What is crypto punk

Cryptopunks - Unique pixels on the blockchain

CryptoPunks, the Art Market and Blockchain Technology: The Opportunities of Blockchain Technology.

CryptoPunks - that's 10,000 small works of art that show how you can improve the art market. Under the patronage of Larva Labs, two creative technology freaks who already want to have worked with "any kind of software", they are connecting PixelArt to the Ethereum Blockchain. Your portfolio, however, is impressive: 8-bit role-playing games, the world's largest open source library for legal documents and several apps are just a selection of the projects with which the makers behind CryptoPunks are allowed to adorn themselves.

CryptoPunks: Unique pixels, immortalized in the blockchain

One of the greatest advantages of blockchain technology is that it cannot be changed. Once information is written into the blockchain, it is difficult or impossible to change. A property of the technology that makes it particularly suitable for the application area “guarantees of origin”. Only recently, for example, the Budwiser group began using the technology for the work of farmers in African countries.

The use of blockchain technology in art is therefore almost obvious; after all, the art market operates in an industry that has to do with counterfeiting over and over again. The CryptoPunks project shows how you can combine both.

It all started, so it reports breakermag, in 2016. John Watkinson, one of the brains behind Larva Labs, experimented with a program for PixelArt characters, which then spat out 10,000 CryptoPunks - pixelated likenesses with randomly mixed attributes such as sunglasses, skin color or hairstyle.

Then the connection to the blockchain followed. Each CryptoPunk got its own hash, combined with a smart contract. These in turn contained some functions so that the purchase of the works of art could also be processed via the blockchain, the breakermag continues. Sales were slow, at the beginning of the project only a few CryptoPunks were sold. But the crypto boom in 2017 finally reached the project, sometimes the punks went over the digital counter for up to 10 ethers.

Inspired by the CryptoPunks, Mack Flavelle brought more so-called “collectibles” onto the Ethereum blockchain: the project known in crypto circles as “CryptoKitties”, including a new token standard.

The last CryptoPunk went out on January 22nd for the counter price of $ 118.26.

Punk 8616 bought for 0.7 ETH ($ 118.26 USD) by 0x5e4e93 from 0xe45df5. https://t.co/8a73Rq0moN#cryptopunks#ethereumpic.twitter.com/WqfyCyTput

- CryptoPunks Bot (@cryptopunksbot) January 22, 2020

If you want to find out more about the project, we recommend the official homepage.