CryptoPunks launched in June 2017 as 10,000 algorithmically generated 24×24 pixel art characters on Ethereum, created by Matt Hall and John Watkinson of Larva Labs. They were given away for free to anyone with an Ethereum wallet. At the time, the ERC-721 NFT standard didn’t even exist yet — Punks used a custom contract that predated it. For nearly four years, CryptoPunks were a curiosity known only to a small circle of Ethereum early adopters.
Then 2021 happened. NFTs exploded into mainstream consciousness, and CryptoPunks — as the original NFT collection on Ethereum — became the ultimate status symbol. Punk #7804 sold for $7.56 million in March 2021. Punk #7523 sold for $11.75 million at a Sotheby’s auction in June 2021. Visa bought Punk #7610 for $150,000 and announced it as a corporate purchase. Christie’s, Sotheby’s, and Phillips all featured CryptoPunks in major auction house sales.
Larva Labs sold the CryptoPunks IP to Yuga Labs in March 2022 for an undisclosed sum. The acquisition was controversial — some Punk holders felt the original creators had abandoned the project, while others appreciated that the collection would be managed by a well-funded team. Yuga Labs gave full commercial rights to Punk holders, matching their BAYC licensing model.
CryptoPunks’ historical significance is absolute. They are the first NFT collection on Ethereum, and in the hierarchy of digital collectibles, that matters enormously. CryptoPunks holders include some of the wealthiest and most connected people in crypto. The floor price, even in the deepest bear markets, has never approached zero — there is a permanent collector base that treats Punks as art-historical artifacts. Whether you think NFTs are art, speculation, or scams, CryptoPunks are where the story started, and that provenance is worth something that doesn’t expire.
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