Why CyrptoPunks NFTs Are Expensive?: The Answers Are Here!

NFTs has been shook the entire cryptocurrency blogging sites and crypto channels in video sharing platforms this year due to the surprising things they've been done.

NFTs or Non-Fungible Token is a unique images that works like cryptocurrencies (Bitcoin(BTC), Ethereum, Bitcoin Cash etc). They can be in a form of digital arts, landscape photographies, tweets and or memes. But the unique things here is that they are authenticated using cryptocurrencies blockchains for a digital ownership purposes.

NFTs got hooked the attention of the public and continousely gained more popularities when the" first" NFT called "CyberPunks" also known as digital Monalisa got sold for a million dollars. Check this pixelated image;

[Image Source]

As you can see, the image is pretty simple isn't it? But you might be surprised that this image got sold for approximately $7.5 million and just a algorithm-generated image. Is that possible ? Yes it is!

Maybe you will going to ask why that simple image got sold for that huge amount of money. And why that image is can be called as the digital Monalisa.? Is there something special in there? Well we are to dig some point for it.

CryptoPunks: What Are They?

CryptoPunks was originally released back in 2017 developed by John Watkinson and Matt Hall of Larva lab , and it was the first Non-Fungible Tokens(NFTs). It uses Ethereum blockchain to fuel the creation and infrastructures of the CryptoPunks.

Now, obviously these things were happened due to the possible reasons behind it. Like, who wants to buy that kind of image that only created by AI?that's crazy right? Anyway, the reasons are here.

#1. The CryptoPunks Was The First NFTs

Of course you are undoubtedly going to buy the first thing that introduces NFTs to the many people and the main reason why NFTs today was boomed. I think is a great advantage to have atleast one of the first NFTs that created historical record. Of course due to them, NFTs marketplaces are appeared from different blockchains, it gave preveledge and opportunity to the artists, it made contribution to the crypto-space.

#2. CryptoPunks Aliens Are Rare

CryptoPunks Alien #7804 was sold for $7.5 million because of its rarity. CrypotPunks was originally created with different types(Male,Female,Ape , Zombies and Aliens.)

There were total of 10,000 CryptoPunks created. After the creation, 1000 of them claimed by the developers. These 1000 CryptoPunks is called Dev Punks or CryptoPunks for the developers.

Now the reason why aliens CryptoPunks was sold in million dollars was ,there were only 9 aliens CryptoPunks among the 10,000 CrypotPunks created. So basically, its rarity was reason behind its huge price.

#3. They were generated with accessories

Another factors why some of them are sold expensively is due to their accessories. CryptoPunks are generated using algorithms which is created and written by genius people too.

So the result is not manipulated like putting all your desired accessories to that CrypotPunks to make it more rare. The result is based upon the generation of the images. For instance if the algorithm created 998 male CrypotPunks and only 2 male CryptoPunks with accessories, that's means the 2 was the rare among of them and can be sold in higher price.

Basically, it's more about the results.

#4 Due To The Gas Fees

CrypotPunks was authenticated using Ethereum Blockchain. So basically, in able for you to successfully mint it, you have to pay some Gas Fees to make the process. So creators set some higher price to them due to Gas fees they've spent. A simple as that.

Now due this hype created by the CyrptoPunks, they were a lot of new types of Crypto Arts was appeared in different NFTs Marketplaces like OpenSea, Juungle, Wax and in fact, Binance will be launching their own NFTs marketplace too.

In the marketplaces, they were a lot of pixelated NFTs inspired from the famous CryptoPunks. Listed in a expensive price with different types and rarities too..So the point here is that, they were really influenced by the CrypotPunks due to the fact the prices of 'em was listed for a million or a thousand dollars too and some of them are sold expensively.

Unpopular Opinons Why They Can Sold With A Higher Price

• CryptoPunks influenced them

• Buyers are wealthy

• Ride with the hype

• For the collections purposes

• Supporting NFTs

And many more..

Thank you for reading 💚

How about you? What can you say about this? Share some of your thoughts in the comment section on why Pixelated NFTs are expensive?