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Where Will the NFT Punks Phenomenon Go? by@Robertson
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Where Will the NFT Punks Phenomenon Go?

by Rita SpechtApril 3rd, 2024
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CryptoPunks was created in 2017 by software developers Matt Hall and John Watkinson as a side project of their software development company Larva Labs.
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Let's start with a short pre-history. CryptoPunks was created in 2017 by software developers Matt Hall and John Watkinson as a side project of their software development company Larva Labs. The duo was inspired by 8-bit pixel art from the 1980s and aimed to create a unique digital collectible that combined this nostalgic aesthetic with new blockchain technology.


An unusual approach, right?


At the time, Ethereum had recently introduced the ERC-20 token standard, which enabled the creation of custom tokens on its blockchain. However, this standard was not suitable for unique digital assets like the pixel art characters Hall and Watkinson envisioned. As a result, the two developers came up with the ERC-721 token standard, a new protocol that would allow for the creation and tracking of non-fungible tokens.


The original CryptoPunks collection consists of 10,000 unique, algorithmically generated 24x24 pixel art characters. Each Punk has a combination of distinct features such as different accessories, hairstyles, and facial expressions, making every character a one-of-a-kind digital collectible. The Punks were designed to represent a diverse range of archetypes, including zombies, aliens, and apes, among others.


Initially, these digital art pieces were offered almost for free, with anyone holding an Ethereum wallet able to claim up to ten Punks. This decision contributed to the rapid spread and adoption of CryptoPunks, fostering a dedicated community of enthusiasts and collectors.


Also, this collection on Ethereum caused a boom in other blockchains. Faster, with cheaper transactions.

Why do Blockchains Embrace Non-Fungible Tokens?


First, it helped open up new opportunities for NFT artists, creators, and collectors by offering a decentralized and transparent way to create, buy and sell digital assets, and blockchains. By issuing NFTs, blockchains can enter a growing market, spurring real-sector adoption and interest in their platforms.


Secondly, NFTs have proven to be a catalyst for innovation in the blockchain space, inspiring developers to create a wide range of decentralized applications (dApps) and platforms. The versatile nature of NFTs allows them to be applied to a variety of use cases, including art, gaming, virtual reality, and more. By issuing NFTs, blockchains can encourage creativity and experimentation, spurring new projects and use cases that harness the potential of decentralized technologies.


Thirdly, one of the most attractive aspects of NFTs is the concept of digital ownership and scarcity. Blockchain technology allows the creation of unique, verifiable digital assets that cannot be duplicated or counterfeited. This feature has made NFTs particularly attractive to collectors, who can now own and trade digital assets with confidence in their authenticity and provenance. By issuing NFTs, blockchains can capitalize on this digital property demand and scarcity, creating new revenue streams and growth opportunities.


As the NFT market develops, interoperability and cross-network collaboration becomes increasingly important. Many blockchains are currently issuing NFTs to improve connectivity between platforms, allowing users to seamlessly transfer and trade digital assets across different networks. This increased interoperability helps drive adoption and liquidity in the NFT market, making it more accessible and attractive to a wider audience.


Also, do not forget about NFT cross-bridges, which help them transfer their art objects to other blockchains, with more reliable infrastructure and low-cost transactions on the network.

New Art Collection - Venom-Punks.com


Venom Punks is a distinctive collection of NFTs that draws inspiration from the iconic CryptoPunks while incorporating their unique style at the same time. Consisting of a limited number of algorithmically generated unique digital characters, each Venom Punk boasts a variety of features, accessories, and attributes ensuring no two punks are the same.


Designed with the advanced capabilities of the Venom blockchain, the Venom Punks collection aims to push the boundaries of digital art and collectibles in the UAE. Each Punk is a testament to the pioneering spirit of the project, demonstrating how the power of zero-level blockchain technology can elevate the NFT space.


The collection released by these artists has several unique use cases and utilities. Namely, each participant can win a bonus:


  • If you mint the “Anonymous” punk number 666 (in a green mask), the project team undertakes to buy back the punk for $10,000 after the end of the mint of the entire collection;
  • Mint punks: 66, 777, 111, 6666, 777, 7777, which will be redeemed at the request of the owner for $1000 (20x) after the end of the mint collection.
  • Each buyer of 3+ NFTs will take part in a decentralized competition within which they can receive a cashback of 100% after the mint is finished.
  • There are punks of top influencers in the collection. At their mint, there will be a surprise from the team.

About Venom Blockchain

The Venom blockchain is an innovative layer-zero blockchain solution, launched on March 18, 2024, and designed to provide an infinitely-scalable architecture with 100k transactions per second and average transaction fee lower than $0.0002 on which any entity can build a customized, decentralized workchain. This groundbreaking technology offers a flexible and scalable foundation for the development of various decentralized applications and projects.


By providing a layer-zero solution, the Venom blockchain aims to overcome the limitations of traditional layer-one blockchain platforms, such as scalability issues and network congestion. Its infinitely scalable architecture allows for the seamless integration of multiple workchains, which can be customized according to the specific needs of each entity. This enables the development of diverse decentralized applications and projects while ensuring high levels of security, performance, and interoperability.


Recently, Venom Ventures Fund has allocated $1 billion to invest in Web3, GameFi projects, services, and technologies such as NFT Art.

What should we expect from it?

As the pioneers of the NFT revolution, CryptoPunks have left an indelible mark on the digital art and collectibles space. Their continued popularity and influence show no signs of slowing down. In the future, we can expect CryptoPunks to maintain their status as iconic digital assets while inspiring new developments in the NFT market. At the same time, we see a lot of interest in large blockchains such as Ethereum, Polkadot, Venom, and even Bitcoin.


The value of rare and sought-after CryptoPunks is likely to remain high, as collectors continue to appreciate their historical significance and rarity. We may see more record-breaking sales, as the market for digital art and collectibles matures and gains wider recognition.

Secondly, CryptoPunks will continue to inspire new projects and artistic endeavors, as artists and developers look to build on the success of the pioneering NFT collection. We can expect to see more innovative and diverse digital art projects, pushing the boundaries of creative expression and blockchain technology.


Finally, the growing interest in NFTs, fueled in part by CryptoPunks, may lead to increased mainstream adoption of blockchain technology, as more people come to appreciate the value and potential of decentralized digital assets. This could pave the way for new use cases and applications of blockchain technology in various industries, including art, entertainment, and beyond.


In conclusion, the future of CryptoPunks looks promising, as they continue to inspire and influence the rapidly evolving NFT landscape. As a cultural phenomenon, their legacy will be felt for years to come, shaping the future of digital art and collectibles in ways we have yet to imagine.

Conclusion

CryptoPunks have revolutionized the art world by introducing a new trend in digital art and collectibles through the use of non-fungible tokens. As pioneers in the field of NFTs, they have captured the imagination of artists, collectors, and enthusiasts, challenging traditional notions of art, property, and value.


After all, as we remember, the first football cards still cost several thousand dollars, because they are unique and were the first of their kind. As we look to the future, the legacy of CryptoPunks will continue to influence the digital art world, paving the way for new opportunities and exciting developments in blockchain technology and beyond.