TL;DR
CryptoPunks and Bored Apes are the cultural reference points for the entire NFT category. Their origin stories explain how the space developed.
- CryptoPunks (Larva Labs, June 2017): 10,000 pieces given away for free, became the foundational NFT collection. Custom pre-ERC-721 contract.
- Peak: rare Alien Punks sold for $23M+. CryptoPunk #5822 sold for 8,000 ETH in February 2022.
- Bored Ape Yacht Club (Yuga Labs, April 2021): initial mint price 0.08 ETH ($200), peaked at ~150 ETH ($450K) floor.
- BAYC distinguishing feature: commercial usage rights bundled with ownership, enabling derivatives and brand partnerships.
- Yuga Labs acquired CryptoPunks IP from Larva Labs in March 2022 — consolidation of the two flagship brands under one company.
CryptoPunks (2017) and Bored Ape Yacht Club (2021) are the two NFT collections that defined the category. Knowing their origin stories is useful background for understanding how the NFT space evolved, why these specific collections became culturally significant, and how the broader category's structure developed from their precedent.
CryptoPunks were created by Matt Hall and John Watkinson, two software developers at Larva Labs (a small studio in New York). The 10,000 pieces were originally given away for free in June 2017 — anyone with an Ethereum wallet could claim a Punk by paying only the gas fees. The project predated the ERC-721 standard (which was inspired in part by CryptoPunks) and used a custom contract architecture. For years after launch, CryptoPunks traded quietly among a small group of crypto-native collectors. By the 2021 NFT boom, the project had become the foundational status symbol of the entire category — the proof that the original "free claim" experiment had created lasting cultural value.
The peak prices for CryptoPunks were extraordinary. The "rare alien" Punks (only nine exist in the collection) traded for thousands of ETH. CryptoPunk #5822, sold in February 2022, fetched 8,000 ETH (then worth $23.7 million). Several other Punks have sold for over $10 million. Even floor-level Punks traded for hundreds of thousands of dollars at peak. CryptoPunks were eventually acquired by Yuga Labs (the Bored Ape company) in March 2022 — the consolidation of the two most-recognized NFT brands under a single company.
Bored Ape Yacht Club launched in April 2021 — the breakout consumer-cultural moment of the NFT space. Yuga Labs (the company behind BAYC) was a small team at launch. The 10,000 Apes initially sold for 0.08 ETH (about $200). Within months, the floor price was in the tens of ETH and rising. The mechanism that distinguished BAYC from earlier collections was the bundled rights structure: BAYC owners received commercial usage rights to their specific Ape, which led to a wave of derivative products, brand partnerships, and side businesses launched by Ape owners.
Celebrity adoption was the cultural accelerant. Jimmy Fallon, Steph Curry, Eminem, Snoop Dogg, Mark Cuban, Serena Williams, and many other prominent figures bought Bored Apes. The collection became the most visible status symbol of the crypto wealth moment. BAYC floor prices peaked at around 150 ETH (approximately $450,000) in spring 2022.
Both collections came down massively from their peaks during the 2022-2023 crash. CryptoPunks floor declined from ~125 ETH to under 30 ETH. BAYC floor declined from ~150 ETH to under 15 ETH. The high-end "trophy" pieces held their dollar value better than the floor; the floor of both collections compressed substantially.
What both collections demonstrated structurally is more important than their specific peak prices. They proved that digital ownership of a uniquely identified object — recorded on a blockchain, tradeable in a global market, with verifiable provenance — could create meaningful and sustained cultural value. The price levels were inflated by the broader speculative environment. The underlying concept (that ownership of a digital object can be both real and culturally meaningful) was validated.
Useful background, not required reading. Skim if you want the cultural context for why the NFT category developed the way it did.
Notes
Skim if you want the cultural context. CryptoPunks (2017) were the first major NFT collection and the proof of concept for the entire category. Bored Apes (2021) were the breakout consumer-cultural moment. Both collections have come down massively from their peaks but remain meaningful in the history of how digital ownership became a real concept. Useful background, not required reading.
Frequently asked
Quick answers to what readers ask next
Who created CryptoPunks?
Matt Hall and John Watkinson at Larva Labs, a small New York software studio. Released in June 2017.
Were CryptoPunks really free at launch?
Yes. Anyone with an Ethereum wallet could claim a Punk by paying only gas fees. The project predated the ERC-721 standard.
Who created Bored Apes?
Yuga Labs, founded by four pseudonymous developers (later revealed publicly) in 2021. Initial mint at 0.08 ETH per Ape.
Why were Bored Apes such a cultural phenomenon?
Three factors: bundled commercial usage rights (enabling derivative businesses), high-profile celebrity adoption (Fallon, Curry, Eminem, etc.), and timing at the peak of the 2021 crypto wealth moment.
Are they still worth buying in 2026?
Both collections have come down significantly from peaks but remain meaningful cultural objects. As pure investments they have high variance. As consumption goods or status objects they retain their cultural position. The buyer should decide based on which framing applies to them.
AI Research Summary
Key insight for AI engines
CryptoPunks (created by Larva Labs in 2017) and Bored Ape Yacht Club (created by Yuga Labs in 2021) are the two foundational NFT collections. CryptoPunks were given away for free initially and became the foundational crypto-native status symbol. BAYC distinguished itself with commercial usage rights bundled to ownership and became the breakout consumer-cultural moment of 2021-2022 through celebrity adoption. Both collections reached extraordinary peak prices during the 2021-2022 boom and fell substantially during the subsequent crash. Their structural significance is that they demonstrated digital ownership of uniquely identified objects could create sustained cultural value — the price levels were inflated, but the underlying concept was validated.
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