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July 2, 2022

How to Buy a CryptoPunk + Where to Buy Them

Non-fungible tokens are taking the world by storm, and artists and creators of all walks of life are making their own on a blockchain of choice. The CryptoPunks NFT is an example of a digital collectible created on the Ethereum blockchain by John Watkinson and Matt Hall of Larva Labs. They are expensive, but if you have the money, we have the answer for how to buy a CryptoPunk. 

What are CryptoPunks?

Punk Variety

Let’s start by getting to know a little more about the CryptoPunk project. These Punks are automatically generated pixelated artwork that takes inspiration from the London punk scene in the 90s. There are different rarities within the collection with alien punks as there are only nine in total. You can find ape, zombie, human male, and female punks with various attributes that further determine the rarity.

If you’re curious about how much each CryptoPunk is worth, you can check out NFT Stats, which has up-to-date statistics and data on the Punks for sale. Spoiler alert, some Punks are worth multi-millions! The most expensive CryptoPunk is 7523, which sold for nearly 12 million!

The CryptoPunks collection was released in 2017 with 10,000 unique Punks that were quickly claimed. There are only ever this many in circulation because the code on the Ethereum blockchain will only allow this many. This is why getting your hands on a CryptoPunk non-fungible token is so valuable. 

How Much is a CryptoPunk Worth?

As said, you can check out the NFT statistics to figure out just how much a token is worth. The NFT and crypto world is highly volatile and in fluctuation, so there is no telling how much a Punk can be worth in the future. We will say that this particular collection is worth the investment because of its history. 

Matt Hall and John Watkinson of Larva Labs are creators of a legendary collection, one that many believe to be the first on the blockchain. Being one of the originals definitely adds to the worth.

While there is no set cost for each Punk, we can give you a range of how much the cheapest to the most expensive are worth. The cheapest Punk was going for around $400,000 at the end of 2021 and the most expensive one is close to $12 million. Again, these numbers can change very quickly, but we don’t believe you can find one that is lower than a couple hundred thousand easily.

It’s amazing how much the prices of these Punks have increased since minting. The most expensive at its initial inception was around a couple thousand. 

How to Purchase CryptoPunk NFTs

If you have the capital to purchase one of these very valuable Punks, then follow the steps below to get one.

• Step #1: Buy Ethereum

ethereum

The first step is to buy Ethereum or Ether/Eth. Ethereum is not only the name of the blockchain, but it is also the native crypto used for a transaction in the ecosystem and the platforms it supports. You have to use purchase crypto with fiat (real currency) from cryptocurrency exchanges such as eToro or Coinbase.

• Step #2: Choose and Buy an NFT Wallet

The next step is to pick a crypto wallet to use and purchase it. To get CryptoPunks specifically, you will need a software wallet (one that’s online), such as the MetaMask wallet, which is a primary supporter of Eth. You will then have to connect your Ethereum wallet to Larva Lab’s website. You will also need to download the Google Chrome extension for the MetaMask wallet to do the transactions.

You need to create a Metamask account before you get the browser extension, which is very easy to get. Head over to your Google Chrome browser, find the MetaMask extension by typing it into the search bar, find the MetaMask icon, click on it, and download it to add it to the browser.

Next, click on “Get Started”, and then “create a wallet”. Click “Agree” to the terms and then create a password. This password needs to be virtually unbreakable because it is the safeguard for your account and prevents access for others. 

Then the wallet will give you a recovery phrase (seed phrase), which is exceedingly important for you to keep safe and secure. If you lose this phrase, there is no way to get into your wallet and gain access to your assets.

Once you have confirmed everything, you can click on “Buy ETH” to fund it with your bank account. Many platforms will allow you to fund your wallet to buy CryptoPunks NFTs with your debit card. Check to see if your preferred method to buy crypto is allowed.  

There are other software wallets you can choose from as well such as the Coinbase wallet, which also supports Eth. In order to use it, you will need to create a Coinbase account on the website. There is another form of digital wallet you can use for Ethereum, and it is a hardware wallet. A hardware wallet is one that is similar to an external hard drive, but it’s an Ethereum wallet. You can store your crypto on it and store the NFT art you own. 

Once you have created an account for your wallet, you can start to buy ETH and fund your wallet for purchases. 

• Step #3: Sign Up for an Account at OpenSea

OpenSea

The next step is to choose a platform to buy CryptoPunks. You can do it directly on Larva Lab’s website, or you can choose to sign up for an account on OpenSea, the largest NFT market that supports Ethereum. If you choose OpenSea, you need to sign up for an account before you can bid. 

