Yuga Labs, the firm that acquired CryptoPunks in 2022, is set to address existing limitations of the popular non-fungible token (NFT) collection by introducing a new solution known as “Your Stash.”
The new solution, disclosed in a recent thread on X (formerly Twitter), aims to overcome one of CryptoPunks’ primary constraints related to their deployment before the ERC721 standard existed. This limitation requires the tokens to be wrapped before they can be sold on popular marketplaces.
Wrapping an NFT involves transitioning from one set of token interaction standards to another. This process is akin to converting currency from one type to another so that it can be used in a different place. It helps different blockchains talk to each other by creating tokens linked to the value of assets on another blockchain.
The proposed solution is a new wrapper called CryptoPunks721 (Ͼ721), offering zero royalties. The deployment of this wrapper features an address with 14 leading zeroes, aligning with Seaport and Delegatexyz. The inclusion of these zeroes results in marginal gas savings for each marketplace sale.
Moreover, CryptoPunks721 (Ͼ721) will soon support an all-in-one process for both wrapping and unwrapping. Holders will have the convenience of wrapping all CryptoPunks in a single transaction or unwrapping them collectively.
The post emphasizes that these developments mark just the beginning, with additional improvements scheduled for gradual rollout.
CryptoPunks, initially launched by Larva Labs in 2017 and acquired by Yuga Labs in 2022, is a collection of 10,000 24×24 pixel art images generated algorithmically. The collection has rapidly ascended the ranks of all-time top NFT collections, boasting an impressive all-time sales volume of 1,166,003.58 ETH (over $2.5 billion) and an all-time floor price of 55.5 ETH (more than $122,800), according to CoinMarketCap data.
The popularity of CryptoPunks has also been augmented by collaborations over time. Notable instances include a collaboration with Avant Arte, providing NFT holders a 48-hour window to convert their digital assets into unique physical art. In another collaboration in 2022, CryptoPunks partnered with Tiffany & Co to introduce “NFTiff,” a collection of 250 NFT passes allowing holders to mint and redeem for a custom-designed pendant and an NFT digital artwork.