CryptoPunks NFT: Explained | The Motley Fool

What Are CryptoPunks?

By Adam Levy – Updated Oct 9, 2025 at 3:02 AM

Key Points

CryptoPunks is an early NFT series, comprised of 10,000 unique digital portraits.
These portraits gained value due to their scarcity and rising NFT market demand.
To buy a CryptoPunk, set up a crypto wallet, add Ether, and purchase via Larva Labs.

CryptoPunks is one of the earliest non-fungible token projects developed on the Ethereum blockchain. The project consists of 10,000 algorithmically generated 24x24 pixel portraits featuring random attributes such as the person wearing a hat or smoking a pipe.

While you could originally acquire a CryptoPunk for free (aside from a transfer fee), the rarity of the digital portraits and the increased demand for NFTs has sent the price skyrocketing.

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A woman placing a picture frame over a phone displaying the word NFT. — Image source: Getty Images.

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Law of Supply and Demand

The law of supply and demand is an economic theory asserting that supply and demand will meet each other at a certain equilibrium price.

It's possible CryptoPunks will go from relatively fringe collectors' items to mainstream art since several have been up for auction at Christie's and Sotheby's. That could bring in new bidders for the popular NFTs. But it seems more likely that those interested in the tech/art project already know about it.

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In other words, we may have already hit peak demand for the NFTs. That said, it's still possible for individual CryptoPunks with especially desirable attributes to maintain or climb in price even if the overall market might not be as valuable as its peak.

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About the Author

Adam Levy is a contributing Motley Fool stock market analyst covering technology, consumer, and financial stocks and how policy, economic, and consumer trends shape personal finance, Social Security and retirement savings. Before The Motley Fool, Adam was a financial advisor at Edward Jones. He studied finance and electrical engineering at Carnegie Mellon University.

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Adam Levy has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.