In a flash of irony punks, who are traditionally counter-cultural and swimming against the current, have set the standard in the crypto space.
Crypto Punks is a historically significant project that retains its relevance today for quite a few reasons. Besides having tokens that are selling for exorbitant sums of money, the Crypto Punks project set the stage for what the NFT space has grown into today. From the way the art is styled to the set up of the project and even mainstream acceptance.
Crypto Punks has pioneered the definition and execution of what has become known as “a generative NFT project”. “Punks” in the crypto world are no longer abnormal or relegated to the fringes of society: rather, they’ve become trend setters and models for other projects. Here’s how.
One of the most fun aspects of the Punks is the fact that their art is intentionally simplistic. In fact, it’s just pixels, which aren’t too difficult for even elementary school kids to replicate or re-create. In fact, it’s one of the most commonly copied styles yet. They say imitation is the highest form of flattery and Crypto Punks have certainly set the standard.
But this image represents more than a caricature: it’s a symbol of ownership because it’s registered on the blockchain. This concept of irrefutable ownership tied to a piece of art is a cornerstone of NFT technology and something the Punks were dabbling in before it was cool.
Perhaps the most significant thing about the Crypto Punks project, beyond the money and the visuals, is how they were able to incorporate computer code and pioneer a whole new method of creating art. The concept of a generative art (a base character with interchangeable traits randomly selected and applied by computer code) started with Crypto Punks and was refined through projects that would follow in their footsteps, like BAYC and Doodles.
This Punk project also introduced rarities to NFT project collections, as well as the concept of a “10k project” (releasing 10,000 NFTs as a collections total supply). The stage was then set for the divergence of value within collections due to less common traits and allows for more prestige to be communicated by owning rarer tokens with sought-after features.
Crypto Punks has gone on to become not only a staple of the NFT community, but the project itself has become a key player in bringing attention to the crypto world from mainstream establishments. From the financial sector as an investment (it’s not uncommon for Punks to sell for millions of dollars) to the”flex” that holding a Punk conveys in the crypto community, Punks have become an outward symbol of status both within and without the crypto sphere.
In addition to this reputation in a couple spheres, they’ve become one of the forerunners in gaining NFT acceptance in the traditional art world. A set of Crypto Punks was one of the first NFT project pieces to be formally auctioned off by Christies, a renowned and respected traditional art auction house. This auction was a huge win for crypto being recognized as a legitimate asset class and has been followed by many more.
The Crypto Punks didn’t set out to change the world or set the tone for the crypto landscape. They were an experiment by Larva Labs; an indulgence in curiosity. In fact, most of the Punks were given away for FREE (1000 were held back, just in case). And then this experiment became one of the most historically significant projects yet in the crypto space.
What is your curiosity driving you to work on? How can you plan for success but not let perfection or the status quo hold you back like the Crypto Punks?
2022 Copyright © SwipeBit
