We as a society have gotten rid of a lot of things, phone booths, recording your favorite programs, and even smaller stuff like telling the time on a traditional clock.
Every one of these things we changed for the convenience of our growing need as humans to move forward faster and quicker.
So with this there comes a topic, “is it time to go deeper into the world of digital?”
Cryptopunks came into the internet scene in 2017 released by the company Larva Labs. At around these times these NFT’s, unique data stored in digital files, were selling at around 1 to 40 Ethereum.
Something that must be noted about purchasing a Cryptopunk NFT is that you must purchase it using digital Ethereum currency.
The price of it can go up and reach levels to about Bitcoin even, this is the choice of currency used by Larva Labs. It could be thanks to Bitcoin that during the time of Cryptopunks release, the price for Ethereum went up dramatically. Now these “Punks” were selling at caps of up to 10,000 dollars and the price of Ehtereum kept going up all through 2018.
“I really thought, "this is the digital Mona Lisa." CryptoPunk is the first project. And of all the CryptoPunks, this is clearly, to me, the best CryptoPunk. Everyone will want it when people want CryptoPunks.” says Dylan the owner of punk #7804, a punk now worth 11 million dollars.
It was great that this soon brought light to the “digital art scene” but like all things, it did not last. Prices for Ethereum dropped almost 100 percent and were not as valuable anymore as they were before.The Ethereum drought lasted for almost 2 and a half years, until 2020 soon came into view.
Ethereum got a new software update which made transitions to newer and more secure blockchains, these blockchains are systems that record information and prevent forgery. Now in December of 2020, the price for one Ehtereum peaked at 2750 dollars. It didn’t just stop there but kept rising.
Is it a fad? No I do not believe so. There is too much spotlight and profit to be made that I do not think it’s ever going away. Big time celebrities like Stephen Curry have already dipped their fingers into the pit that is Crypto. Other artists like Takashi Murakami are planning on releasing their own NFTs to get a head start above everyone else.
The stigma that Bitcoin has on our modern day is too great and the thought of the next Bitcoin coming into the scene would make them wish that they got into it sooner.