millions, with the highest legit sale going for $11.7 million at Sotheby’s. You can read our article on the most expensive NFTs to know more.
CryptoPunks Floor Price
The floor price of CryptoPunks right now is 199,215 USD or 68.9 ETH and the 24-hour trading volume is 1,278,896 USD with 6 sales.
At the time of writing, in the last 24 hours, the price floor of CryptoPunks has increased by 4.09%.
While the last 7-day average sale price of CryptoPunks is 209,005 USD, the highest sale value during the same period is 611,853 USD. The project currently has a floor cap of 1,992,153,930 USD. It has a listed ratio of 13.58% and a max supply of 10,000.
What is an NFT Floor Price exactly?
Since NFTs are non-fungible cryptographic tokens that represent items having unique properties, each NFT has a different price. From the NFT supplier’s POV, which includes the sellers and creators of digital art and other forms of crypto art trends, their value tends to converge from a price decided commonly from a discovery point of view, also known as the lowest ask price or Price Floor.
In the world of NFTs, the floor price is the lowest amount of money you can spend to own an NFT and become a member of an NFT project. It is the lowest price for collection items and is updated in real-time. The floor price is set by the owner of that NFT in an NFT project, who is listing that NFT for sale at a lower price than all other sellers within the same NFT project.
The term “floor price” was commonly used by economists to describe the lowest price which can be charged for a particular product, commodity, or service. In the NFT market, the floor price is one of the most commonly used metrics to determine the market value of a project.
The most expensive CryptoPunk, and the CryptoPunks floor price that day – via DappRadar
Being one of the most highly regarded projects in the NFT space, CryptoPunks currently has a price floor of 68.9 Ethereum. That is why this is the cheapest price a potential buyer would have to pay to get in on the project. There is one more way a buyer can purchase a CryptoPunk for less than the floor price, that is, by making an offer.
The chances of the offer getting accepted by the seller are of course extremely rare – why would the seller accept a price lower than what has already been set? Despite the low odds, purchasers do have the option to send bids or make offers that are time-sensitive and can be made at any price, even if it is lower than the floor price.
Though the floor price in an NFT project is the lowest price of any NFT within a certain category, it doesn’t mean one should necessarily purchase the cheapest NFT out of the entire project. One of the most obvious reasons why buying the floor works well, is because it is an easy way for beginners to become an owner and join the project.
From an economic perspective, cheaper NFTs are affordable to a larger number of potential customers. They also benefit from increased visibility in the market space, on the basis of sorting NFTs from cheapest to the costliest. The floor price for potential categories often rises much faster than the moderately priced ones.
One noteworthy aspect of this metric is that the usefulness of the price floor concept is closely related to the level of granularity of data. Granular data is the lowest level of data in a target set. It refers to the size that data fields are divided into. For example, in time-series data, the granularity of measurement can be sub-divided into intervals of years, months, weeks, days, or hours.
Each collectible set or crypto art drop comes with a different granularity of data. The catch here is that there are quite a few NFTs that have hundreds or even thousands of series and subsets.
This is why listing a common price floor for these projects will not be as effective as for those that have fewer iterations and are more homogeneous. As a result, there is a need to continually increase the granularity of data associated with the NFTs.
CryptoPunks Price Chart
CryptoPunks NFTs price chart – via Tradingview
CryptoPunks Price Prediction 2024
As is well known that CryptoPunks are OGs in the NFT space, it seems quite unlikely that a CryptoPunk will ever sell for less than 55 Ether. With passing time, the value of this project is only likely to increase. 2022 lows could be approximately 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 4,200 ETH. There was also a controversial sale in which there was a CryptoPunk that sold for almost 124,000 ETH. It was soon 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 more than 5,000 ETH. Optimistically speaking, if the entire cryptocurrency community continues to be bullish, CryptoPunks might even sell beyond that.
CryptoPunks acquired by Yuga Labs
Rise in floor price on news of being acquired by Yuga Labs – NFTpricefloor.com
On March 12th 2022 Yuga Labs announced on Twitter that they had bought the rights to CryptoPunks, as well as Meebits NFTs, from their creator Larva Labs.
