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Give me the basics

CryptoPunks is one of the first non-fungible tokens (NFTs) on the Ethereum blockchain. They are unique 8-bit style characters with different features like hats, glasses, and hair styles. CryptoPunks became very popular in the NFT space, with some selling for millions of dollars. The ownership of each CryptoPunk is recorded on the blockchain, making them one-of-a-kind digital assets.

In-depth explanation

CryptoPunks is an NFT project that was launched in June 2017 on the Ethereum blockchain by Larva Labs. The project comprises 10,000 unique 8-bit pixel art characters, each with its own distinct attributes such as hairstyles, hats, glasses, and more. Each CryptoPunk is considered a one-of-a-kind digital asset, making them valuable collectibles.

CryptoPunks were initially distributed for free through a minting process known as “proof of ownership,” in which anyone could claim a punk by simply proving ownership of a particular Ethereum address. However, as their popularity grew, their value skyrocketed, and they are now considered some of the most valuable NFTs on the market, with some selling for millions of dollars.

Despite being one of the earliest NFT projects, CryptoPunks have retained their value and popularity due to their unique and retro aesthetic, as well as their limited supply. Many collectors and enthusiasts see them as an important piece of NFT history and a must-have addition to any serious NFT portfolio.

In recent years, the popularity of CryptoPunks has led to the creation of various derivative projects, including Bored Ape Yacht Club and Meebits, which have also gained significant traction in the NFT market.

In conclusion, CryptoPunks are a significant project in the world of NFTs, with a unique retro aesthetic and a limited supply that has helped them retain their value over time. While their initial distribution method was democratic and accessible, their increasing value has made them a valuable asset for collectors and investors alike.