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Why Is Cryptopunk So Popular And Expensive?

Salwa P

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In 2021, NFT became so famous around the world. CryptoPunk is among the most popular and expensive digital art in the NFT world. Now, Why Is Cryptopunk So Popular and Expensive?

The price of the Punk artwork took a tremendous increase gaining massive popularity. The digital avatars were bought and sold in the NFT marketplace for 100s of 1000s of dollars. CryptoPunk makes 3/5 most expensive NFT sales.

In the past, museum art was so famous. We have seen unbelievable auction prices for the painted art of “Mona Lisa.” But with the progress of technology, art has also progressed. Now art has become digital. The physical portrait artists also create these arts and have sold them for high prices.

What is CryptoPunk?

CryptoPunk was launched back in 2017 by Larva Labs. The co-founders of Larva Labs, Matt Hall, and John Watkinson, created CryptoPunk. Larva Labs was a software company that had developed a few games and applications. The company created CryptoPunk arts of humans with randomly generated attributes through blockchain technology. They did not know that these pixelated portraits could be a game-changer in the NFT world.

Cryptopunk has 10,000 uniquely generated characters of 24×24 pixels. Each character is unique and different from others because they were created algorithmically using computer codes. No two characters are alike because of computer codes. Most CryptoPunk characters are portraits of males (6039) and females(3840). However, few are also aliens(9), zombies(88), and apes(24).

As characters can not be the same. Some have caps, some have a headband, some have shadows, some are smoking, and many are wearing gold chains.

Firstly they were released for free. Anyone with an Ethereum wallet can claim them. An Ethereum(ETH) “gas fee” was the total cost to claim a punk. It was because of the negligible use of Ethereum and very little knowledge about NFTs.

Now they have overtaken the market with their high prices. The buyers are rushing around these avatars. Even the celebrities have invested in them, including Snoop Dog, Jay-Z, Odell Beckham Jr, Serena Williams, and American entrepreneur Gary Vee.

Why is CryptoPunk so Popular?

The popularity of CryptoPunk is because of the following reasons.

High Demand

The simple reason for CryptoPunk’s popularity is the surging interest in NFT. People are interested in buying these arts. The community is investing money in these rare arts. There are only 10,000 pieces of CryptoPunk art. So everyone wants to get a single one.

Interest

Continuous interaction in the community is also another reason for its high popularity. The platform has made over $200 million in transactions since its release in 2017. The investors are interested in paying a huge amount for buying these arts.

Rarity

Another big reason for the popularity is the rarity of the arts. Only a few people can buy them because of the limited number of arts.

The work of the creator can not be replicated or stolen. Unique IDs and their metadata can verify the authenticity of the creator.

The rarer the CryptoPunk, the more expensive it is. The resale of CryptoPunk is very high. People are also purchasing to sell them with a profit margin in the future.

Old and Prestigious Art

CryptoPunk is considered valuable because these arts were the first in the NFT art collection ever created on the blockchain.

Like physical artwork, the art price increased over time. CryptoPunk is the oldest digital art in the world of NFTs.

Future Art

The world is going towards bitcoin and crypto. So anything that has a bright future in NFT is CryptoPunk. They are already popular and in demand in the market. The arts are selling at higher prices than ever. 

Metadata of CryptoPunk

The metadata of the punks is an additional factor of popularity. Details of CryptoPunk saves on the Blockchain. The core of NFT includes the name of punk, traits, description, link to the image, and detail of their existence on the Ethereum Blockchain, increasing its popularity.

Why CryptoPunk Is Popular In Terms Of Value?

CryptoPunk is valuable because this is the first on the Ethereum Blockchain. Yes, it is the first NFT collection ever created in the blockchain.

The other reason for their high value is there are only 10,000 CryptoPunk. It means only a few people can buy these arts. Their limitations increase their demand and value in the NFT marketplace.

CryptoPunk Is Worth Buying

Yes, CryptoPunk is worth buying. Because its value increases over time. People are investing in NFT artwork.

