Since it was released to the public, CryptoPunks has become the most sought-after NFT avatars in the world today. And because of its success (and all the revenues it has generated), various NFT avatars have followed to ride on the wave that CryptoPunk has created.
It all started in 2017 when software developer Larva Labs created 10,000 Cyberpunk-themed pixelated characters. Each of the digital figure has a unique feature that was generated by its algorithm. The adorable pixelated characters were distributed for free for anyone willing to pay the gas fee.
Rarity is the new gold
It is undeniable that CryptoPunks‘ pixelated characters are adorable to look at, but no one would have anticipated that they would soon garner millions of dollars.
But the real “gold” in CryptoPunks is not their unassuming appearance but the rare qualities that each character possesses. Again, all of the 10,000 characters in the collection have unique traits, which makes all of them truly valuable.
In the NFT world, just like in the world of physical arts, rarity is what drives an art’s price, and it’s not hard to find people who are willing to pay a hefty price just to purchase these rare assets.
Unstoppable popularity
CryptoPunks has started to catch the world’s attention when it was starting to garner prices at the million-dollar level. One CryptoPunk was recently listed by its owner for $171 million, which is a clear sign of the collection’s continuous popularity.
Other characters were sold at $1 million last February, which is certainly astounding and cements CryptoPunk’s position as one of the most valuable NFTs in the world.
A lot of NFT avatars were launched in an attempt to replicate CryptoPunk’s success, and while others have failed, some have become successful and made the NFT space more vibrant for everyone.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/how-cryptopunks-sparked-the-nft-avatar-revolution/
