How to Buy a CryptoPunk NFT Before It's Too Late—And Why You Should
Filip Dimkovskion November 21, 2022.
If you want to buy an NFT but are worried that you might make a bad investment, buying a CryptoPunk is a bet that’s as safe as it gets. Namely, CryptoPunks is one of the world's most popular digital collections of NFTs, containing well over 10,000 unique 8-bit characters, each one a punk with a different hairstyle, outfit, and attitude.
While it is true that NFTs are slowly losing steam as of late, it doesn't mean you shouldn't get your hands on one. Here's how to buy a CryptoPunk NFT before they're all gone—a plus to find out why you should get one while you still can.
» New to NFTs? Discover how to mint an NFT as a beginner
Everything You Need to Know About CryptoPunks
CryptoPunks are digital collectibles created back in 2017 by Larva Labs. When it was originally developed, the project was one of the first examples of an NFT (Non-Fungible Token) and was intended to showcase the potential of blockchain technology. Now, many years later, the NFT space has grown to a massive degree.
Since their inception, CryptoPunks has become one of the world's most popular digital collections. In fact, they've been featured in major publications like The New York Times, Wall Street Journal, and Forbes, and have been traded for many millions of dollars.
Not too long ago, CryptoPunk #5822 was sold for 8000 ETH or $23.7 million, which is the most expensive NFT of the collection. The impressive numbers don’t end here—in fact, the total value of all CryptoPunks transactions exceeds $2 billion as of late 2022. Despite the recent slowdown in the NFT market, CryptoPunks are still highly sought-after by collectors and investors. The reasoning behind this is quite simple—CryptoPunks is one of the most unique and recognizable forms of art on the market, and they're also backed by a strong community.
If you're thinking about buying a CryptoPunk, the currently weakened crypto market makes it a perfect time to do so. Here's everything you need to know about purchasing one of these valuable NFTs.
» Need more info? Check out how NFTs are used in DeFi
How to Buy CryptoPunks NFTs
1. Get Yourself a Crypto Wallet
The first step is to get a cryptocurrency wallet that supports NFTs. On the internet, you can find plenty of websites that will allow you to create your own crypto wallet for free and use it at your disposal. Usually, the best option to go for is a DeFi hot wallet like MetaMask.
» Confused about which kind of crypto wallet you need? Learn about the difference between hot and cold wallets
2. Fill Up Your Wallet With Crypto
In order to connect your wallet to the NFT marketplace, you need to have some Ether (ETH) in it. As you probably already know, ETH is the native cryptocurrency of the Ethereum network and it's required to fuel transactions. You can buy ETH on a cryptocurrency exchange like Coinbase or Binance, or in many cases, you can also buy it from your wallet (though with a larger fee).
3. Connect Your Wallet to a Marketplace.
The next step is to find a marketplace that sells CryptoPunks. The most popular one is the Ethereum-based marketplace called OpenSea. On it, you can find a wide variety of digital assets, including CryptoPunks. Once you have ETH in your wallet, go to the "Connect Wallet" section on OpenSea and select the wallet you're using.
4. Find a CryptoPunk You Like and Make an Offer
After your wallet is connected to the marketplace, it's time to start browsing through the available CryptoPunks. If you’re at a platform like OpenSea, you can use the filters to find the perfect NFT art for you. When you see one you like, click on it and make an offer. The owner of the CryptoPunk will have 24 hours to accept or reject your offer. Regarding making the offer, keep in mind that CryptoPunks are highly sought-after, so the competition going on there might be fierce.
5. Store the NFT in Your Wallet and Enjoy the Benefits
If your offer is accepted, the CryptoPunk will be transferred to your wallet and you can start utilizing the benefits it offers, like being a part of the community. If you couldn’t process the transaction, you'll get your ETH back and you can try your luck again with a different CryptoPunk.
Why You Should Invest in CryptoPunks NFTs
As we mentioned previously, the current market trend makes investing in CryptoPunks a great idea. With their rarity, collectability, and strong community backing, they are highly probable to be a wise investment in the long run. Here are a few reasons why you should consider investing in CryptoPunks.
- They're rare: With only 10,000 in existence, CryptoPunks are quite rare. As time goes on and more people become interested in collecting them—and their rarity is only expected to increase, making them a great investment for those looking to purchase rare art.
- They're collectible: In addition to being rare, CryptoPunks are also easily collectible. Their unique punk aesthetic makes them stand out from other NFTs, and their popularity means that they have strong community backing which makes them a wise investment for those looking to add to their digital collection.
- They have a strong community: As mentioned above, CryptoPunks have strong community backing. This is evident on social media platforms like Twitter, where there are multiple accounts devoted to sharing news and information about the collection. The community has also been known to participate in airdrops and giveaways, which helps to increase the value of the collection.
» Wondering if NFTs are a good investment? Learn more about investing in NFTs