How the ‘Punk’ Crypto Trend Pumped the Development of Digital Art
With the fascinating cult of Crypto Punks, NFTs got a lot of traction. It is one of the most renowned projects since it provided a plethora of chances for digital artists. Crypto Punks play a dominant role in spreading awareness and making NFTs the hot topic on the table.
Pixelated portraits of aliens, apes, zombies and the ones with males and females with different attributes such as tiaras, beanie, choker, pigtails, pilot helmet, etc., claimed for free in its initial stages, were now being exchanged for 7.5 million each! Why and how did they create such a dominant position?
While enlightening about Crypto Punks, we cannot leave you unaware of some of its intriguing information.
- What was initially distributed for free has now amassed a total value of approximately 2 billion dollars throughout its lifetime.
- Are you aware that the Crypto Punks’ background shows their sale status? The Crypto Punks’ blue background indicates that they are off the market and have no active bids. The ones with a red background are available for sale by the owner, while those with a purple background are available through ongoing bets.
- Some of the Crypto punks are assumed to be lost forever as the wallets holding them have been inactive and feared dead.
The Punk Cult
Crypto Punks’ modest pixelated portraits revolutionised the way people thought about digital art. It was one of the first initiatives on the Ethereum blockchain that contributed significantly to its selling and popularity. It was the primary reason why many business owners saw the NFT as an investment opportunity and put thousands of dollars into it.
Another determining factor was the demand-scarcity relationship. Crypto Punks created using an algorithm from a set of templates were the first to sell, with certain unusual pieces such as aliens and apes being amongst the first selling NFTs.
This Punk Cult brought awareness about the functionality of NFTs such as decentralisation of transactions, preserving the physical virtue of goods digitally and expressing its ownership. It introduced a platform for the artists to create and sell their artwork and potentially become millionaires overnight.
Though much of its popularity skyrocketed following the NBA Top Shot, which sparked a chain reaction to expanding the NFT community, Crypto Punks also contributed significantly to the development of digital art. Mashable’s story about the Crypto Art project, which claimed that Crypto Punks might change the way people think about digital art, boosted its market worth even more.
The key reason for NFTs’ functionality is their uniqueness. When Crypto Punks became famous, NFTs experienced a surge in popularity. It could simply be the start of a revolution. After Beeple’s Everydays, these NFT collectables became the next big thing. This cult has grown to the point where Crypto Puck stuff for caps has been released.
What are your views on NFTs as an investment option? Let us know through your comments!
About Bolly Heroes
Bolly Heroes is a limited NFT collection in which you may write, perform, and produce your tales and characters to deliver community-driven movies, games, events, and activities. Bolly Heroes is a platform where you can buy ultra-rare NFTs to collect and preserve as gifts from your favorite Bollywood stars. These NFTs are extremely rare since they do not expire but instead live for a lifetime. The fascinating characteristic of NFTs is that they act as a digital fortune for you. It is a new concept for those who respect the works of celebrities and are passionate admirers of Bollywood’s never-ending enchantment.
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