So, why are Cryptopunks considered as valuable? The answer is simple: they are the first NFT collection of their kind ever to be created on the ETH blockchain. The Cryptopunks collection was created before most people even knew what an NFT was. They were ahead of their time. The narrative of Cryptopunks is simple but strong, as its free mint price (minus gas fees) enabled anyone from any background to have a chance to participate in the ownership of a Cryptopunk. The famous Youtuber Chico Crypto even claims that owning a Cryptopunk is like owning a “piece of history”.
Overall, Cryptopunks are considered valuable because they represent the first NFT collection ever to be created on the ETH blockchain. The images themselves may not be the prettiest, but the fact that there are only 10,000 Cryptopunks means that very few people can own one. This is a classic case of supply versus demand: many people want a Cryptopunk, yet very few are being sold. Although there are 10,000 Cryptopunks in the world, that does not mean that all 10,000 of them are being sold. This makes the current supply of Cryptopunks available even lower, driving the price even higher. Lower supply drives the price higher, as the same amount of hands is chasing fewer items.
Now, with big-name companies like Visa buying a Cryptopunk, it is clear that Cryptopunks seem to be here to stay. The amount of Cryptopunks going for sale is becoming rarer and rarer. At the time of writing this article, there is nobody currently selling his Cryptopunk on Opensea. People who own Cryptopunks have placed a large amount of sentimental value on their Punk and don’t want to sell them.
Many crypto enthusiasts like the Youtuber The Moon see the value of Cryptopunks increasing steadily. Carl at The Moon sees a Cryptopunk like a Picasso: there are just so few Cryptopunks out there for sale, and they represent something much more than the simple pixelated image.
Cryptopunks might have only just begun their price race, so it will be interesting to see what the future holds for the collection. Some people remain bullish, however, it could very well be that the collection is overhyped. People may lose interest in NFTs and Cryptopunks, and may want to move their assets into something else or another NFT collection. Only the future will determine what happens to the Cryptopunks collection; however, there’s one thing clear: Cryptopunks are the most valuable NTFs collection sold on Opensea.