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Digital asset incubation studio Yuga Labs has unveiled a new wrapper for its CryptoPunks collection of non-fungible tokens. Driven by recent developments, the CryptoPunks NFT collection has surged more than 1,600% in sales to over $1.6 million in the last 24 hours.
Source: CryptoSlam.io, CryptoPunks NFT trading activity
Yuga Labs Unveils New Rapper for CryptoPunks
In a blog post on December 20, Yuga Labs’ smart contract expert and security wizard extraordinaire 0xQuit confirmed the release of a new wrapper for CryptoPunks, “CryptoPunks 721”. The new feature allows holders of wrapped Cryptopunks NFTs to access all the benefits of ERC-721.
Last week, Yuga finalized a series of interconnected agreements that open up new possibilities across the project.
It’s designed to be simple at first, but evolve over time.
Introducing: Your Stash.
1/🧵 pic.twitter.com/lI5L0eapZQ
— Quit (🙌,🦄) (@0xQuit) December 20, 2023
Founded in 2021, Yuga Labs is home to a collection of popular NFTs including Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Otherdeed For Otherside, TwelveFold, Koda NFT, and more. The digital asset company also owns the intellectual property (IP) for CryptoPunks and Meebits.
CryptoPunks is a collection of NFTs previously offered by digital asset company Larva Labs, featuring a limited edition of 10,000 pixel-themed profile pictures (PFPs) hosted on the Ethereum blockchain network. CryptoPunks is one of the most successful NFT collections in the NFT ecosystem, with a market capitalization of over $1 billion.
Under the new feature, CryptoPunks NFT holders can obtain a collection of wrapped CryptoPunks NFTs by wrapping the original NFT with C-721. NFT collections allow users to reap all the benefits of ERC-721. In this case, the holder can perform the useful task of including a list of punks for sale at a personal address.
Wrapped CryptoPunks NFTs allow holders to seamlessly borrow money against their CryptoPunks, a feature not possible with unwrapped CryptoPunks. Commenting on the new feature in an interview, 0xQuit said:
“We are launching our own full solution. This includes new wrappers and interfaces for the wrappers, so everything should be really secure and simple.”
Overview of Yuga Labs’ new C-721 wrapper
According to the description, a wrapped token is a type of cryptocurrency or digital asset backed by another coin or asset, often a token that is native to or “wrapped” on a specific blockchain or network. Rapper smart contracts have been around for a long time, including Punks.
In recent years, wrapper contracts have developed rapidly to fully utilize the potential of ERC-721 for the CryptoPunks ecosystem. In that context, Bored Ape creator Yuga Labs saw this as an exclusive opportunity to create a new wrapper that would be safe and seamless to use.
In the meantime, NFT collectors can wrap their original CryptoPunks NFTs into CryptoPunks 721. Wrapped Punks can be listed on standard NFT marketplaces, giving holders the benefit of full marketplace functionality. CryptoPunks 721 is also accessible to those who are new to cryptocurrency.
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