CryptoPunks — one of the first NFT collections
How it works
CryptoPunks is one of the very first and best-known NFT collections, 10,000 pixel characters on Ethereum released in 2017 by the studio Larva Labs. An NFT is a unique token, that is, a record on the blockchain that a particular item is assigned to a particular address (what this is in general is covered in the article what is an NFT). The value of CryptoPunks is cultural and by agreement rather than anything else, an early example that the uniqueness of a digital item can be recorded on a blockchain.
This is a set of 10,000 unique characters, released on Ethereum by the studio Larva Labs in 2017. The collection is closed, no new “punks” are added to it, so all 10,000 have existed from the very start. CryptoPunks appeared before the common NFT standard (ERC-721) and largely pushed it forward, so the collection has its own special contract.
Every “punk” was generated by a program that assembled characters from a set of traits, so each one came out different. A punk has a base type and a set of accessories (hats, glasses, earrings and others), and its rarity depends on how rare the type and the combination of traits are. Humans are the most common, 6,039 male and 3,840 female characters. Zombies are rarer (88), apes rarer still (24), and the rarest are aliens (only 9). It is usually the rare types that cost the most3.
The rights to the CryptoPunks brand and images have changed hands over time. First they were held by Larva Labs, then Yuga Labs, and in 2025 they passed to the nonprofit Infinite Node Foundation1. Who holds the rights now and on what terms the images may be used are best checked directly.
Owning a “punk” means owning the token-record under the contract’s rules, not the picture itself. The image is seen and freely copied by everyone, and the token by itself does not transfer rights to the image. Owning a specific token and owning the rights to the brand or image are different things (the difference is covered in the article what is an NFT).
In 2017 “punks” were given away for free, you paid only the network fee. Later, rare ones sold for millions. The collection’s record was set by alien #5822, sold in February 2022 for 8,000 ETH, about 23 million dollars at the time3. Among the well-known owners are Jay-Z (#6095), Serena Williams (#2950), Mark Cuban (#869) and others4. Current prices and sales change a lot, check fresh ones in.
The same picture is easy to copy, and fakes and “look-alikes” always spring up around a well-known collection. Always check that what you are looking at is the original collection and its real contract, otherwise you can buy an empty shell (see phishing and scams).
Why people buy CryptoPunks
Without advice, just as it is: CryptoPunks are bought as a collectible with cultural status. This describes why people get them, not advice and not a promise that the price will rise.
Properties
- A collectible: cultural and historical value by agreement
The price of such NFTs is very volatile and rests on fashion and cultural status, not on revenue or backing, so it can fall sharply. Liquidity is its own matter too, selling a unique item at the price you want and at the moment you want does not always work out.