How to Buy CryptoPunks

Stephen G.
Stephen G.
Last Updated on November 11, 2021
Contents
1 What are CryptoPunks?
2 How to Buy Cryptopunks
3 Frequently Asked Questions

CryptoPunks, one of the earliest NFT projects around, is a creative collection that has piqued the interest of celebrities and collectors worldwide. With new projects in the making from these creators, you might want to get your hands on their original work while they’re trending and available. 

This simple guide will walk you through the steps to providing this highly valuable NFT. 

What are CryptoPunks?

The CryptoPunks NFT collection consists of 10,000 distinct digital assets. This project came to life in 2017 by artists John Watkinson and Matt Hall. They created CryptoPunks in Larva Labs, a studio based in New York that has developed several 8-bit video games, blockchain art projects, apps for Android, and more. 

Every one of the characters is unique, inspired, and produced from a group of physical traits. Each avatar was created randomly through an algorithm using a 24×24 pixel frame. The majority of them are human, but there are also j aliens, zombies, and apes. There will never be any new CryptoPunks created. 

Some of the attributes are split between two categories, like females and males, but other features are not rare, which makes the digital asset rise in price and value. These are the rare CryptoPunks in existence:

Pixel art of guy wearing red cap on grey background

Punks wearing a beanie – 44

Alien punks – 9

Punks wearing a tiara – 55

Ape punks – 24

Zombie punks – 88

Punks with buck teeth – 78

While everyone can view the CryptoPunks, they can each only have one official owner. Larva Labs still holds rights to the IP, trademark, and copyright of each character. The owners of the non-fungible token can, however, use the digital character for their personal use. They can also sell it for no more than $100,000 based on the specific avatar. 

Because they’re so rare and were created rather early, CryptoPunks have some of the most value in the NFT market. Celebrities like Jay-Z and Gary Vaynerchuk have also endorsed and purchased them. 

How to Buy Cryptopunks

Follow these simple steps to purchase your own CryptoPunks characters:

Buy ETH

If you don’t have any ether, or ETH for short, you’ll have to sign up for a cryptocurrency exchange in your area. That’s the only way you can make transactions and protect NFTs. Good suggestions of exchange platforms are Binance, Coinbase, BitBuy, and Kraken. Here’s how you buy ETH:

  1. Pick your exchange and select the option to register on their website.
  2. Fill out the required forms with your data such as your email address, name, and a secure password. You might also have to answer a few questions. 
  3. Provide proof of your identity by submitting your photo ID or passport. This step prevents fraud and will require a few days for manual validation. 
  4. Connect your credit card or bank account as the form of payment used to fund your transactions. You’ll use fiat money to purchase cryptocurrency.
  5. Purchase the necessary amount of ETH for your NFT and to cover the gas fees. 

Create a web3 wallet using MetaMask

Once you have an exchange account set up, you need to create a web3 digital crypto wallet through MetaMask. It’s a Google Chrome extension that lets you make safe transactions using crypto coins. You can access it through your PC browser, iOS, or Android. 

Follow these steps:

  1. Go to the MetaMask website, and push the “Download now” icon. Next, select whether you want the browser version of the mobile app.
  2. After you install it, push the button and then click “Get Started.”
  3. Select “Create a Wallet” to create a new and unique wallet address. You’ll also receive a seed phrase. Make sure you write it down and put it in a safe place. You might need it from time to time to access your account. 
  4. Create a strong password for your wallet.
  5. Finalize your seed phrase by picking each of the words in the right order. 

Transfer ETH to your MetaMask

After you’ve purchased your ETH, transfer it to the MetaMask wallet. Transfer all that you’re going to need to cover the NFT and associated fees. Visit etherscan.io to get an estimate of all the fees. 

Connect your MetaMask to OpenSea

If you are someone who doesn’t own ETH, you’ll have to buy it from a trustworthy cryptocurrency exchange in a region near you. This is how you’ll go about purchasing ether:

Pixel art of guy wearing a mohawk and glasses on purple background

  1. After you select an exchange, set up an account. Simply submit some of your essential information such as your email and you’ll have to create a password. Be prepared to answer a couple of additional questions. 
  2. You’ll likely have to verify your identity by submitting an image of your passport or ID. Many centralized exchanges will include this step to make sure that no fraudulent activity takes place. 
  3. Next, link a form of payment to your exchange. Link your exchange to your bank account or even your credit card.
  4. Make sure to purchase enough ETH to both make transactions and pay gas fees. 

Find the collection on OpenSea

After transferring your ether to your MetaMask, return to OpenSea and search for the Cryptopunk you want to buy. By searching for “Cryptopunk” in your search bar or you can filter them in “Collections” on the left-hand sidebar. 

When you’re searching for your desired punk make sure that it is a part of the legitimate and verified collection. This is important because there are scammers that will try to scam you out of your money through fraudulent means. Be on the lookout for the blue mark with the white checkmark which indicates that the product is legitimate. 

Once you access the Cryptopunks category, you’ll be able to search based on what’s for sale currently or even for a specific kind of avatars such as alien punks and female punks. 

Buy NFTs

Once you discover an available NFT that you want, you can bid on it or buy it outright. Cryptopunks won’t always be available on the NFT so you may need to check back regularly to see if they are available. 

Approve on MetaMask

After you’ve begun the payment process on OpenSea, you’ll need to approve it within MetaMask. Once you’ve paid the gas fees your transaction will be processed. 

Consider storing your non-fungible token on a hard wallet. You can connect a hard wallet quite easily to your MetaMask, and it is a much-needed extra layer of security. Your browser or your computer can get compromised by a hacker granting unwanted access to your MetaMask account.

Frequently Asked Questions

Here are the answers to the most commonly asked questions concerning Cryptopunks:

1. Who owns the most CryptoPunks?

Gary Vee is an entrepreneur in America that has 59 Cryptopunks, including a Zombie Punk and Ape Punk. Gary Vee bought his Ape Punk for more than $3.7 million USD which is the highest selling Ape Punk to date.

2. Why are CryptoPunks so expensive?

CryptoPunks are very valuable because they were one of the first NFT projects. Only 10,000 were released, and each one is unique from one another. There are only nine alien punks released, and they are the rarest, meaning they cost the most.

3. How many CryptoPunks are there?

There are 10,000 official Cryptopunks in existence. Each NFT gets tracked on the Ethereum blockchain and cannot get changed whatsoever.