CryptoPunks 2024: Taking the Pulse of Ethereum’s Most Iconic NFTs

CryptoPunks are Ethereum’s most historic and iconic digital collectibles. 

Released quietly and with little fanfare in 2017, they remained relatively obscure until their explosive rise in 2021. This journey from obscurity to fame is arguably the NFT scene’s most insane "rags to riches" story.

With over $2.87 billion in all-time sales volume and an $800 million market cap today, the CryptoPunks remain a dominant force. They’re also part of a small club of projects whose floor prices have reached +100 ETH at their peaks. 

However, while the ‘Punks floor has climbed 50% to 29 ETH over the past few weeks, this price is still a far cry from the 113 ETH all-time high that the collection notched in Oct. 2021 at the height of the previous NFT bull run. 

The grand question on many NFT aficionados minds, then, is can the ‘Punks return to their former glory? Can their floor price reach +100 ETH once more?

I think the answers to these questions are yes and yes. And that’s because, in my opinion, the collection continues to rank very well across the 10 main criteria I use when analyzing digital collectibles. Here’s what I mean:

CryptoPunks - August 2024 

• 🧑‍🎨️ Creator reputation - 9/10
• 🎨 Aesthetic value - 9/10
• 🔩 Technical quality - 10/10
• 🎭 Cultural impact - 10/10
• 👥 Community - 7/10
• 🪄 Usefulness - 7/10
• 🙊 Project management - 7/10
• 🪙 Market activity - 10/10
• 👄 Hype - 7/10
• 🔮 Future prospects - 10/10

My overall score: 86/100

That said, let’s dig into each of these criteria to get the full picture of why I’m bullish on the CryptoPunks now and long-term.

Creator Reputation - 9/10

CryptoPunks were created by Larva Labs, founded by Matt Hall and John Watkinson, who are now considered pioneers in the NFT space. They released the collection as a one-off experiment and afterwards were hands-off, which helped the project to take on a life of its own. This work inspired Ethereum’s ERC-721 NFT standard and the generative 10k collection meta, both of which have been widely adopted ever since. As such, Larva Labs are legends here, and CryptoPunks are their most popular creations. 

Aesthetic Value - 9/10

Wrapped in nostalgia, the 24x24 pixel art style of CryptoPunks has become iconic. While simple, the ‘Punks distinct visual identity has stood the test of time and become instantly recognizable, even outside the crypto community. The limited palette and variety of attributes contribute to their lasting charm and collectability.

Technical Quality - 10/10

We’ve already mentioned how CryptoPunks helped inspire the ERC-721 standard. But did you know the original ‘Punks smart contract also innovated the “hashed onchain” storage technique, where the composite images of the collection were stored in a cryptographic hash on Ethereum? Later, Larva Labs moved the entire collection completely onchain by storing every single ‘Punks image directly on Ethereum, too. The recent introduction of the CryptoPunks721 wrapper contract also poses new composability possibilities going forward, so there’s a lot to admire here.

Cultural Impact - 10/10

As far as NFTs go, CryptoPunks have had an enormous cultural impact, both within and beyond crypto. Inside the space, they’ve inspired hundreds of derivative projects—technically and aesthetically—from conceptual art collections like Wiiides to newer sillier drops like PNUKS. And in the mainstream, they’ve been displayed in major art galleries, sold at the world’s biggest art auction houses, and featured in popular media outlets around the world. This legacy and inertia here positions the CryptoPunks to have growing cultural significance in the years ahead. 

Community - 7/10

The 2019-2021 era of the CryptoPunks Discord was regarded as a golden time for the ‘Punks community, when it was still tight-knit and a watering hole for some of the best minds in crypto. Admittedly, things have died down since then, but it remains true that some of the best people here are ‘Punks holders. The potential of this community is still significant accordingly. 

Usefulness - 7/10

The CryptoPunks license grants holders the right to make derivative works of their ‘Punks. That’s interesting, but it’s also something many holders likely will never explore. Where ‘Punks currently offer the most direct utility is in being one of the premier and most desirable collateral assets in the NFTfi ecosystem. Whether you’re looking to borrow or lend, you won’t struggle to find options among platforms like Blur, GONDI, and NFTfi.com.

Project Management - 7/10

Yuga Labs, the creators of the Bored Ape Yacht Club, acquired the CryptoPunks IP from Larva Labs in 2022. It was a controversial move that some saw as a threat to the CryptoPunks legacy. And while Yuga has had a couple of small fumbles here since then, mainly with regard to comms, they’ve generally handled the transition smoothly and have shown a commitment to preserving the legacy of the ‘Punks. Where they’ve shined is adding value at the edges, like supporting museum exhibitions and innovating the CryptoPunks721 wrapper. I’m optimistic on the stewardship if we continue to get more of the same. 

Market Activity - 10/10

The CryptoPunks are a cornerstone of the contemporary NFT market, with their trading volume stats consistently at the top or near the top of all NFT collections. The demand remains strong. And with well over 1,000 ‘Punks currently available for sale, buyers have plenty of options. Let’s just say that if you’re in the market for buying or selling a ‘Punk, you won’t be facing a major struggle. 

Hype - 7/10

CryptoPunks launched in 2017, and Yuga Labs is steering things in a hands-off fashion these days. That said, obviously the hype level of ‘Punks is more subdued compared to newer, more actively marketed projects. But ‘Punks don’t need to be actively marketed, they simply need to exist, as they’re already among the most coveted networked goods in the entire world. The hype now is mostly intrinsic then, it’s the aura that comes from ‘Punks being as special and historic and ownable as they are. The CryptoPunks Twitter account might not be posting roadmap updates every day, but that won’t stop the ‘Punks from proceeding on as gravity wells of intrigue. 

Future Prospects - 10/10

When you consider all the criteria above, the future prospects of CryptoPunks looks very bright—arguably brighter than the prospects of any other NFT collection that exists today. It’s just that no other NFT project rates as well across all these pillars right now. Probably the project that comes the closest is the Nouns, and it’s obviously weaker than the ‘Punks in certain areas like “Market Activity” and “Hype.” This dominance stems from the OG collection’s iconicness, its special rise, and how its characters are artworks, digital collectibles, historical artifacts, and financial collateral all wrapped up in one. As the NFT space continues to mature, the ‘Punks are accordingly well-positioned to see their value and cultural significance reach new heights once more.