Buying CryptoPunk can be profitable for you. You can sell it with a high-profit margin in the future. There are high chances of increasing its worth. However, CryptoPunk prices may decrease if the hype about NFT decreases.

Why is CryptoPunk Expensive?

The simple reason for this is the scarcity of punks which makes them expensive. Another reason for high prices is called by economists a bubble. What economists call a bubble, investors buy things for a profit and sell them shortly at a higher price. This process pushes the prices up in the market. Bubbles mostly happen when a new technology emerges.

The interest of investors in the punks is making it expensive. Also, the limited list of punks is a big factor in their expensiveness.

CryptoPunk has made sales of $1.94 billion since its release from total sales of 7868 Punks. The highest value of sales for 24 hours is $795k.

The Rarest CryptoPunk

CryptoPunk 2140 is one of the apes (24) punks. This character is one of the rare art with two attributes.

The other rare punks are from the ape and aliens’ list. Their short number of punks is not the only factor that makes them rare. But the main thing is their attributes which make them rare from the other. The investor buys them for their attractive look.

Most Expensive CryptoPunk

The most expensive CryptoPunks(at the time of writing the post) is CryptoPunk #5822. This punk sold for $23.7 million. Deepak Thapaliyal purchased the art. He is the CEO of blockchain infrastructure company “Chain.” He confirmed his purchase by tweeting shortly after owning the Punk.

Before this, the most expensive CryptoPunk was CryptoPunk #3100. This punk is ultra-rare CryptoPunk of alien. The character has a single attribute which is a simple headband. Punk was sold for $7.67 million at Sotheby’s auction.

Cheapest Cryptopunk

The lowest price for punk which is currently for sale is 54.9 ETH ($139,544.82 ).

Currently, the average bid is 1.96 ETH($4987).

Where You Can Buy a CryptoPunk

Suppose you are interested in buying the punk at the NFT marketplace. First, you need to set up a cryptocurrency wallet like Meta Mask.

When you set up your Meta Mask wallet, you need to recharge the Meta Mask wallet. You have to recharge Ethereum in the wallet. You can buy Ether from Coinbase.

After recharging, download and install a browser plugin called MetaMask. This plugin will allow website access to your Ethereum account.

After installing the plugin, the website can recognize your account and will add a button for buying and selling the punks.

Along with knowing, Why Is Cryptopunk So Popular and Expensive, also look into:

Chief Content Strategist at Best VR Expert. Leveraging real-time data about Virtual Reality, AR, XR, Mixed-Reality, VR Games, and more. So you being a creator, gamer, a business or a tech enthusiast won't slip the best deals off; and can plan 2 steps ahead of your competitors, always!

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NFT Explained For Dummies 2023: How Are NFTs Used And Profited?

Salwa P

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NFT Explained For Dummies 2023

NFTs are a great way to monetize assets in the digital world. They can be used as a form of currency, or they can be used to represent the value of an asset.

NFTs are quickly becoming one of the most popular ways to represent digital assets on the blockchain. They can be used for everything from virtual art pieces to digital collectibles like CryptoKitties and Rare Pepes, as well as digital versions of real-world assets like stocks and bonds. How are NFTs used, and how are they profitable?

A Step-by-Step Guide on How to List an NFT Explained in An Easy Way For Beginners

The following are the essential steps for listing your NFT:

Step 1: Create an Ethereum Wallet

The first thing you need to do is create an Ethereum wallet. This is where you will store your NFTs once they are listed.

There are many different wallets, but we recommend using MyEtherWallet (MEW). MEW is a free, open-source wallet that enables you to access the Ethereum blockchain through your browser or mobile device.

Step 2: Add Money to Your Wallet

Once you have created your wallet, you need to add some money. There are several ways that you can do this. The most common method is to send Ether from Coinbase or another exchange. To do this, go back to MyEtherWallet and click “Send Ether & Tokens .” Enter the amount of Ether you want to send into your wallet and click “Generate Transaction.” This option basically generates a unique transaction code you can use in Coinbase. Or can be used in another exchange to transfer money over into the wallet.

