A mere week after the launch, all 10,000 CryptoPunks had been claimed. In fact, users looking to claim their CryptoPunks needed only to pay a small gas fee to interact with the smart contract on the Ethereum blockchain. ![]() They adopted a not-for-profit approach to issuing the NFTs, offering them to the community entirely non gratis. Galvanized by the innovation in the blockchain world and the rapid rise of Ethereum in 2017, Watkinson and Hall curated 10,000 CryptoPunks and chose to host them on the Ethereum blockchain. Thus, as an apparent homage to the punk and cyberpunk movements, Watkinson and Hall deemed their generative avatars as CryptoPunks. Not unlike the London punk movement which emerged in the mid-1970s, the cryptocurrency and blockchain spheres have long shared a similar anti-establishment esprit du corps. The founders of the studio, John Watkinson and Matt Hall, created an algorithm that generated 24x24 pixelated avatars, each with a unique blend of attributes which drew inspiration from the punk and cyberpunk subcultures. The CryptoPunks NFT collection was launched in 2017 by US-based Larva Labs. What Drove the Surge in CryptoPunks Prices in 2021? ![]() The Technical Infrastructure Underlying CryptoPunksĥ. Examining the Price Mechanics of CryptoPunksĤ. In particular, the following subjects will be covered:ģ. This article will provide a primer on the CryptoPunks project and subsequently attempt to decipher the speculative mania that has fueled the NFTs’ recent all-time record sales.
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