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CryptoPunks are collectible pieces of crypto art, represented by NFTs on the Ethereum blockchain. The CryptoPunks are a collection of 24x24, 8-bit-style pixel art images of misfits and eccentrics. There are exactly 10,000 of them, all with unique features.
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In 2017, Matt Hall and John Watkinson, founders of New York-based software company Larva Labs, created a software program that would generate thousands of different, strange-looking characters.
At first, they thought they might have had the makings of aĀ smartphone app or game. What they ended up with was a paradigm-altering model for the digital art market and a challenge to the concept of āownershipā itself.
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The CryptoPunks are a collection of 24x24, 8-bit-style pixel art images of misfits and eccentrics.Ā
There are exactly 10,000 of them, each with their own ostensible personality and unique combination of distinctive, randomly generated features.
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To Hall and Watkinson, there was a raucous, anti-establishment spirit to the early days of the blockchain movement. It was a vibe they wanted to reflect in the look of their Punks.
āThe London punk movement of the 1970s felt like the right aesthetic.ā The dystopian grit of cyberpunk as typified by the film Blade Runner and William Gibsonās novel Neuromancer, was also an influence.
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Thereās aĀ composite image of all 10,000 CryptoPunksĀ on Larva Labsā website.Ā
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Official ownership of each work is publicly accessible on the Ethereum blockchain. The ownership history of each artwork is tracked and documented in the blockchain.
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As well as the human CryptoPunks, Hall and Watkinson ā with a nod to popular culture archetypes ā tweaked their software algorithms to generate a scarcer number of fantastical, non-human works, adding 88 green-skinned zombie Punks, 24 hirsute ape Punks and nine light-blue-skinned alien Punks to the series.
Like their human counterparts, the non-human Punks have different combinations of accessories: one alien is smoking a pipe, for example, and has been dubbed the āwise alienā.
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In accordance with the nature of blockchain, once the project went live, Larva Labs couldnāt alter the existing series, even if they wanted to. āItās odd to think of what might have been different if we had run the generator just one moreāÆtime, orāÆused the penultimate runās output.āĀ
The creators regard each work as individual pieces of generative art, while allowing that the entire project itself might be thought of as a larger conceptual piece. āItās possibly the first work of art with a self-contained mechanism for recording and transacting its ownership.ā
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Once minted, Hall and Watkinson offered the CryptoPunks for free, not forgetting to claim 1,000 for themselves, 'just in case it becomes a thing,'Ā as Hall put it.Ā
At first, there was very little interest, but after a while, Punks were selling for thousands of dollars.
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As of early April 2021, over 8,000 sales had been recorded in the previous 12 months, with an average sale price of 15.45 ether ($30,412.40). The total value of all sales is 127,360 ether ($251,620,000) ā and that value grows daily.
In February,Ā CryptoPunk 6965,Ā a fedora-wearing ape Punk, sold for 800 ether ā equivalent to $1.5 million. And on 11 March 2021,Ā CryptoPunk 7804,Ā the previously mentioned pipe-smoking āwise alien,ā was sold for the equivalent of $7.5 million ā the highest amount ever paid for a Punk at the time. The record was beaten the next day.
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Larva Labsā set comprises nine CryptoPunks, all from their original collection, in a single lot that highlights the seriesā best features: muttonchops, earrings, big shades, crazy hair, a hoodie, a mohawk and more.
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