Get To Know CryptoPunk, The Oldest NFT Worth Hundreds Of Billions Of Rupiah

CryptoPunk is one of the most popular NFTs at a fantastic price. (Business Insider)

JAKARTA - Non-fungible Token (NFT) is a crypto asset that reached its peak in 2021. The most expensive NFTs ever sold are recorded at billions and even trillions. Well, one of the very first and valued up to billions of rupiah is CryptoPunk. One of his collections, CryptoPunks #7523, was sold at a price of 11.75 million US dollars, around IDR 168.2 billion in June last year.

Reporting from Cryptopotato, CryptoPunks itself is the first NFT project that started its work in 2017. This digital art is the work of Larva Labs, a studio from the United States run by two artists, Matt Hall and John Watkinson.

Now, CryptoPunks is the most popular NFT whose collections are valued at hundreds of billions of rupiah. However, what exactly is this crypto digital art, and how did CryptoPunks get so exorbitant? Check out the explanation below!

What are CryptoPunks?

CryptoPunks are the most famous pioneers in the NFT world. This is because the artwork is the earliest series developed on the Ethereum blockchain. This digital artwork was created by New York-based software company Larva Labs in 2017.

This NFT is a collection of 10,000 artworks in the form of pixel images, each of which displays a unique combination, personality, and attribute that is randomly generated. That's what causes between one collection and another nothing is exactly the same.

Why CryptoPunk Can Be Such Fantastic Value?

The higher the demand for an item, the more expensive the item will be. That's what happened with CryptoPunk. However, the question is, how does a pixel image have such a high demand? There are several reasons why the demand for CryptoPunks skyrocketed and made them very expensive, but there are two main factors that made them very expensive.

Firstly, CryptoPunk is one of the oldest NFT projects still in circulation today. This digital artwork is the first to be on the blockchain. This is what makes the demand skyrocket. Many investors bought CryptoPunk because they wanted to own one of the oldest NFTs still in circulation today.

Second, in general, NFT has a very high value and is trending due to the scarcity of these tokens, and CryptoPunk is no exception. This high demand for NFT is driven by celebrities such as Selena Williams, Jay-Z, and others, who make CryptoPunk their profile photo on their social media. That makes the demand for the token in the crypto community sky high and makes the price fantastic.

What Are the Types of CryptoPunks?

CryptoPunks consists of various designs in the form of humans, apes, zombies, and aliens. The more unique the combination, the rarer the NFT CryptoPunks. The NFT consists of 24 monkeys, 9 aliens, 88 zombies, 3,840 female punks, and 6,039 male punks. Each of these characters has its own characteristics, such as 3D glasses, red cheeks, lipstick, pigtails, wearing a beanie, and so on.

The first thousand CryptoPunks were made available to the developers of the project known as Dev Punks. In addition, there is Punk without special characteristics or attributes called "Genesis Punk". Meanwhile, CryptoPunk #8348 has seven basic attributes and is one of the most sought-after works of art.

Most Expensive CryptoPunk Ever Sold

As explained earlier, CryptoPunk is one of the most expensive NFTs in the world today. The price of these digital artworks can reach hundreds of billions of rupiah for one collection. To find out the most expensive CryptoPunk, see below.

1. CryptoPunk #7523

CryptoPunk #7523 is one of Punk's only nine aliens out of all collections. This causes the artwork to be one of the rarest. This NFT is an alien who wears a mask and is also known as the "Covid Alien". CryptoPunk #7523 itself was successfully sold at a price of 11.75 million US dollars or IDR 168.2 billion.

2. CryptoPunk #4156

CryptoPunk #4156 is the second most expensive with a fantastic price, which is 10.26 million US dollars or around IDR 147.7 billion. The NFT is one of 24 CryptoPunk collections in the form of a blue bandana monkey.

3. CryptoPunk #7804

This NFT is in the form of an alien smoking a pipe wearing a hat and sunglasses. CryptoPunk #7804 sold for 7.56 million US dollars or IDR 108.8 billion which was bought by Figma CEO Dylan Field.

4. CryptoPunk #3100

CryptoPunk #3100 is an alien wearing a blue headband. The artwork was successfully sold in early March last year at a price of 7.51 million US dollars, or around IDR 108.1 billion.

5. CryptoPunk #5217

This NFT is an ape-shaped Punk who wears a red knit beanie and a gold chain necklace. CryptoPunk #5217 itself was successfully sold at a price of 5.44 million US dollars or IDR 77.7 billion.