By William Peaster
Compiled by: BitpushNews Scott Liu
CryptoPunks are the most historic and iconic digital collectibles on Ethereum. Since their low-key launch in 2017, they have remained obscure until 2021, when they experienced explosive growth. This experience from obscurity to overnight fame can be said to be one of the most amazing "rags to riches" stories in the NFT field.
As of now, CryptoPunks has accumulated sales of more than $2.87 billion and a market value of approximately $800 million. They remain an important force in the NFT market and are one of the few projects that have ever reached a reserve price of 100+ETH.
However, although the base price of CryptoPunks has risen by 50% in the past few weeks to 29 ETH, it is still a long way from the all-time high of 113 ETH set at the peak of the NFT bull market in October 2021. Many NFT enthusiasts can't help but ask, can CryptoPunks reproduce the glory of the year? Is their price expected to break through 100 ETH again?
I think the answer is yes. The reason is that this series still performs well in all 10 main criteria I use to analyze digital collectibles. Here are my detailed analysis:
Creator Reputation – 9/10
Aesthetic Value – 9/10
Technical quality – 10/10
Cultural Impact – 10/10
Community – 7/10
Practicality – 7/10
Project Management – 7/10
Marketing activities – 10/10
Hype – 7/10
Future prospects – 10/10
My overall score: 86/100
Creator Reputation – 9/10
CryptoPunks was created by Larva Labs, whose founders Matt Hall and John Watkinson are now considered pioneers in the NFT space. They initially released the series as an experiment and did not intervene in the development of the project after the release, which allowed the project to evolve naturally and form its own unique vitality. This work not only inspired Ethereum's ERC-721 standard, but also pioneered the popular trend of generative 10k series, which is still widely adopted today. As a result, Larva Labs is regarded as a legend in the NFT space, and CryptoPunks is their most popular work.
Aesthetic Value – 9/10
CryptoPunks’ 24×24 pixel art style is full of nostalgia and has become an iconic symbol. Although seemingly simple, the unique visual style of ‘Punks has withstood the test of time and is well-known even outside the crypto community. The limited color palette and diverse properties make them unique and collectible among many NFT works.
Technical quality – 10/10
CryptoPunks not only inspired the ERC-721 standard, but its initial smart contract also innovatively adopted the "on-chain hashing" technology to store the synthetic image of the collection in a cryptographic hash on the Ethereum chain. Later, Larva Labs went a step further and stored every image of the entire series entirely on Ethereum. The recently launched CryptoPunks721 packaging contract also provides new possibilities for future innovative applications.
Cultural Impact – 10/10
In the field of NFT, the cultural influence of CryptoPunks is not only widely spread in the crypto world, but also has a profound impact in mainstream culture. They have inspired hundreds of derivative projects, and have been exhibited in major art exhibitions around the world, appeared in the world's top auction houses, and appeared in mainstream media reports. The influence of CryptoPunks makes it possible to continue to enhance its cultural status in the coming years.
Community – 7/10
The CryptoPunks community reached its peak in 2019-2021, when it was a close-knit community that attracted many of the top people in the crypto community. Although the community activity has declined since then, there are still many talented people holding 'Punks, so the community still has great potential.
Practicality – 7/10
The licensing of CryptoPunks allows holders to create derivative works based on their 'Punks. Although this is interesting, many holders may never explore this area in depth. Currently, 'Punks have become one of the preferred collateral assets in the NFTfi ecosystem. Whether borrowing or lending, users can find a wealth of options on platforms such as Blur, GONDI and NFTfi.com.
Project Management – 7/10
In 2022, Yuga Labs, the company that founded Bored Ape Yacht Club, acquired the intellectual property of CryptoPunks. This acquisition was controversial, and some people were concerned that it might affect CryptoPunks. However, Yuga Labs handled this transition process well overall, showing their commitment to maintaining CryptoPunks. Although there were some minor missteps in communication, Yuga Labs did a good job of adding value, such as supporting exhibitions and innovative packaging contracts. If this effort continues in the future, I am optimistic about the project management.
Marketing activities – 10/10
CryptoPunks remain an indispensable cornerstone in the contemporary NFT market, with trading volumes consistently at the forefront and market demand remaining strong. There are currently over 1,000 ‘Punks for sale on the market, providing buyers with a wealth of choices. If you’re interested in buying or selling a ‘Punk, you won’t encounter much difficulty.
Heat – 7/10
CryptoPunks were launched in 2017, and Yuga Labs currently manages the project in a hands-off manner. Compared to newer, more actively marketed projects, the popularity of ‘Punks has obviously declined. However, ‘Punks do not need active marketing because they have become one of the most attractive online commodities in the world. The aura of ‘Punks remains, and their intrinsic appeal as special and historic digital collectibles will not fade. Even if the official Twitter account does not post daily updates, ‘Punks will still be the focus of attention.
Future prospects – 10/10
Taking all of the above criteria into account, the future prospects of CryptoPunks remain very bright - even brighter than any other NFT series today. No other NFT project can currently compare with CryptoPunks on all of these key metrics. Perhaps the Nouns project comes closest, but it is significantly inferior to CryptoPunks in terms of market activity and popularity. CryptoPunks' dominance stems from its iconic rise and its unique combination of art, digital collectibles, historical relics, and financial collateral. As the NFT market continues to mature, the value and cultural significance of CryptoPunks are expected to reach new heights.