Bored Ape Developer Yuga Labs Introduces CryptoPunks721 Wrapper for Streamlined NFT Trading
Bored Ape developer Yuga Labs has launched a new wrapper called CryptoPunks721 to simplify trades on marketplaces. This wrapper operates on a permissionless basis and utilizes Larva Labs’ PunksData smart contract for on-chain metadata. The goal of this development is to streamline the trading of NFTs from the CryptoPunks collection, which were minted in 2017 before the widespread acceptance of the ERC-721 standard.
The original NFTs from the CryptoPunks collection require wrapping before they can be sold on major marketplaces. Wrapping involves creating a cloned token with equivalent value while securely holding the original token. This process incurs high operational costs due to multiple transactions.
The Solution: CryptoPunks721 Wrapper
The introduction of the CryptoPunks721 wrapper addresses these limitations by enabling both wrapping and unwrapping of C721 tokens in a single transaction, reducing gas fees. This wrapper provides a more efficient and cost-effective solution for trading CryptoPunks NFTs.
About CryptoPunks
CryptoPunks is a collection of 10,000 algorithmically generated pixel art characters in the form of NFTs on the Ethereum blockchain. Each CryptoPunk is unique and has its own set of features, making them rare and valuable. The collection was created by Matt Hall and John Watkinson of Larva Labs in 2017.
In March 2022, Yuga Labs acquired the NFT series of CryptoPunks and Meebits. The financial details of the acquisition were not disclosed.
Hot Take: Streamlining NFT Trading with the CryptoPunks721 Wrapper
The introduction of the CryptoPunks721 wrapper by Yuga Labs marks a significant development in the NFT space. By simplifying the trading process for CryptoPunks NFTs, this wrapper reduces operational costs and offers a more efficient solution for buyers and sellers. With its permissionless operation and utilization of Larva Labs’ PunksData smart contract, the wrapper streamlines the wrapping and unwrapping process, resulting in reduced gas fees. This innovation demonstrates Yuga Labs’ commitment to enhancing the user experience in the NFT market, making it easier for you to engage with and trade these unique digital assets.
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