Larva Labs praised Yuga Labs and predicted that Punks would see further growth under their leadership and direction – Yuga Labs created the Bored Ape NFTs which are now the most highly valued in the entire NFT space.
The floor price of CryptoPunks rose on the day of the news, pumping back above 70 ETH, suggesting the acquisition had increased investor confidence and buying interest.
CryptoPunks Value – Why is it high?
The technology that lies underneath NFTs is quite incredible. In a way, NFTs can be considered as a bridge between real-world and blockchain technology. This unique crossover characteristic makes NFTs very valuable as well as expensive. Despite their technological novelty, NFTs have been labeled as a fraud and a scam since their nascent days in the market.
Some even term them as useless, citing that anyone could just take a screenshot of the NFTs and own them without having to buy them. This theory though doesn’t go well with ardent gamers and NFT enthusiasts. While some players earn as much as up to $2000 a month just by playing 2 hours a day, there are people who get exclusive access to a VIP event, held only for certain NFT-project owners.
As if these perks were not enough to entice people, developers began creating bespoke gaming avatars as NFTs. To put it into perspective, there are certain games now where you have to pay real money just so that you (your avatar) look cooler in the online world.
With the help of blockchain technology and NFTs, people can today own an NFT in the form of a unique avatar that represents only them and can not be replicated. This is certainly where the concept of digital identity becomes serious and uber-expensive.
Once we understand the demand, development, and novelty of NFTs in the market, the reason behind CryptoPunks’ immense success isn’t quite hard to decipher. CryptoPunks is THE OG NFT collection, which has largely transformed the NFT space that we see today.
CryptoPunks sales recently hit the $1 billion mark
When they were launched in the market, the developers were giving CryptoPunks NFTs out for free. Right now, every one of them costs hundreds of thousands and some even millions of dollars.
The question lingers though – what is so special about a collection of pixelated art? CryptoPunks is not merely an NFT collection that offers just an artwork of pixelated characters. They allow people to express themselves with the help of unique character-based artwork.
As the digital world grows, people are getting more and more concerned with their digital image. They are becoming particular about how they appear in their profile pictures, bios, headers, and similar spaces.
CryptoPunks is one of the first NFT collectibles that arrived on the Ethereum blockchain back in 2017. It was minted well before other famous projects as CryptoKittes arrived in the NFT space. This is one of the main reasons why the general value of CryptoPunks is higher than the rest of the projects in the NFT market.
Since CryptoPunks is the first-ever NFT collection of its kind, its owners are deemed as the OGs of the NFT space. Understandably then, owning a CryptoPunk grants you an elevated status in the digital space. The owners are not just envied, but widely respected and considered OGs as well.
It certainly sounds crazy when you take into account that back in 2017, CryptoPunks were given away 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 club would, of course, share one thing in common with everyone – owning a unique CryptoPunk NFT. It can be safely said that CryptoPunks are the equivalent of Bitcoin in the cryptocurrency market.
How to buy CryptoPunk NFTs?
There is a reason why most NFTs today are purchased with ether (ETH), the native currency of the Ethereum network. Of course, like most cryptocurrencies, it can be converted from U.S. dollars on exchanges like Kraken, Gemini, and Coinbase.
But unlike Bitcoin, which mainly acts as a cryptocurrency and a payment network, blockchain networks like Ethereum and Solana allow users to develop apps that can store personal data and establish protocols to process complex financial transactions.
Although it may seem that buying an NFT is a tough job, the good news is that it is only as difficult as buying your favorite merchandise online. In order to purchase an NFT, one needs to set up a digital wallet to store their cryptocurrency.
Get a crypto wallet
eToro wallet
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. Some of them include Binance and Coinbase.
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. Picking a wallet that best suits your needs is an important step, to begin with.
For example, a MetaMask wallet 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.
You could make an account on eToro by going on their website.
