Yuga Labs, the developer behind the popular Bored Ape NFT collection, has introduced a new CryptoPunks wrapper to simplify trades on various platforms. The new CryptoPunks721 wrapper, as explained in a post by Yuga Labs’ smart contract developer @0xQuit, operates on a permissionless basis and utilizes Larva Labs’ PunksData smart contract for on-chain metadata.
The main goal of this new wrapper is to make trading NFTs from the original CryptoPunks collection, which was minted in 2017 before the ERC-721 standard gained widespread acceptance in January 2018, more efficient. Traditionally, original NFTs from the CryptoPunks collection needed to be wrapped before they could be sold on major marketplaces. This wrapping process involves creating a cloned token with equal value while securely holding the original token with a custodian, resulting in high operational costs due to multiple transactions.
To address these challenges, the CryptoPunks721 wrapper allows for both wrapping and unwrapping of C721 tokens in a single transaction, reducing gas fees significantly. This innovation comes as a welcome solution for NFT traders looking to streamline their transactions.
CryptoPunks, created in 2017 by Matt Hall and John Watkinson of Larva Labs, is a collection of 10,000 unique pixel art characters issued as NFTs on the Ethereum blockchain. Each CryptoPunk is one-of-a-kind, adding to its desirability and rarity among collectors.
In a move that made headlines in March 2022, Yuga Labs acquired the NFT series of CryptoPunks and Meebits, expanding its portfolio beyond the Bored Ape Yacht Club (BAYC) collection. The financial details of the acquisition were not disclosed, but it solidified Yuga Labs’ position as a key player in the NFT space.
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