Yuga Labs Releases New Wrapper Contract For CryptoPunks
The iconic NFT collection that predates the ERC-721 standard can now be traded on major marketplaces and collateralized on lending platforms through the new wrapper.
By: yyctrader • Loading...NFT News
Yuga Labs has released a new wrapper contract for CryptoPunks, enabling the seminal Ethereum-based collection to benefit from the same trading capabilities as more recently created NFTs.
The new wrapper, called "CryptoPunks721," transforms a CryptoPunk into an ERC-721 token, enabling holders to engage in various actions that were previously not possible, since CryptoPunks were created in 2017 before the launch of the widely-used ERC-721 standard. These include taking loans against Punks, which opens up new opportunities for the financialization of the iconic digital collectibles.
0xQuit, a smart contract developer and security specialist at Yuga Labs, explained the motives behind the development of the new wrapper, highlighting the limitations of the original CryptoPunks, including the inability to be traded on popular platforms like OpenSea and Blur.
Although wrapper contracts for Punks have existed for some time, existing solutions are relatively cumbersome. The new wrapper and interface simplify the process and allow CryptoPunks to benefit from the features offered by standard NFT marketplaces, making them more accessible to a wider audience.
The team also plans to address the issue of front-running, an ongoing concern in the CryptoPunks marketplace, by providing a solution that will be available even for users trading on the original platform, which will continue to function.
Safety features have also been prioritized in the development of CryptoPunks721. The new contract is deployed at an address with 14 leading zeros, making it easily identifiable and more gas-efficient for transactions. Additionally, the metadata for these wrapped Punks is fully stored on-chain.
0xQuit also mentioned that additional features would be forthcoming.
Subscribe to DeFi Daily Newsletter and Get Smarter on DeFi & Web3.
80k+ investors informed every day.