Bored Ape Yacht Club Makers Yuga Labs have unveiled new packaging for the CryptoPunks collection, making trading easier and clearer.
Called the CryptoPunks721 wrapper, it uses Larva Labs’ PunksData smart contract and functions without the need for permissions, with the main benefit being that CryptoPunks can be wrapped and unwrapped in a single transaction, resulting in reduced gas fees.
We are proud to announce CryptoPunks721, a new two-way pack for Punks. For more information, see the thread written by CryptoPunk#1281, @0xstop below. https://t.co/iybR2D6fG9
— CryptoPunks (@cryptopunksnfts) December 20, 2023
Why do CryptoPunks need to be packaged?
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, CryptoPunks must be wrapped – where a copycat token is created while a custodian holds the original token – before being listed on major marketplaces. This process requires several individual transactions, each requiring a gas fee, 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 fewer total transactions and lower total gas costs.
Additionally, the packaging comes with an official user-friendly interface – a first for the CryptoPunks collection.
According to @0xQuit on The goal is to “enable evolution over time,” with the team discussing a variety of ideas generated both internally and through 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 collection’s sale to Bored Ape Yacht Club creators Yuga Labs in March 2022 for an undisclosed fee.