Once the digital wallet has been securely established and is operational, you need to buy Ethereum. There are a few ways to obtain ETH or Ether as it is also known. The simplest option is to purchase Ether from the wallet provider if they offer such services. If that isn’t an option, another way is to send Ether that you may already possess to the newly established wallet via another cryptocurrency exchange.
eToro, Huobi, Crypto.com, Binance or Coinbase are some of the most trusted options for this step since they are well established and secure crypto exchanges. One of the most important checks to perform before you begin with any transaction is to test if your wallet works with the web browser you are currently using through its extensions.
Buying Ethereum on eToro
Once these checkpoints are completed, one must obviously have the necessary Ethereum to proceed and buy NFTs.
The user can then connect to a marketplace wherein they plan to buy NFTs. NFTs are mostly sold via auctions where interested buyers can make a bid for their NFT of choice. Nowadays, some sites are also offering the option to buy NFTs for a set price.
With a plethora of projects available in the market, deciding which NFT project to invest in can be a tough call.
Where are CryptoPunks listed for sale
One of the best ways to see which CryptoPunks are up for grabs 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 first purchase.
When you start with the buying process, make sure to remember that there is no compulsion to pay the listed price immediately. To start with, you can 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 selling like hotcakes. Also read our review of the best NFT wallets for where to store your newly purchased CryptoPunk.
Summary
This NFT pandemonium is completely 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 2024 and in the run-up to the next Bitcoin halving in 2024.
But is the rapidly growing market the only thing we should care about? A study that came out from Emergen Research in January 2022 indicates that the global NFT market value is expected to cross more than $3.5 trillion by 2030. On the other hand, there have been various instances of theft and fraud as well – Opensea and Treasure DAO were recently hacked. Scams are becoming common and fees and commissions vary widely too.
From an environmental perspective also, the electricity required to run and mint the Ethereum network is a source of massive carbon emissions. New investors using an NFT marketplace should do so with high awareness and responsibility. Potential buyers, as well as traders, need to understand that it’s important to assess marketplaces and thoroughly read the FAQs and service terms with scrutiny.
CryptoPunk alternatives
If you’re ready to invest in NFTs but at a lower price point, you can also buy NFTs for as little as $1 at auction on smaller marketplaces. These marketplaces are associated with crypto exchanges so are safe to use, and have affordable alternatives to Punks:
Update – a promising new NFT collection in 2022 is the Lucky Block Platinum Rollers club, owners of one of these NFTs are entered into daily prize draws to win cash sums.
FAQs
What is a CryptoPunk?
CryptoPunks are 10,000 uniquely generated characters. They exist in a wide variety of shapes and forms. In the collection, there are eight CryptoPunks that do not have any attributes, while 9 of them are aliens. Another 24 are apes and 44 have a beanie, while 48 have a choker. Out of the rest, 78 have buck teeth and 128 have rosy cheeks.
Which CryptoPunks NFT has been sold for the highest price?
The highest CryptoPunk #5822 was sold for 8000 ETH, which is close to $23.7 million. On Feb 12, 2022 it became the highest-selling CryptoPunk to date.
Can I buy CryptoPunks NFTs with Ethereum?
Yes, the CryptoPunks are made on the Ethereum Blockchain and they could be easily bought through Ethereum cryptocurrency, ether.
Will CryptoPunks NFTs price rise in the future?
Yes, there are high chances that the CryptoPunk NFTs price would keep on rising. This is because they are limited in number (10,000) and now they have become more of a status symbol. Many CryptoPunks price predictions are bullish.
Are CryptoPunks worth buying?
If you believe in the potentials of NFTs and Blockchain and if you are looking for a long term investment horizon, buying CryptoPunks NFTs may absolutely be worth it.
Where to buy CryptoPunks NFTs?
You can buy CryptoPunks NFTs on marketplaces such as Opensea, after buying Ethereum from regulated crypto platforms such as eToro.
How much money is the average CryptoPunk sold for?
The lowest priced CryptoPunk on Opensea is priced at 28 ETH which translates to $75,130. That being said, the average price of CryptoPunk would be around $199,069 as per CoinDesk.
What is the floor price of CryptoPunks NFTs right now?
The floor price of CryptoPunks at the time of writing is 199,215 USD or 68.9 ETH.
