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Cryptopunks, the most expensive NFTs: Why do they attract top prices?

Cryptopolitan


TL;DR Breakdown

  • The most liked punk is Cryptopunk #3100
  • The most expensive Cryptopunk #9998 at 124,547.0675 ETH ($535 million), though a fake sale.
  • The Cheapest Bored Ape is #9366 at the best offer of 29.99 ETH

The Cryptopunks is a collection of uniquely generated digital arts, 10,000 in all. These collectibles have their proof of ownership stored on the blockchain, formally free to claim by anyone with an Ethereum wallet address but now sold for hundreds of thousands of U.S dollars.

In 2017, when most people are about Bitcoin and the few other cryptocurrencies, two Canadian developers Matt Hall and John Watkinson, came up with one of the first digital arts launched on the Ethereum blockchain, the Cryptopunks.

Backed by a smart contract that makes each one unique, they are the first Non-Fungible tokens ever launched on the Ethereum Blockchain, which has inspired the ERC-721 standard that powers most NFTs today. 

Top 5 most favorited CRYPTOPUNK

The Cryptopunk collection is an NFT project designed by Larva Labs, many of which have been bought at huge sums by famous musicians and celebrities. They lead the trend of NFTs, with some rarer than others; the average price of a typical Cryptopunk is at $412,000.

The trading volume for Cryptopunks has increased on Opensea, over $41million in the past seven days by NFT stats. Cryptopunks collection is ranking number 4 on Opensea’s top collections over the last seven days.

The more attention an artwork and its creator get, the more valuable the artwork might be; this is the same for digital arts/NFTs. 

Below is a list of Cryptopunks with the most attention on Opensea:

Top 5 most favorited CRYPTOPUNK

Top 10 most expensive CRYPTOPUNKS

The Cryptopunks is much more than just an NFT collection; it’s the King of NFTs, just like Bitcoin in Cryptocurrencies. All digital assets and collectibles have drawn inspiration from these punks; early in November, Punk #9998 sold for $535m, though there’s a lot of story behind that sale.

There are several types of Cryptopunks; 6039 Males, 3840 Females, 88 Zombies, 24 Apes, and 9 Aliens.  The rarities have given rise to a lot of demands. Below is a list of the most expensive Punks in the collections:

Top 10 most expensive CRYPTOPUNKS

Top 10 Cheapest CRYPTOPUNKS

Most Cryptopunks with a blue background are not for sale, but their owners’ Punks with a purple background are up for sale. Among the 10,000 Cryptopunks Collections, a few affordable punks with very low bids. See below:

Top 10 Cheapest CRYPTOPUNKS

Wrap up – Why are Cryptopunks so expensive?

The valuation of Cryptopunks is often based on scarcity, hedonic, age, or popularity. Still, the most interesting would be hedonic, which refers to a dimension of consumer perceived value associated with senses, pleasures, feelings, and emotions.

There are no exact criteria for pricing Cryptopunks, but a lot of community influence gets into play. CryptoPunks owners have their Discord server where they interact about upcoming NFT projects that they are interested in purchasing.

Their interactions and opinions of punk aesthetics also determine how much a CryptoPunk is worth. Consistent community interaction is undoubtedly one of the top reasons why CryptoPunks continue to attract top prices.



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