First of all, let me start with a brief history of the CryptoPunks NFTs, which with time as you continue reading this post, you will see the reason why it is so expensive clear as day.
CryptoPunks is the OG ( is a slang term for someone who’s incredibly exceptional, authentic, or “old-school.”) of NFTs, it was the one of the first NFTs to exist or been minted back then in 2017 which was developed on the ethereum blockchain, created by a software program that was to create thousands of different types of misfits and non-conformists pixelated images, this project was spearheaded by the co-founders of Larva Labs, John Watkinson and Matt Hall.
The CryptoPunks collection is made up of nine aliens, 24 apes, 88 zombies, 3,840 females, and 6,039 male Punks, with each possessing some distinctive features, including mutton chops, 3D glasses, rosy cheeks, pigtails, buck teeth, lipstick, beanies, and many more.
The two major reasons why the CryptoPunks NFTs collection is so expensive it is because of it's Age and Scarcity.
Age in the sense that: The CryptoPunks collection is revered as one of the oldest NFT projects around. An aged NFT, such as CryptoPunk, is valued as much as a famous old painting like Picasso’s “Femme nue couchée au collier” of 1932 that was purchased and tokenized by TRON’s Justin Sun.
So, the age of CryptoPunks on the blockchain adds to their desirability. Most investors simply buy Punks to get their hands on one of the oldest NFT artworks still around.
And as for Scarcity: Common sense will tell you that when the demand for something is high with limited supply the price tends to skyrocket to the moon, and now as Celebrities, Artists, and Top Influential people in the world go into Crypto and NFTs, also as they started using NFTs they own as their Social media display/profile pictures after NFTs in general shockingly became a massive trend in 2021 until today's date.
As popular celebrities like Jay-Z (Shawn Carter), Snoop Dogg, Odell Beckham Jr, Serena Williams, Steve Aoki, Gary Vee, Jason Derulo, Logan Paul, e.t.c showcase their CryptoPunks, this also helps to boost the price of the NFT Collections.
CryptoPunks NFTs are been sold for millions of dollars now but when it start to was been given out for free to Ethereum wallet holders who have access to the NFT collection. Thanks guys for reading my post.