On June 11, 2017, in the late afternoon, Erick Calderon was in the back room of the tile-importing warehouse he owns, printing product stickers. The printer was slow, so he padded across the blue-carpeted floor, past his cryptocurrency-mining rig, to his computer. He opened up Reddit and glanced at the latest posts. His eyes landed on one from a user named mega­matt2000: “CryptoPunks: An experiment in digital collectibles on Ethereum.” Calderon clicked and found himself staring at a grid of 10,000 tiny, pixelated faces.