The ways to make money are increasing with the ever-developing technology. Despite the fact that you need patience and smart work to make money in today’s world. There are industries where you can make a decent amount of money.
The cryptocurrency market is one of those popular industries, with an amazing platform for investors and creative people to make high profits with the right approach easily. But trading is not possible for everyone.
People with higher creative abilities find it hard to understand the trading structure sometimes. If you’re also one of those people then don’t worry. As the concept of NFTS is fairly available for everyone.
Know about crypto punks
Nonfungible tokens or NFTS are one of the most popular cryptocurrency trends at the moment. With their growing popularity because of some recent sales of NFTs in a very high amount.
People are showing an interest in the NFTS concept lately. With the increasing growth of blockchain technology, it’s now possible to buy, sell, and list NFTS more easily on the Ethereum blockchain.
What are crypto punks?
The concept of Nonfungible tokens is in the market for the past few years. But they were not much popular among the investors till some of them were sold in millions of dollars!
Cryptopunks is also one of those fundamental NFTS that was developed and designed in the Larva labs in June 2017. The concept of crypto punks was initiated by two software engineers known as Matt Hall and John Watkinson.
A total of 10,000 crypto punks were developed by them. Which they generated with the help of a computer algorithm. So no two crypto punks can have a similar code as the other one. All of them are digitally generated with different codes, therefore some of them are comparatively rare.
Why do crypto punks have so much value?
You will be actually surprised to know that Crypto punks were launched in 2017 on the Ethereum blockchain for as low as $1! However, it was not guaranteed whether they will be a successful launch or not. But now you can see how much it costs to buy a single crypto punk.
Despite their current popularity in the market, why do crypto punks have so much value? There are many reasons why people are willing to pay millions for those pixelated avatars that look like simple digital art.
People with enough cash on their hands like big YouTubers, celebrities, and businessmen are going crazy to buy their choice of avatar at any cost. No doubt the developers are making a ton of money from a four-year-old project in 2021!
Each crypto punk is generated digitally, representing a different algorithmic code than others. This means each crypto punk is completely unique and owning the right to call it your property is only possible by buying it.
As the main purpose of NFTS is to transfer the ownership of something to the respective buyer. So they can claim the ownership over that thing, with proof of ownership.
One of the reasons to pay a huge amount for those digital avatars is their future scope. As the concept of NFT is taking a lead in the trend, more investors are going to be interested in buying and selling them.
Suppose you buy a crypto punk for $10 right now, and when the NFTS market is high in demand you can sell it for double or even with more profit easily.
Each crypto punk has a different look and personality of its own. While most of them are humans from the total of 10,000 three of them are special. Which are zombie, Ape, and Alien respectively.
Individuals can choose their choice of crypto punk according to the kind of look and personality they wish to own. As there are thousands of crypto punks available the price depends on which avatar you choose to make it your own.
Launched as one of the initial stage nonfungible tokens in the market, Crypto punks are changing into something we can call “Digital Flex”. Something that people can actually show in front of others on digital platforms like social media.
However, it may sound pointless for some people like why pay so much money for just a piece of digital avatar? In conclusion, it’s something unique that is owned by only you. Do share this information with others and don’t hesitate to mention any problems below.