Bored Ape developer Yuga Labs has rolled out new packaging for the CryptoPunks collection to ease trading on marketplaces.
According to an
The primary goal behind the development of the new packaging is to streamline trading of NFTs from the CryptoPunks collection, originally released in 2017, a period that predated the widespread adoption of the ERC-721 standard in January 2018.
Last week, Yuga finalized a series of interconnected contracts that unlock new possibilities for our projects.
They start out simple, but are designed to allow for evolution over time.
Let us introduce ourselves: your stock.
1/
pic.twitter.com/lI5L0eapZQ
— quit (
,
) (@0xQuit) December 20, 2023
As noted by @0xQuit, the original NFTs from the CryptoPunks collection must be packaged before they are eligible for sale on major marketplaces. Wrapping creates a cloned token with an equivalent value, while the original token is kept safe by a custodian. This process involves multiple transactions, resulting in high operational costs
You might also like: CryptoPunks fuel NFT surge with $1.1 million in sales
The introduction of the CryptoPunks721 wrapper aims to address these limitations by allowing both wrapping and unwrapping of C721 tokens in a single transaction, thereby reducing gas costs.
Launched in 2017 by Matt Hall and John Watkinson of Larva Labs, CryptoPunks is a collection of 10,000 algorithmically generated pixel art characters in the form of NFTs on the Ethereum blockchain. Each CryptoPunk is different and has its own characteristics, which contributes to its rarity.
In March 2022, Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT collection, acquired the NFT series CryptoPunks and Meebits. Financial terms of the deal were not disclosed.
Read more: What’s the story behind Bored Ape Yacht Club maker Yuga Labs?
