The way to look at art has completely changed in this modern-day era of technology. It is not only restricted to traditional art forms such as painting or sculpting but has spread its wings to a vast array of digital arts.
NFT, or Non-Fungible-Token, is one of the most popular digital art forms or simply digital assets artists use globally to showcase their creativity. CryptoPunks based on Ethereum Blockchain, the gold standard of the NFT world, are selling for millions of dollars.
CryptoPunks is a collection of 10,000 unique NFTs based on the Ethereum blockchain and uniquely different from each other.
They are 24×24 pixel, 8-bit-style PFP (Profile Picture) style NFTs, which are randomly generated with the help of multiple attributes and designs.
The most famous pixelated artworks include that of aliens, zombies, apes, and people. These computerized artworks all have an average sale price of millions of dollars, but the ones that garnered the highest bids were that of the aliens and the zombies.
Crypto Punks is an NFT project based on the Ethereum Blockchain and is considered one of the pioneers of the NFT movement that reached its peak in 2021 and revolutionized the crypto market.
NFTs provide proof of ownership of the artwork. Just like in the case of paintings or any other art form, there are copies, but the owner of the original art has a certificate of ownership to prove its genuineness. Similarly, NFT tech provides that proof of ownership to the holder of any particular art stored in the blockchain network on which it is based.
NFT Project Name | CryptoPunk |
Category | PFP Collectibles with Pixel Art Images |
Developer | Larva Labs (Matt Hall &John Watkinson) |
Year of Release | 2017 |
Current Owner | Yuga Labs |
Most Popular Collectible Characters | Zombie, Ape, Alien, Male, Female, Mohawk Hairstyles and Surgical Masks |
Factors for High Valuation | Type, Rarity, Demand & Supply, Value Estimators |
Highest Valued CryptoPunk & its owner | CryptoPunk #5822 – $23.7 million owned by Deepak Thapliyal (CEO of Chain) |
Celebs who own Crypto Punks Digital Artwork | Snoop Dogg, Logan Paul, Heidi Klum, Serena Williams, Gary V, and Marshmello |
They were developed by a company called Larva Labs in 2017. Initially, it was created on ERC-20, where the creators modified the codes to develop these NFTs. CryptoPunks was the inspiration behind the development of the ERC-721 protocol. Most of the digital art and collectibles in today’s time are developed on the ERC-721 protocol and are known as ERC-721 tokens.
Crypto punks are considered one of the most elite digital collectibles, along with CryptoKitties, Bored Ape Yacht Club (BAYC), and Crypto Toadz. However, in March 2022, CryptoPunks sold their intellectual Property (IP) to Yuga Labs, famous for the Bored Ape Yacht Club NFTs.
Let us now look at the steps on how one can create NFT like CryptoPunks:
The first and most crucial step to creating an NFT like CryptoPunks is the selection of the artwork. It can be anything from a text to a digital painting, a music piece to a custom video. Any form of multimedia form is accepted as the entire unique selling point of NFT technology is to turn that artwork into a one-of-a-kind non-fungible asset.
After choosing the original artwork, do the following:
Trust me when I say this, but building a quality NFT is not a joke. First and foremost, to build an NFT, one must pay variable transaction fees. When creating an NFT project that is of the caliber of Crypto Punks, rest assured that the cost will be extremely high.
Now, why do we need Ether and not anything else? The reason is that Ethereum is the most popular blockchain on which all the major nonfungible token projects are based. Also, almost all major NFT marketplace supports Ethereum-based digital collectibles. Even the leading project creators use the Ethereum network.
So along with the Ether, an Ethereum-based digital wallet is also necessary. Metamask is one best and easy to use Eth wallets that can be used for this purpose. One can also take the help of a token development company or a consultant to streamline the entire process.
Once the NFT is created and the Ethereum-based wallet is set up with some ether, it is time to choose the marketplace where the NFTs will be featured. OpenSea, Mintable, and Rarible are the most prestigious platforms available.
They are free to join, and they offer complete artistic liberty, i.e., no moderation is necessary. Unlike traditional art, an artist doesn’t need approval to be on the platform to sell their NFT. However, selling NFTs in these marketplaces is difficult as the competition is exceptionally high and full of digital trinkets. So, even with a CryptoPunk clone, one must stand out to gain high prices.
As the digital wallet’s connection has been established with the marketplace of choice, the final minting process will begin. Once the NFTs are minted, they can be saved as part of the NFT collection.
Whenever anyone wants to generate an NFT, they must repeat the same process of uploading the artwork and filling in all the necessary details when asked. Following this, one must press the ok or create button, and Voila! The freshly baked NFT is ready to shine. But wait, the process doesn’t end here.
Now, why does one create NFTs? It’s not just to showcase their creativity but also to earn money or, in other words, wealth generation by trading tokens.
Hence, the auction process where bidders bid for the NFTs is of utmost importance to the artists. The marketplace informs the owner of the NFTs, the highest bid received on the said NFT, and if the owner agrees, then the transaction takes place, and the ownership is transferred to the buyer.
One may also reject the bid and continue the bidding process until an acceptable offer is made.
Also Read:
Yes, it is possible to create your own NFT, but it’s not easy and requires considerable effort to build one. The boon of blockchain technology allows anyone to become a coveted artist. It attributes ownership of the art and allows it to receive value through an auction in an NFT marketplace like any other traditional art form.
Like any other NFTs, CryptoPunks are also created with the help of an algorithm processed through a computer program. There are 10,000 nfts in the CryptoPunks collection, and all of them were generated in the same manner, where each is distinctly different from the others, including their attributes and traits.
Yes! With the help of a DIY process where one can install the image editor, upload the artwork, and then run the program in the preferred language. One can easily create their own CryptoPunk. One can also use Clone generators such as Figma or Genfty to create NFTs like CryptoPunks.
NFT project cost may vary from 50,000 dollars to 500,000 dollars depending on the scale and complexity of the project. If white-label programs are used, the cost will be much lower, but if anyone wants to build an NFT project with a marketplace from the ground up, it may incur huge costs.
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Recently, the NFT market saw an absolute boom, with celebrities getting involved and prestigious auction houses discussing Crypto Punks and BAYCs. The list included names such as Sotheby’s and Christie’s.
It witnessed a YOY growth of 3242.8% in its market cap. It also allows an ordinary artist to ride the ladder of success and become a Da Vinci or a Picasso in the digital art field.
Hope that article did justice and answered the query on how one can create NFT like CryptoPunks.
So, now you don’t just need to stick to trading to make $100 daily but instead follow these steps, and become the master at creating NFTs and trade them to earn even more.
Disclaimer: All the information presented in the article has been collected independently by BitMoneyAlpha and has not been reviewed or approved by CryptoPunks. The product information may vary. Please check CryptoPunk’s website for the latest information. The statements and opinions expressed in this article belong to the author and do not necessarily represent the views or opinions of any company or NFT or cryptocurrency issuer. The content is for informational purposes only. It is not financial advice. So, before investing in CryptoPunks, do your due diligence and always invest what you are comfortable losing, as all investments are your responsibility.
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