Bored Ape Yacht Club creators Yuga Labs have unveiled a new wrapper for the CryptoPunks collection, allowing for more simple & straightforward trading.
Labeled the CryptoPunks721 wrapper, it makes use of Larva Labs’ PunksData smart contract and functions with no need for permissions, with its main benefit allowing for CryptoPunks to be wrapped and unwrapped in a single transaction, resulting in less gas fees.
We’re proud to announce CryptoPunks721 a new 2-way wrapper for Punks. For more info, see the thread written by CryptoPunk#1281, @0xquit below. https://t.co/iybR2D6fG9
— CryptoPunks (@cryptopunksnfts) December 20, 2023
Why do CryptoPunks need to be wrapped?
CryptoPunks were first minted in 2017 by Larva Labs, prior to the global adoption of the ERC-721 standard in early 2018.
As a result of this, CryptoPunks must be wrapped – where a copycat token is created whilst a custodian holds the original token – prior to being listed on major marketplaces. This process requires several individual transactions, each requiring a gas fee to complete, and there is no supporting interface to facilitate the process.
How does CryptoPunks721 change this?
The CryptoPunks721 wrapper streamlines this process by combining many of these transactions. This means less total transactions, and lower total gas fees.
On top of this, the wrapper comes with an official user-friendly interface – a first for the CryptoPunks collection.
According to @0xQuit on X, the CryptoPunks721 wrapper is the first of many quality-of-life improvements coming to the CryptoPunks collection. The aim is to “permit evolution over time”, with the team discussing a variety of ideas generated both internally and via the community.
CryptoPunks are a collection of 10,000 pixel-art characters on the Ethereum blockchain. They were first minted in 2017 by Larva Labs, prior to the sale of the collection to Bored Ape Yacht Club creators Yuga Labs in March 2022 for an undisclosed fee.
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