CryptoPunks

CryptoPunks is a foundational non-fungible token (NFT) project consisting of 10,000 unique 24x24 pixel art characters stored on the Ethereum blockchain. Launched in June 2017 by Larva Labs, the experimental project was created by Canadian software developers Matt Hall and John Watkinson. The duo, who had previously collaborated on projects like the Androidify avatar creator, were inspired by the London punk scene, the cyberpunk movement, and electronic music. They developed an algorithm to generate the 10,000 distinct characters, each with its own combination of attributes.

Initially, Larva Labs offered the CryptoPunks for free to anyone with an Ethereum wallet, keeping 1,000 for themselves. The project was one of the earliest examples of an NFT on Ethereum and was a key inspiration for the ERC-721 token standard, which now underpins most digital art and collectibles. CryptoPunks are widely credited with sparking the NFT boom of 2021 and establishing the profile picture (PFP) movement. The collection includes various types, primarily male and female punks, along with rarer Zombies, Apes, and nine highly sought-after Aliens. The value of a Punk is determined by its rarity, attributes, and market demand.

The business model initially did not include royalties on secondary sales; revenue for Larva Labs came from selling the 1,000 Punks they originally retained. As the market grew, CryptoPunks became digital status symbols, with some selling for millions of dollars. In a major market consolidation in March 2022, Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), acquired the intellectual property (IP) of the CryptoPunks and Meebits collections from Larva Labs for an undisclosed sum. Following the acquisition, Yuga Labs granted full commercial rights to individual CryptoPunk holders, a right previously reserved for BAYC owners. More recently, in May 2025, Yuga Labs sold the CryptoPunks IP to the nonprofit NODE Foundation, an organization focused on preserving digital art, which now includes the original Larva Labs founders on its advisory board.

Keywords: NFT collection, generative art, digital collectibles, Ethereum blockchain, pixel art, Larva Labs, ERC-721, crypto art, digital ownership, Yuga Labs, Matt Hall, John Watkinson, PFP project, blockchain art, digital identity, crypto collectibles, non-fungible token, digital assets, cyberpunk art, algorithmic art