Step 3: Create an Account

In this step, you will create an account on any NFT marketplace and link it to your wallet. Sometimes, you may need to provide KYC information, such as ID verification and phone number verification, before linking the wallet. To list an NFT on OpenSea, you must create an account by signing up with an email address and password. When signing up, ensure you enable 2FA, which is short for two-factor authentication (2FA). This means that whenever someone tries logging into your account, they will be required to enter both your password and a code sent via text message or generated by Google Authenticator or any other authenticator app.

Step 4: Create Your NFT

Once you have created an account on any NFT marketplace and linked it with your wallet, you can start creating your own NFTs. You will be asked to choose a name for your token, select an image, and write text describing your token’s purpose.

NFT Strategy: How to Market Your NFT Project

You can do a few things to help your NFT project succeed. These include:

Build Your NFT Community

The first step to marketing your NFT project is building a community. This can be done by creating a subreddit or forum on Reddit or Discord server. You can use these platforms to interact with fans, answer questions, and get feedback on future updates and features.

List Your NFT on More Than One Marketplace

Listing your NFT on more than one marketplace will help boost its visibility, increase sales volume, and get more feedback from different communities worldwide. Some popular marketplaces are Rarebits, OpenSea and CryptoKitties Market. If you have time and resources, we recommend creating your marketplace too!

Conduct AMA Sessions

If you have a large community on Discord or Telegram, try hosting an AMA there too! This is a great way to get feedback on your project. You can also share development updates by answering questions from users in real time. This will help build trust between creators and community members, which could increase organic visibility via SEO.

Get the Help of Influencers

Influencers can help you market your NFT project by talking about it on their social media channels, featuring it in their YouTube videos, or even reviewing it on their website. They have already built up large audiences that can be leveraged for your product launch. Influencers can also help you connect with other influencers in the space who may be interested in what your project has to offer.

Create Educational Videos

There are many different ways that educational videos can be used to spread awareness about your NFT project. You could make a video that explains what non-fungible tokens are and why people should care about them. This is an easy way for people who know nothing about blockchain technology or crypto assets to understand the value of NFTs without reading through a long blog post or white paper. You could also make a video showing how easy it is to use your product.

Can I Trade NFTs?

Yes, you can trade NFTs. The trading of non-fungible tokens (NFTs) is a growing market yet to be fully developed. While you may be able to find some NFTs for sale on third-party marketplaces such as OpenSea, Rarebits, or RareBits, there’s no guarantee that it will be easy to find the exact NFT you’re looking for.

One thing to keep in mind when trading NFTs is the risk of losing your investment if the platform goes under. This isn’t just a concern with centralized platforms; there have been several instances where NFTs have been lost due to hackers getting into their databases and stealing them.

The good news is that some companies are working on decentralized exchanges that will allow you to buy and sell NFTs directly from each other without relying on a middleman. These include Ethershift, which will enable users to exchange their ETH for ERC-20 tokens through their site; IDEX, which offers an order book for ERC-20 token trades; and Oasis Exchange, which provides a way for traders to exchange ETH for tokens directly on its platform.

What Are The Top Benefits of Investing in NFTs

The benefits of investing in NFTs are as follows:

Many Possibilities

NFTs, allow investors to diversify their portfolios by investing in various assets. This range of options means investors can choose what works best for them. For example, if you want to invest in real estate without buying a house or apartment, you could purchase digital artwork or real estate through an NFT. You could also buy a digital painting or sculpture from an artist who represents their work online using an NFT platform such as OpenSea.

Easily Accessible and Transferable

One of the main benefits of NFTs is that they can be easily transferred between individuals through various platforms such as Ethereum. You don’t need complex tools or wallet addresses because these tokens can be accessed via a user’s account or wallet address. This makes it easy for anyone to purchase or sell these tokens whenever they want without going through multiple steps to transfer them successfully.

NFTs Are Easy To Validate

NFTs are easy to validate because they exist on blockchains, transparent, open ledgers that anyone can see. Buying something using an NFT will appear in your wallet and all your other holdings. The same goes for when you sell it — everything is registered on the blockchain so that no one can claim ownership without proof. This makes buying and selling NFTs much easier than buying traditional stocks or bonds because there isn’t any paperwork involved.

