What started as an experiment in digital art is now the most expensive collection of digital assets in the world – with a collective value of over $770,000,000 USD. These NFTs are called CryptoPunks.
This collection of 10,000 on-chain pixel avatars have become cultural icons, and a landmark piece of internet history – but what exactly are they, what should you know about them, and why are they so expensive? Here’s our complete 2025 guide to CryptoPunks NFTs.
What are CryptoPunks NFTs?
CryptoPunks is one of the earliest and most influential NFT projects on Ethereum.
Created by Matt Hall and John Watkinson of Larva Labs in June 2017, the collection contains 10,000 unique pixel art avatars known as Punks. Each Punk is algorithmically-generated, possessing its own unique set of attributes, making each of them one-of-a-kind.
The Punks are primarily human characters, divided into 6,039 males and 3,840 females, each with a variety of accessories, such as hats, sunglasses, or earrings. Aside from humans, there are a number of rare Punks that are highly-coveted:
- Zombies: 88 Zombie Punks have green skin and zombie-like features
- Apes: 24 Ape Punks have brown fur and ape-like faces
- Aliens: 9 ultra-rare Alien Punks have light-blue skin, and are the most coveted in the collection
The aesthetic draws inspiration from the 1970s punk movement, giving the collection a raw and edgy vibe that resonates with many within the crypto community. With 87 possible attributes, and a single Punk having anywhere from zero to seven traits, the uniqueness and rarity of each Punk has certainly widened their appeal.
What have CryptoPunks accomplished so far?
When CryptoPunks were minted in 2017, NFTs were several years away from mainstream attention.
Matt and John wanted to experiment with how blockchain technology could impact the scarcity and demand of digital art – and as such, CryptoPunks were free to claim for anyone with an Ethereum-supported wallet.
Initially, interest was modest, with only 800 to 1,000 claims in the first week, but after coverage from Mashable, all 10,000 CryptoPunks were snapped up – and interest only grew.
Notable early collectors include names that will be familiar to NFT fans – Pranksy, 6529, and seedphrase – and their involvement helped attract a larger community around CryptoPunks.
When NFTs reached larger audiences in late 2020 to early 2021, CryptoPunks were seen as the gold-standard – and soon, CryptoPunks became the world’s most valuable NFT collection, with individual Punks selling for eye-watering prices.
CryptoPunks hold 6 of the top 10 most expensive NFT sales of all time, including CryptoPunk #5822 – an Alien variant – selling for $23.7M USD (8,000 ETH) in February 2022, and CryptoPunk #7523 – known as the COVID Punk – selling for $11.7M USD (4,700 ETH) in June 2021 at a Sotherby’s auction.
Despite this success, CryptoPunks have faced a number of challenges.
The CryptoPunks we know today are not the original incarnation. V1 Punks – the original CryptoPunks collection – contained a bug in its smart contract, leading to the creation and adoption of V2 Punks as the main collection. V1 Punks live on, despite Larva Labs distancing themselves from them.
Post-mint, there was uncertainty regarding the intellectual property rights of holders, with many unsure about how they could use their Punks. This was resolved when Yuga Labs acquired the management of the CryptoPunks collection in March 2022, subsequently giving all IP rights to the holders.
What does the future hold for CryptoPunks?
Since the acquisition of CryptoPunks by Yuga Labs – creators of the Bored Ape Yacht Club NFT collection – in March 2022, CryptoPunks have largely remained untouched, with one notable exception.
In February 2023, Yuga Labs announced their “Punks in Residence” program, partnering with mainstream artists to create derivative works based on CryptoPunks – though it went up in smoke at the first attempt.
Nina Chanel Abney is a celebrated artist, with her work featured in many high-profile galleries across the world – but online backlash to the reveal of her “Super Punk World” collection was so strong that Yuga cancelled the auction, gave all 500 NFTs away via an airdrop, and hit pause on the Punks in Residence program altogether.
Despite this, CryptoPunks continues to be – by no small margin – the most valuable NFT collection in the world, and Yuga’s largely hands-off approach has helped to enshrine the collection’s status, prominence and recognition.
Whilst the NFT market sees its fair share of volatility, the historical significance of CryptoPunks makes its future as a top collection largely secure, and combined with its dedicated community – chock-full of creators, influencers and celebrities alike – the Punks are sure to be a noteworthy project for many years to come.
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