A review of the rise and bubble of NFTs

The movie "What The Punk" was officially released last month. The film tells the development process of CryptoPunks, the most representative project in the crypto art world. Directed by Hervé Martin-Delpierre and produced by Marc Lustigman, the film delves into how a crypto art project born in a shady neighborhood of Brooklyn became a global phenomenon.

The story begins with two Canadian programmers, Matt Hall and John Watkinson, who began experimenting with technology and art in 2005. Inspired by Brooklyn’s polluted waterways, the duo founded Larva Labs and eventually launched CryptoPunks in 2017. This series of 10,000 pixel images not only inspired the creation of the ERC-721 standard but also led to the subsequent PFP movement.

Initially, CryptoPunks didn’t attract much attention during its first week, but subsequent reports quickly sparked a rush, with the entire series being redeemed in just a few days. With the gradual rise of the secondary market, CryptoPunks' trading volume and price have hit new highs, becoming one of the important driving forces in the NFT market.

Reflections and future of crypto art world

"What The Punk" not only focuses on the success of CryptoPunks, but also invites several important figures in the crypto art world to share insights, including former Christie's digital art director Noah Davis, Dada's art expert Yehudit Mam, collector Dan Polko and long-time Punk Discord admin Tschuuuly. Together, these interviewees’ stories and perspectives outline how this project revolutionized the art world.

The film also mentions that the success of CryptoPunks has also led to some reflection. Robness, an early crypto artist, was critical of the craze, arguing that it focused too much on speculation and ignored the value of the art itself. In protest, he purchased Punk#2317in 2021 and burned it, symbolically expressing his displeasure with the phenomenon.

In the film, director Hervé Martin-Delpierre and producer Marc Lustigman show how CryptoPunks spurred the development of blockchain art projects. They said that although CryptoPunks once triggered a crazy trading boom, its artistic core and cryptopunk spirit still exist and continue to influence today's digital art ecosystem.

Source: What The Punk

Director and Producer’s Vision

In an interview with foreign media "Decrypt", Lustigman recalled: "I was initially exposed to the concept of CryptoPunks during the 2020 epidemic. Then I became very interested in this project and decided to make a film to record this unique phenomenon. .

Director Martin-Delpierre added: "I hope that through this film, I will not only show the success story of CryptoPunks, but also delve into the development of blockchain art."

"What The Punk" doesn't delve into the technical details of blockchain, instead focusing on the impact and artistic merit of CryptoPunks. The film also tells the story of V1 Punks, early versions that were abandoned due to technical issues and still exist on the blockchain, becoming an important part of the phenomenon.

Image source: What The Punk "What The Punk" movie poster

The director and producer hope that through this film, more people will know and understand the charm and challenges of blockchain art. They emphasized that the film is not just about the success of CryptoPunks, but about the stories of artists struggling and creating in the blockchain world. The film had its international premiere on VIMEO OTT on June 11 and was broadcast on the ARTE channel in France and Germany, as well as having its European premiere on the Digital Art Mile during Art Basel 2024.

By reviewing the rise and fall of CryptoPunks, "What The Punk" demonstrates the charm and challenges of crypto art and emphasizes the continued existence of the cryptopunk spirit. As the NFT market changes, this film reminds us that beneath the frenzy and bubbles, the core values ​​of art remain unchanged.

[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.