Yuga Labs, the digital asset incubation studio, has unveiled a new wrapper for its CryptoPunks non-fungible token collections. In the wake of the recent development, CryptoPunks NFT collection has surged more than 1,600% in sales volume to over $1.6 million in the past 24 hours.
Yuga Labs Unveils New Wrapper For CryptoPunks
In a December 20 blog post, 0xQuit, the smart contract expert and security wizard extraordinaire at Yuga Labs, confirmed the unleashing of a new wrapper, “CryptoPunks 721,” for CryptoPunks. The new functionality will allow wrapped Cryptopunks NFT holders to access all the advantages of ERC-721.
Last week, Yuga finalized a series of interconnected contracts that unlock new possibilities across our projects.
They’ll start simple, but they’re designed to allow evolution over time.
Introducing: Your Stash.
— quit (👀,🦄) (@0xQuit) December 20, 2023
Founded in 2021, Yuga Labs is home to popular NFT collections, including Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Otherdeed For Otherside, TwelveFold, Koda NFTs, and More. The digital asset firm also owns intellectual property (IP) for CryptoPunks and Meebits.
CryptoPunks is an NFT collection previously from the digital asset firm Larva Labs that features a limited edition of 10,000 pixel-themed profile pictures (PFP) hosted on the Ethereum blockchain network. CryptoPunks is one of the most successful NFT collections in the NFT ecosystem, with more than $1 billion market capitalization.
Under the new functionality, CryptoPunks NFT holders can wrap their original NFTs with C-721 to get a wrapped CryptoPunks NFT collection. The NFT collection will allow users to gain all the advantages of an ERC-721.In this case, holders can perform useful actions, including listing Punks for sale to a private address.
The wrapped CryptoPunks NFTs will also allow holders to seamlessly borrow money against a CryptoPunks, a functionality impossible with unwrapped CryptoPunks. While commenting about the new functionality in an interview, 0xQuit remarked:
“We are releasing our own full solution. That involves a new wrapper and an interface for the wrapper, so everything should be really safe and straightforward.”
Yuga Labs’ New C-721 Wrapper Overview
By description, a wrapped token is a sort of crypto or digital asset that is backed by another coin or asset, often one that is native to a particular blockchain or network or that is “wrapped” by it. The wrapper smart contracts have existed for a long time, including for Punks.
In recent years, wrapper contracts have rapidly evolved, opening up the full potential of ERC-721 to the CryptoPunks ecosystem. In that context, the Bored Ape creator Yuga Labs has seen this as an exclusive chance to create a new wrapper that is safe and seamless in usage.
In the meantime, NFT collectors can wrap their original CryptoPunks NFTs with CryptoPunks 721. The wrapped Punk can be listed on a standard NFT marketplace, giving holders the advantage of that entire marketplace feature. Furthermore, CryptoPunks 721 is accessible to folks who might be new to crypto.
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