From the end of 2017, an blockchain game, Encrypted Cat, set off the NFT trend，each cat corresponds to an NFT token on the chain，a virtual cat can sell for hundreds of thousands of dollars，the unique characteristics of NFT assets, there is a difference between every two NFT assets，bring to the attention of the Larva Labs team the great potential of NFT. They realise that NFT assets are not only a cryptocurrency, but also contain corresponding asset information, such as a painting NFT assets that he will correspond to the painting's JPG picture information, and a game prop NFT asset may have different attributes and numbers. In short, every two NFT assets are irreplaceable and different, and the unique characteristics of NFT assets are also their charm.

NFT is called Non-Fungible Token, and the Chinese name is non-homogenous token. It's a kind of cryptocurrency that represents the ownership of scarce digital goods such as artworks or collectables. In economics, homogenisation is a feature of commodities. It means that each individual can replace each other and cannot be distinguished. Statutory currencies such as the US dollar are good examples of homogenisation.
Matt Hall and John Watkinson began to develop a broken art project called CryptoPunks. John originally made a "pixel character generator" that was originally intended to be used in the game, but it was denied that it was not feasible. They later learned that Ethereum had brought it to the blockchain area, so they gave birth to CryptoPunks, which they called an experiment, when technology and people's acceptance of virtual collectables were uncertainties that affected the sustainability of the experiment.

Matt Hall and John Watkinson raised a thought - thinking serious question. Can a few lines of code represent actual ownership? This is a crazy idea. It can be said that the key innovation of NFT is to provide a method to mark native digital asset ownership (i.e. assets that exist in the digital world, or originating in the digital world), and that ownership can exist outside centralised services or centralised libraries. But as they say, there is a need for a conceptual leap. CryptoPunks is recognised as the starting point of the CryptoArt movement.
CryptoPunks is a series of 24x24, 8-bit pixels of artistic images depicting strange characters with a total of 10,000 characters, each with hypothetical personality and randomly generated characteristics. This is the first rare digital art of ownership stored on the Ethereum blockchain, where every cryptocurrency is an irrevocable token. The value of each non-functional test comes from its verifiable digital scarcity and digital ownership. No two "punks" are exactly the same. Most of them are boys and girls with 'punk' appearances, but the number of apes, zombies and aliens is limited. What will happen to the future "CryptoPunks" art project? Let's wait and see!