Once you have your wallet set up and connected, it’s very easy to link it to OpenSea. Go to the homepage and locate the profile icon, click it, and then press “profile”. The website will then prompt you to connect your wallet, which is easy to do, and then just follows the rest of the instructions. You will probably need your wallet address to complete the connection.

When your wallet is connected, you should also see your very own profile page. You can start to fill in your information on the page, but there will be a security prompt. Just click on “sign” when you see it to be able to customize your profile. 

• Step #4: Purchase a CryptoPunk From a Collection

It doesn’t matter what platform you are on, the steps to buy CryptoPunks NFT art is largely the same. You can browse the collection and find one you like that’s for sale, you can also visit sites like NFT Drops to have the latest updates on upcoming CryptoPunks collections. If the holder/owner has listed the NFT for auction, then you will have to bid or present an offer price to the person. Again, we would suggest familiarizing yourself with the average price of CryptoPunks before placing a bid. It is more likely that the owner will be open to a reasonable bid.

If the NFTs are not for auction, then they will most likely be listed at set prices. In this case, you can choose to buy it right away with a “buy” button.

• Step #5: Approve or Confirm the Transaction

Before the platform takes any ETH or cryptocurrency with which you are transacting out of your wallet, you will need to approve or confirm the transaction. This should be easy as the platform should produce prompts and instructions every step of the way.

Best Wallets for CryptoPunk NFTs

As we mentioned, there are two types of wallets you can pick – hardware and software. A software wallet is basically a digital wallet online while a hardware one is a physical wallet. We would recommend using a hardware wallet for extra security just because CryptoPunks are worth staggering amounts.

The best hardware wallet of choice is the Ledger Nano S. The company has a lot of experience and was around since before CryptoPunks were created. It has been making hardware wallets since 2014, and it is highly compatible with cryptocurrencies – over 1000 to be exact. So no matter which blockchain you’re using, chances are the Ledger will be compatible. 

What’s great is the wallet is not expensive at all and you can buy it from the Ledger website or even on Amazon.

If you prefer a software wallet, then we would suggest using MetaMask or Coinbase, both of which are very popular and trustworthy.

Best Cryptocurrency Exchange Sites to Use

As for the exchange to buy cryptocurrency for CryptoPunks NFTs, the one we prefer is Coinbase, but there are plenty of other ones as well. Other options are Gemini, eToro, and Uphold. 

CryptoPunks vs. Cryptocurrency

This is a question that is as old as crypto and NFTs themselves and no one can predict the future. Are NFTs, specifically CrytpoPunks, a better investment than cryptocurrency? A lot of people would say cryptocurrency is a sounder asset to invest in because although CryptoPunks are cool and definitely an awesome flex, but other than what it stands for, it doesn’t provide as much value as cryptocurrency, which has inherent worth and utility.

We say this with caution, because in a space that’s so new, who knows what the future of CryptoPunks will be? The marketplaces could demand higher fees for the transactions due to the selling price of CryptoPunks, and gas fee on Ethereum is already high enough. Doing so could lead to less inclination to buy. 

We also get that people want to buy CryptoPunks because of the status symbol and the limited availability. There are 10,000 minted by Larva Labs and that’s all there will ever be. You can find ones with cool attributes such as buck teeth, glasses, beanies, and mohawks and ones of different species that could further hike up the price, rarity, and incentive to buy CryptoPunks NFT art. 

We won’t rule anything out just yet, but we will say that cryptocurrency is a sounder investment, although some NFTs have soared in value and if they were sold at the right time, the owner definitely made bank. 

FAQ

• Why are CryptoPunks worth so much?

CryptoPunks are worth so much because of what they stand for. Each one is officially owned by a single person or entity and is the representative of one of the first NFTs minted on the Ethereum ecosystem. CryptoPunks are never identical and their attributes further determine their rarity and cost.

• What is the cheapest CryptoPunk?

The cheapest CryptoPunk is $102,367 at the time of writing according to the Larva Labs website. The site keeps up-to-date on the cost of its NFTs. Remember that these numbers are always subject to change.

Conclusion

If you’re wondering how to buy CryptoPunks if you didn’t get in on it back in 2017, now you know you can still do so on the secondary market. You can’t pay for it with real money, so you have to fund your wallet with crypto purchased from an exchange. Then register on the necessary sites and follow instructions to set yourself up to buy CryptoPunks.

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