CryptoPunks, one of the first non-fungible token (NFT) collections on the Ethereum blockchain, has reached a significant milestone as it celebrates its sixth anniversary.

Since its launch in June 2017, CryptoPunks has captivated the world with its 10,000 digital collectibles, leaving an indelible mark on the NFT realm as the largest NFT collection by market cap.

According to data compiled by blockchain analytics firm Nansen, CryptoPunks currently has an estimated market cap of over 806,801 ETH, worth more than $1.53 billion.

The Journey So Far

In a tweet thread, Nansen explained that CryptoPunks had a “humble beginning” on June 23, 2017, when only 287 wallets claimed the digital collectibles for free as soon as they were released. Canadian software developers Matt Hall and John Watkinson comprised the two-person team from Larva Labs studio, which launched the collection.

By the end of the launch date, 291 unique wallets had CryptoPunks after the first claimers had sold some of the assets. A week later, the NFTs reached an average price of 0.5 ETH with a volume of 124 ETH. Ether was worth $300 at the time.

Nearly a year later, in April 2018, fewer than 500 unique wallets held CryptoPunks, and by November 2020, the number had grown to 1,000. The growth could be linked to the emergence of wrapped punks in September 2020.

Wrapped punks are ERC-721 NFTs, backed by original ERC-20 punks, and tradeable on marketplaces like OpenSea and Rarible. To date, 770 punks are still wrapped, and the contract is the largest punk holder, followed by NFT company Yuga Labs with 422 punks.

The Most Expensive CryptoPunk Transaction

In 2021, the value of CryptoPunks rapidly surged alongside the number of new collectors. While wallets holding at least one punk reached 3693, the prices of the collectibles, particularly those with rare attributes like alien and ape, soared.

By February 18, 2021, CryptoPunks reached a weekly volume of 24,969 ETH ($48 million). On the same date, punk #4156 was sold for 650 ETH ($1.25 million), marking the first time a collectible was sold for more than a million dollars.

The most extraordinary CryptoPunk transaction happened a year later when punk #5822 was sold for 8,000 ETH ($23.7 million), making it the most expensive punk to date.

Yuga Labs to Publish CryptoPunks Book

In commemoration of the sixth anniversary, Yuga Labs, the owner of CryptoPunks, has partnered with Zak Group to publish official documentation of the NFT collection in a first-of-its-kind book.

The catalog will bring to life the untold stories of the collection, detailing every punk, pixel by pixel.

The post CryptoPunks NFT Collection Turns Six: Here’s the Journey So Far appeared first on CryptoPotato.

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Filed under: Bitcoin - @ June 25, 2023 12:15 pm