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CRYPTOPUNK

Cryptopunk is one of the earliest non-fungiable Token that is backed up on Ethereum technology. It was first released in June 2017 by the Larva Lab, An American company that generate collectibles. This is a special digital assets that have a special authority and can't be disintegrated into smaller factions. The author or Creator still be recognized even if they are traded.

This NFT project is a special crypto art exhibition that was inspired by the ERC-721 standard and they are also called the NFT's movements. This modern crypto art projects have attracted many investors and collectors have seen this new inspired crypto art fields as the modern art investment ventures or digital "blue Chip" art investment.

The Canadian team of Matt Hall and John Waktinison, who are software developers jointly owned and run the company, Larva Lab that generate these collectibles from the ideas gotten from the London punk scenes, cryptopunk movements, Novel's Neuromancer by William Gibson, the characters from the movie called the Blade runner, Johnny's mnemonics and the electronic music scene Daft punk.

Larva Lab have only 10,000 blockchain generated cryptopunks with 6039 males and 3840 females which are in human form coupled with the three special types of 88 of Zombie, 24 of Ape and 9 of Aliens. They are very unique and specially designed with algorithmically code. In these limited number of cryptopunks, each are very different from another in terms of character and rare traits. Although they were free and can be transferred from one another but being limited and scared increased it's monetary value when auctioned.

NON-FUNGIABLE TOKEN AND HOW IT'S WORKS

NFT is a short term for Non Fungible Token. They are special unit data that stored in digital ledger and backed by blockchain technology. These unit of data are unique and are referred as digital assets which represents collectibles like photos, arts, video, music and other digital files which are highly accessible by everyone but not interchangeable. But, they are trackable on blockchain technology to provide the owner it's proof of ownership.

Although many of the NFT'S can run on its own unique blockchain technology, but many are backed up on Ethereum technology. NFT project is digital commodity that ranges from sport, art, videos, music and other popular entertainment. They can be obtained or shared between people but still maintain it's originality.

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NFT'S projects are specially designed as an autographed art bearing the details of it's owners. This details of the owner can be verified by blockchain and can't be interchanged.

However, there are very digital files and arts with unique ownership that are verified by the Blockchain ledgers. They includes:

• The digital artwork called everyday- the first 5000 days from the artist called Mike Winkelmann also known as Beeple. This artwork was sold for US$69.3 million dollars in 2021.
• Another Beeple's artpiece called the "Crossroad" which is 10 secounds animated videos of the pedestrians walking past the figure of former American president Donald Trump was sold for US$6.6 at online crypto currency marketplace for digital arts at Nifty gateways.
• The slam dunk card of LeBron James was sold for $208,000.

Where Can One get a Cryptopunks?

Because of being limited and high market value, to obtain a cryptopunk are one of the dreams of cryptopunk lovers. One can get it via participating in the auction exercise. There, the highest bidder goes with it. From the Larva Lab platform, One can obtain it too via a click or through payment with Fiat currency or crypto currencies.

Conclusion

Although the generation of NFT'S projects produces huge tons of carbon which alter the global climate and ushered global warming, The advantage of NFT'S projects are worthwhile. The uniqueness of it's nature and structure coupled with it's scarcity have increased it's markets value making it appealing to numerous investors and collectors.

Thanks to my crypto-professors and my mentors @levycore @alphafx and @steemcurator01, @steemcurator02, @steemitblog for this wonderful class and thoughtful homework.