Secured Ownership and Transparency

NFTs grant their owners exclusive rights over their properties, which means they can’t be stolen or lost like other digital assets. Even if someone steals an authorized NFT from its owner, it will remain invalid unless they successfully re-register it with the blockchain network. In addition, since every transaction is recorded on the blockchain network, it’s easy to trace any unauthorized changes made to an asset’s ownership record.

Conclusion

The truth is that NFT does possess a significant value, at least from a technical standpoint. While it is true that the value in NFT is only as secure as the blockchain technology itself, this is also true for most forms of currency. With that in mind, NFTs are a valuable tool for incentivizing behavior among decentralized applications and smart contracts.

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Gamestop NFT 2023: Everything You Need To Know About

Salwa P

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Gamestop NFT

The beginning is big yellow signs, flashing lights, and sales promotions. GameStop has steadily grown into the biggest video game retailer in the world due to these tactics. Recently, they have turned an eye towards something new, a new way to purchase certain games. GameStop is now selling game codes via physical store locations in a concept known as ‘GameStop NFT‘.

What is actually a GameStop?

GameStop is a video game, consumer electronics, wireless services, and retailer.

The company’s retail outlets primarily market and sell games, gaming accessories, and consoles. The company also operates Game Informer magazine and the online gaming website Kongregate.com. The company has its headquarters in Grapevine, Texas.

GameStop is known for its collectible-card-game tournaments and its customer loyalty program “PowerUp Rewards”. Which offers incentives, including coupons, pre-orders, and other special promotions to customers. The customers accumulate points while shopping at GameStop stores or online at the retailer’s website. Customers can also earn points through Game Informer magazine subscriptions or by referring friends to the PowerUp Rewards program by giving them coupons or sending messages about upcoming promotions.

What is ImmutableX?

ImmutableX is a highly efficient, secure, and performant immutable data structures library written in pure Java. It provides a set of immutable classes that implement various data structures like Lists, Sets, Maps, Strings, etc. Unlike other libraries that offer mutable versions of these classes, ImmutableX strictly enforces immutability by only providing immutable implementations. In short, ImmutableX can build highly concurrent applications while maintaining thread safety and avoiding concurrency bugs like race conditions and deadlocks.

GameStop’s Partnership with ImmutableX

GameStop, the largest video game retailer in the United States, has partnered up with ImmutableX. This partnership aims to revolutionize the gaming industry by using blockchain technology to track games while allowing gamers to sell their digital assets on a decentralized marketplace.

The partnership between GameStop and ImmutableX will help create a seamless experience for gamers and developers. For example, the partnership will allow users to purchase games digitally using cryptocurrencies that they can resell on the marketplace. This means that gamers can use cryptocurrencies like Bitcoin and Ether to purchase games from GameStop’s digital store at a discount, then sell those digital assets back for cash or other digital assets offered by GameStop, such as gift cards.

In addition to this new service provided by GameStop, there are plans for a new cryptocurrency exchange, allowing users to trade cryptocurrencies like Bitcoin and Ethereum with other gamers worldwide.

What is a Web3 game?

A Web3 game is a game that works on any device that supports HTML5 and can be played on the web. The technology is the same as what you would use to create a mobile or desktop app, but instead of building it for your device, you build it for the web.

The main advantage of creating a Web3 game is that it will run on any device with a browser, not just your own. It also allows users to play games without installing an app. If they like your game and want to continue playing, they can download it from their browser and keep playing offline.

Why is GameStop Becoming a Web3 Company?

GameStop is digging into blockchain technology to transform itself into a web3 company.

The company has already invested in a blockchain startup, decentralized application platform, and tokenization platform called Loom Network.

GameStop’s new focus on blockchain comes as the company struggles with declining sales and a failing business model.

In response, GameStop has been trying to reinvent itself by selling more electronics, which have been doing better than physical game sales for years. But even this strategy isn’t working anymore as more people buy games digitally than ever, especially among younger gamers who want to avoid dealing with long lines at stores or waiting for shipments from online retailers like Amazon Prime.

