CryptoPunk

CryptoPunk is a collection of 10,000 unique 24x24 pixel art characters created by Matt Hall and John Watkinson of Larva Labs in 2017. Each Punk is generated algorithmically and stored on the Ethereum blockchain as a non-fungible token, making CryptoPunks one of the earliest NFT projects and a foundational example of on-chain digital art. The project predates common NFT standards such as ERC-721 and was originally minted by users paying Ethereum gas to claim a Punk from a shared contract.

Attributes and rarity: Each Punk carries a set of attributes, including hairstyle, accessories, facial features, and a designation that places it among different species (Human, Ape, Zombie, Alien). Rarity is determined by the combination of attributes; Aliens and Apes are among the rarest and often command higher attention in the market. All image data and metadata for the Punks are stored on-chain, ensuring the artwork remains accessible without reliance on external servers.

Market and impact: CryptoPunks have become highly valuable and are frequently cited as influential assets in the NFT space. Some Punks have sold for multi-million dollars in recent years on secondary markets, reflecting their status as early digital collectibles and their cultural significance within crypto art. The project helped catalyze broader interest in NFTs and inspired numerous later projects and marketplaces.

Ownership and rights: Ownership of each Punk is recorded on the Ethereum blockchain, with transfers achieved through standard blockchain transactions. In 2022, Larva Labs introduced a licensing framework granting Punk owners broad commercial rights to use their Punk’s image, while the project’s original terms continue to apply to its maintenance and governance.