Yuga Labs, the developer of Boresome Ape, has released a new wrapper for the CryptoPunks collection to facilitate trades on markets.
The recently released CryptoPunks721 wrapper uses Larva Labs’ PunksData smart contract for on-chain metadata and runs on a permissionless basis, according to an X thread by @0xQuit, the developer of smart contracts for Yuga Labs.
The main reason for creating the new wrapper is to make trading NFTs from the CryptoPunks collection easier. The collection was first created in 2017, which was before the ERC-721 standard was widely adopted in January 2018.
The original NFTs from the CryptoPunks collection require wrapping before they can be listed for sale on essential markets, as @0xQuit pointed out. Wrapping entails copying a token and giving it a similar value while keeping the original token safe in the hands of a custodian.
Multiple transactions are involved in this procedure, which raises the cost of operations. In order to overcome these restrictions, the CryptoPunks721 wrapper was introduced.
This allows C721 coins to be wrapped and unwrapped in a same transaction, hence lowering gas costs. CryptoPunks, an Ethereum blockchain collection of 10,000 pixel art figures created algorithmically, was introduced in 2017 by Matt Hall and John Watkinson of Larva Labs.
Because every CryptoPunk is unique and has a unique set of qualities, they are all the more rare. The NFT line of CryptoPunks and Meebits was purchased by Yuga Labs, the firm that created the Bored Ape Yacht Club (BAYC) NFT collection, in March 2022. The deal’s financial details were kept a secret.
