CryptoPunk Art Sell for Millions at Christie’s Auction
Some believe that the CryptoPunks project marked the beginning of the CryptoArt movement. But, CryptoPunks will be the first non fungible token (NFT) project on Ethereum is unsure. Nonetheless, the project is a memorable one. It was started by Matt Hall and John Watkinson at Larva Labs. The software generated 10,000 punks that are strange-looking pixel characters with distinct features and could be traded on the NFT platform.
Another advanced aspect of CryptoPunks is how it confronted the concept of owning digital art. In 2017, there were digital artists with a remarkable following. One such is Beeple, who started their 5000-day project in 2013. However, Larva Labs went a step ahead and launched the collectibles as tradable NFTs.
The CryptoPunks can be viewed by anyone on the Larva Labs website and there is a complete page dedicated to each of them. However, there is only one owner of each punk.
The history of transactions and ownership are encoded on the Ethereum blockchain. The system has helped to inspire the ERC-721 standard for NFTs, which sets the expansion stage of the NFT market. After CryptoPunks were uncovered, the CryptoKitties was launched by Dapper Labs, which defined the ERC-721 standard.
With the developers claiming 1000 for themselves, punks were initially claimed to get free on the platform. It took some time but ultimately the Punks were selling for thousands of dollars each. Last year, 8000 sales were recorded with an average price of 15.45 ether ($30,412) each. The total sales were $251 million, with 98% being conducted in the last few months.
According to Techcrunch, the sudden rise for Punks is directly related to the rise in interest in Dapper Labs and the increase in cryptocurrency values. These factors have made investors more willing to bet on digital goods.
About NFT Collection CryptoPunks
CryptoPunks was founded four years ago by two software developers. They thought it was a ludicrous idea that would require a “conceptual leap.” That project is justifiably seen as the origin of the current CryptoArt trend four years later. This odd art piece posed a thought-provoking question: Could a few lines of code translate to a sense of meaningful ownership?
A unique example of that pioneering work will be auctioned off at a typical auction house for the first time. On May 11, 2021, Christie’s 21st Century Evening Sale in New York will offer a single lot of nine Punks, courtesy of Larva Labs, the project’s founders, and pioneers.
17 Million Dollar Sale for the NFT Collection CryptoPunk
In a Christie’s auction Tuesday evening, a group of nine CryptoPunks portraits sold for little under $17 million, marking another significant milestone for NFT art sales.
Matt Hall and John Watkinson, co-creators of the NFT platform, had an extensive collection of pixelated portraits.
One of the earliest NFT projects on the Ethereum blockchain is the CryptoPunks platform.
Thousands of procedurally produced characters were given away for free in 2017.
A strong NFT community has evolved around the ‘Punks in the years since.
Prices have exploded in recent months, owing to a broader NFT boom.
Last month, TechCrunch covered the group and some of its purchasers, who paid tens of thousands of dollars to become members of the secretive CryptoPunks club.
The sale on Tuesday is a significant payoff for the project’s developers. Still, it comes just days after another big payday: the introduction of their new project, Meebits, which generated about $80 million in sales in only a few hours.
Christie’s final bid was $14.5 million, or $16.96 million after fees.
NFT collection had been expecting the sale to reach an even greater premium in recent weeks, which had resulted in a significant increase in CryptoPunks prices in the weeks leading up to the auction.
Though the lot sold for a far more significant monetary amount, when valued in Ethereum cryptocurrency denominations, the entire bundle sold for somewhat less than the previous extraterrestrial figure, which sold for 4,200 Eth (about USD 7.2 million at the time).