Yuga Labs Introduces CryptoPunks721 Wrapper, Streamlining NFT Trading
Yuga Labs, the developer behind the popular Bored Ape Yacht Club (BAYC) NFT collection, has introduced a new wrapper for the CryptoPunks collection. The purpose of this wrapper is to simplify the trading of NFTs from the CryptoPunks collection, which were initially created before the adoption of the ERC-721 standard.
The CryptoPunks721 wrapper operates on a permissionless basis and utilizes Larva Labs’ PunksData smart contract for on-chain metadata. It allows for the wrapping and unwrapping of C721 tokens in a single transaction, reducing gas fees and streamlining the trading process.
Previously, the original NFTs from the CryptoPunks collection had to be wrapped before they could be sold on major marketplaces. Wrapping involves creating a cloned token with equivalent value, while the original token is securely held by a custodian. This process requires multiple transactions and results in high operational costs.
CryptoPunks, created in 2017 by Matt Hall and John Watkinson of Larva Labs, 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 possesses its own set of distinctive features, making them rare and valuable.
In March 2022, Yuga Labs acquired the NFT series of CryptoPunks and Meebits, although the financial details of the deal were not disclosed. This acquisition further solidified Yuga Labs’ position in the NFT market, following the success of the Bored Ape Yacht Club collection.
Overall, the introduction of the CryptoPunks721 wrapper is expected to enhance the trading experience for CryptoPunks NFTs, making it more accessible and cost-effective for buyers and sellers alike.
