One look at the charts and something pixelated catches our eyes. Wrapped Cryptopunks are topping OpenSea’s chart in the last 24 hours with 225.6 ETH in sales volume. It also topped last month’s NFT sales totaling a 161K ETH sales volume. So, what are wrapped Cryptopunks? Are they the same as the original Punks?
What Are Wrapped Cryptopunks?
Let’s take a trip down memory lane, shall we?
When Cryptopunks first launched in 2017, the only available token format was ERC-20. It’s the same format used for tokens on the Ethereum blockchain such as USDC or USDT.
However, later on, the ERC-72 was created which is now required for trading on marketplaces like OpenSea, Rarible, and LooksRare. Wait, but Cryptopunks is still stuck in the past. How will they be traded?
Well, you must’ve noticed that there is no floor price for Cryptopunks on OpenSea.
Yep, that’s why. Therefore, wrapped cryptopunks were created in September 2020. Wrapped Cryptopunks are Cryptopunks turned into a standard NFT. This way you can trade the wrapped punks on secondary marketplaces.
How Do You Get Wrapped Cryptopunks?
Quickest and easier route is through secondary marketplaces. However, there’s a specific website that turns your cryptopunks into wrapped cryptopunks. Of course, this route requires you holding a Cryptopunk. If you want to buy an original Cryptopunk, you can do so directly through Larva Labs’ website.
Then, you got wrapped punks website to start the wrapping process. You can wrap and unwrap your Punks at will. The website has the detailed steps but here’s a quick summarized rundown.
Step One: Get Your Proxy Wallet
In order to wrap your cryptopunk, you need a proxy wallet. You first view the contract on Etherscan then call “9. proxyInfo” function in order to get your proxy wallet. Then, you connect your wallet to register the proxy address.
Step Two: Transfer Your Cryptopunk
Then, you send the cryptopunk you want to wrap to the proxy wallet address with the right parameters by calling the function “7. transferPunk”.
Step Three: Mint Your Wrapped Punks
The following step is minting your wrapped punk through the function “3. Mint” with the right parameters.
Step Four: View Your Wrapped Punks on OpenSea
Lastly, to make sure everything went well, you check your wrapped punk on OpenSea.
Warning: You Might Lose Your Cryptopunks
You might get excited and run to get your wrapped tokens. Well, take a deep breath and calm down. There are a few things to consider before jumping on the bandwagon. It is not that easy to wrap your original punks.
In fact, you get a HUGE disclaimer on the wrapped Cryptopunks website.
The website has awful UI. You will be directly interacting with the Ethereum blockchain. So, if you don’t have experience in this area, be aware.
An NFT investor recently accidentally sent his Cryptopunk to a burner address while trying to wrap it. The punk meant so much to him because its number was the same as his BAYC’s but in reverse. He ended up losing it while it was worth $134.2K.
Today I accidentally burned a @cryptopunksnfts trying to wrap punk 685.
I was so focused on following the instructions exactly, that I slipped up, destroying a third of of my net worth in a single transaction. @yugalabs please sell me the @v1punks 685 as a consolation. 🙏🏼 pic.twitter.com/jHoTGvlc7j
— Brandon Riley (@vitalitygrowth) March 25, 2023
So, again, if you don’t know how to safely wrap your token, don’t do it by yourself. You can always ask an expert to do it for you.
Are Wrapped Cryptopunks Outperforming The Original Punks?
So, wrapped Cryptopunks are the punks wrapped in a more up-to-date now. But, is one outperforming the other? Well, looking at the numbers, Cryptopunks have a bigger sales volume.
- Floor Price: 61 ETH
- Total Volume: 223,693 ETH
- Floor Price: Undetermined
- Total Volume: 1,105,317 ETH
However, looking at OpenSea’s top collections in the last 7 days, wrapped punks sit at the top. But, Cryptopunks are nowhere to be seen.
Oh my God, wrapped Cryptopunks ARE performing the OGs. Hold your horses. Again, the entire point of the wrapping is to make the punks tradable on OpenSea. So, it’s only natural for them to be topping the charts.
Wrapped tokens are not new in the business. As previously said, they’ve been there since September 2020. They were a smart solution to a problem. It worked out perfectly well as Cryptopunks have managed to keep their blue-chip title ever since their launch in 2017. Unfortunately, that’s not the case for all blue chips. Some BC are failing despite their promising start. Read about it here.