Yuga Labs Unveils New Wrapper for CryptoPunks

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Yuga Labs unveils new wrapper for CryptoPunks Overview of new C-721 wrappers from Yuga Labs Related NFT news:

Yuga Labs, the digital asset incubation studio, has unveiled new packaging for its CryptoPunks non-fungible token collections. In the wake of the recent development, sales volume of CryptoPunk’s NFT collection has increased by over 1,600% in the past 24 hours to over $1.6 million.

Source: CryptoSlam.io, CryptoPunks NFT trading activity

In a December 20 blog post, 0xQuit, the smart contract expert and security wizard extraordinaire at Yuga Labs, confirmed the launch of a new wrapper, “CryptoPunks 721,” for CryptoPunks. The new functionality allows wrapped Cryptopunks NFT holders to access all the benefits of ERC-721.

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.

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— 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 company also owns intellectual property (IP) for CryptoPunks and Meebits.

CryptoPunks is an NFT collection formerly from digital asset firm Larva Labs that includes a limited edition of 10,000 pixel-themed profile photos (PFP) hosted on the Ethereum blockchain network. CryptoPunks is one of the most successful NFT collections in the NFT ecosystem, with a market cap of over $1 billion.

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 allows users to enjoy all the benefits of an ERC-721. In this case, holders can perform useful actions, including offering Punks for sale to a private address.

Wrapped CryptoPunks NFTs also allow holders to seamlessly borrow against a CryptoPunks, a functionality that is impossible with unwrapped CryptoPunks. While commenting on the new functionality in an interview, 0xQuit noted:

“We are releasing our own complete solution. That means a new wrapper and an interface for the wrapper, so everything has to be really secure and simple.”

Overview of new C-721 wrappers from Yuga Labs

According to the description, a wrapped token is a type of crypto or digital asset that is backed by another coin or asset, often one that is native to or ‘wrapped’ by a particular blockchain or network. The wrapper smart contracts have been around for a long time, including for Punks.

Wrapper contracts have evolved rapidly in recent years, unleashing the full potential of ERC-721 for the CryptoPunks ecosystem. In that context, Bored Ape maker Yuga Labs has seen this as an exclusive opportunity to create a new packaging that is safe and seamless to use.

In the meantime, NFT collectors can package their original CryptoPunks NFTs with CryptoPunks 721. The packaged Punk can be listed on a standard NFT marketplace, giving holders the benefit of that whole marketplace feature. Furthermore, CryptoPunks 721 is accessible to people who may be new to crypto.

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