With the entire world in a frenzy about digital collectibles, there is one collection that is the leader in this market. It is none other than CryptoPunks. Investors have put billions into these unique crypto-collectibles existing on the Ethereum blockchain network. The daily trading volume (primary and secondary) of CryptoPunks is a whopping $4.19 million as per DAppRadar.
CryptoPunks: Records Galore for art images
- Sotheby’s auction house enabled the sale of CryptoPunks #8857 for $6.63 million on the OpenSea NFT marketplace on September 12, 2021. Interestingly, the same art image was valued at just $1717 in May 2018.
- CryptoPunks’ collection surpassed a whopping $1 billion in sales at the start of September this year. It is the third-highest in the industry behind other Ethereum-based trading platforms like OpenSea and Axie Infinity.
- The value of minted CryptoPunks NFTs on the Larva Labs website is $38.39 million in the last 7 days and $477.27 million in the past 1 month.
- Investors processed 1560 peer-to-peer (P2P) payments on the CryptoPunks platform in the last week. The total value of assets (TVL) locked in the Ethereum smart contracts is $26.68 million.
Elucidating NFT Marketplace Development like CryptoPunks
Artists benefit from complete ownership of their creations. They can mint and list ERC-721 crypto collectibles on different marketplaces. Each NFT contains details like balance, the number of owners, token ID, total supply, and a pair contract address.
Content creators can monetize their virtual assets in no time. They can showcase their collections on a blockchain-powered trading avenue. Skilled artists will get advantages like the building of a personal brand, flexible setting of prices, interoperability, and organizing auctions 24x7x365.
Entrepreneurs aiming to sell off NFT art-oriented work can create a digital collectibles platform using CryptoPunks clone.
Explore the fascinating features of the CryptoPunks Clone
“The secret of good style is to feel good in what you wear”, says a famous quote. Users can split their searches for CryptoPunks by pressing the accessories toggle. They can choose various options like cigars, lipstick, mole on the face, studs, etc. All the punks get a certain percentage based on the kind of trait.
Blue, red, and purple are the 3 main colours to distinguish between various kinds of CryptoPunks. It reflects those art pieces not for sale, available for sale, and actively bidded respectively. Digipreneurs can also add new colours as per the requirements of investors. In the long run, this ensures clarity for all stakeholders (content developers, speculators, and traders).
Place a Bid button
Investors registered on an NFT trading platform can make their bids within a certain deadline. They should link their software wallets such as Arkane, Bitksi, Coinbase Wallet, Fortmatic, MetaMask, MyEtherWallet (MEW), Portis, Torus, and WalletLink. All the digital collectibles are safeguarded via passwords and private keys. Consequently, they retain 100% control over the funds.
Registered users on an NFT marketplace can check out real-time updates of numerous CryptoPunks. There are 4 panels (Buy Now, On Auction, Has Offers, and New). Therefore, they can make the right choice depending on the current prices, demand from investors, and market conditions.
Ever since its release in June 2017, CryptoPunks like images have generated massive traction in the market. Till now, investors have purchased 18391 digital collectibles worth $1.33 billion.
Various kinds of artwork
Currently, CryptoPunks are in 5 types (alien, ape, man, woman, and zombie). Moreover, techpreneurs can also add more types for offering a variety of choices to investors.
Quick search powered by filters
NFT enthusiasts can use the filter and search mechanism to locate their desired collectibles. They can choose either bundles or all items for figuring out the best CryptoPunks. Prospective investors can also tap other filters such as highest last sale, most viewed NFTs, new listings, price (high to low and low to high), and recent creations.
Secure Hash Algorithms (SHA) are used for protecting the valuable CryptoPunks. This prevents issues like fraud and scams. All the punks embedded in the Ethereum smart contracts are similar to the images bought by investors.
A hash file of each photo is embedded into the pre-programmed software. The generated hash will perfectly match the inserted hash in the Ethereum-based automated solution.
Traders can discover the price of digital collectibles in cryptocurrencies, crypto tokens, and stablecoins. For example, both institutional and retail investors can purchase CryptoPunks in Ether (ETH), Wrapped Ether (WETH), as well as stablecoins like Dai (DAI) and USD Coin (USDC).
What is the cost of CryptoPunks like NFT Marketplace Development?
Numerous facets play a part in determining the budget of creating an NFT trading platform like CryptoPunks.
It depends on various aspects like
- Cross-platform compatibility with various operating systems.
- Hourly rates paid to the team of blockchain, crypto, and NFT specialists.
- Level of customization demanded by entrepreneurs.
- Time allocated to create the front-end and back-end of the NFT marketplace.
- Tools used for blockchain development, sidechain integration, and smart contract auditing.
Moreover, an NFT development company like Appdupe will provide a range of post-deployment services. Techpreneurs can enhance the operational efficiency of their business by availing of these exclusive solutions. It comprises the addition of payment processors, API integration, conducting marketing campaigns, NFT layer 2 development, smart contract testing, and support for hardware and software wallets.
The tech marvel behind the creation of a CryptoPunks Clone
- Solidity – Developing Ethereum-based smart contracts.
- Truffle – Establishes a virtual environment for deploying Dapps.
- Vyper – Executing the bycodes in pre-programmed software. The Ethereum Virtual Machine (EVM) is a virtual software for each node.
Above all, CryptoPunks has also attracted institutional investors like Visa. The American financial services enterprise purchased a 24×24 pixel art image for $150,000. Importantly, Larva Labs firmly believes that digital collectibles represent the future of artwork, e-commerce, entertainment, retail, and social media. As the supply of NFTs gets scarce, their value increases.
CryptoPunks are an iconic collection and also promote the tendency of monetizing artwork. Entrepreneurs can also make the right moves now. They can hire the services of an NFT marketplace development company and release a CryptoPunks clone soon.