GameStop’s new strategy is to compete with digital giants like Steam, which have been taking market share away from brick-and-mortar retailers for years.

GameStop’s new digital strategy isn’t just about competing with its rivals; it’s also about staying relevant in a world where digital sales are expected to outpace physical sales by 2023.

What are the Essential Features of the NFT Gaming Platform?

There are many valuable features that NFT gaming platforms can offer. The most important ones are:

Players will take control

Players will have full ownership rights and control over their digital assets and can own, trade, and sell them whenever they want.

Play-to-Earn games will be huge

The first type of NFT gaming is play-to-earn games. These games reward players with crypto tokens for playing and performing certain actions. This incentivizes players to keep playing because it means they can earn money from playing games. In addition, these incentives also encourage users to share the game with their friends and family, which further increases the number of players and thus leads to more revenue for the developer.

Interoperability

The NFT gaming platform is designed to have high interoperability with other platforms and applications, allowing users to transfer assets between games and platforms easily.

What are the top GameStop NFT marketplaces?

Besides, their own marketplace, here are some of the best marketplaces for GameStop NFT:

Open Sea

OpenSea is a marketplace for NFTs. It uses the Ethereum blockchain and smart contracts to create a decentralized gaming ecosystem where users can buy and sell NFTs. Open Sea allows users to play games with their NFTs and use them as collateral in lending protocols.

CryptoPunks/Larva Labs

CryptoPunks is the original NFT marketplace. It launched in 2017 and quickly became one of the biggest NFT marketplaces in the world. Larva Labs is its parent company. The site has many categories, including CryptoKitties and CryptoCats. You can even sell your unique crypto-themed stickers.

Rarible

Rarible is one of the most popular NFT marketplaces on the internet. The company was founded in 2019 and has quickly become one of the biggest NFT marketplaces in the world. Rarible has over 1 million registered users, and it’s growing steadily.

The platform allows users to buy and sell digital assets, including NFTs, cryptocurrencies, and other digital goods. It also allows users to transfer their digital assets between different games and send them over social media platforms like Facebook Messenger or Instagram Direct Message.

Rarible offers some of the best prices for NFTs compared to other online marketplaces like RareBits or OpenSea; they do not provide an escrow service as these two sites do. This means that you will need to trust whoever you’re buying from before sending them any money, but if you know what you’re doing, this shouldn’t be an issue.

SuperRare

This is one of the most well-known NFT marketplaces on the web today. It’s based in Canada and accepts both US and Canadian dollars.

It offers a wide range of different assets, including many types of sports cards and other collectibles. The site has over 200 categories where you can find what you want. It also has an easy search feature so that users can find exactly what they’re looking for quickly and easily.

GameStop Stock: How Much Ownership Do Retail Investors Have?

GameStop stockholders have a lot of ownership in the company. GameStop is a publicly traded company; investors can buy and sell shares on the open market. However, GameStop has a lot of insider ownership as well. A quick look at the company’s most recent proxy filing reveals three classes of stock: Class A, Class B, and Class C. The holders of each class have different rights, including voting and dividend rights.

GameStop (GME) has about 67.5% institutional ownership.

How do I buy NFT from GameStop?

In order to purchase a GameStop NFT, you need to register by connecting the wallet. This proceeds by using the account balance or by adding funds to the wallet.

To add funds to your account, click “Add Funds” and select the amount you want. If purchasing NFTs for the first time, you’ll need to enter your credit card information before adding funds. You can also use PayPal or a gift card at checkout.

Once you’ve added funds to your GameStop account, you can purchase NFTs by clicking on “Buy NFT” and selecting the name of the item you want to purchase.

Conclusion On Gamestop NFT

For those uninitiated, NFTs are essentially tokens for games, hence the name. They’re physical manifestations of digital assets that give you access to different in-game items. It’s not a new concept; it goes back to the days of trading cards and baseball cards. Having too many cards or even different games or consoles collecting dust can be burdensome because they need to be more practical. NFTs allow users to utilize their existing collections while simultaneously collecting new ones.

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