A slice of the punk: CryptoPunk NFT to be split into 56,000 pieces

CoinTelegraph

Nonfungible tokens (NFTs) continue to capture the imagination of the cryptocurrency space, with some of the most popular projects attracting hundreds of millions of dollars from investors. Projects such as CryptoPunks and the Bored Ape Yacht Club epitomize the exclusivity of the most lucrative collections, with each NFT far from accessible to the average investor.

A new campaign intends to give a wider base of investors a stake in some of the most valuable NFTs by fractionalizing ownership to reinstate accessibility. Unique Network, an NFT infrastructure running on the Kusama and Polkadot networks, will split the ownership of a CryptoPunk to more than 56,000 addresses that have signed up for a share.

How To Get Free Crypto  

The campaign offers users a chance to participate in what has become a highly siloed environment, as Unique Network CEO Alexander Mitrovich explained in a statement:

“This represents an exciting moment for interoperability. With our fractionalisation of Cryptopunk #3042 we are heralding a new era of NFTs that are accessible, interchangeable and can be shared across chains, and at a fraction of the cost.”

CryptoPunk #3042 was bought for 46.95 Ether (ETH) ($82,000) by Unique Network in June 2022 as cryptocurrency markets slumped to yearly lows. The NFT had originally been sold for $16 in November 2018 before CryptoPunks became one of the most exclusive Ethereum-based projects in the ecosystem and the trail-blazer for crypto-art and NFTs.

Unique Network’s acquisition of CryptoPunk #3042 was aimed at democratizing the asset as well as showcasing blockchain interoperability. There is no cost associated with signing up for a share of the CryptoPunk, which forms part of the firm’s Punks for the People campaign. 

Related: CryptoPunks’ trading volume surges 1,847% after Tiffany & Co. launches exclusive NFT collection

Interestingly, once addresses are airdropped with their individual refungible token, there will be significantly more owners of the single CryptoPunk on the Polkadot blockchain than the entire 10,000 original CryptoPunks running on Ethereum.

Coinbase Banner  

Unique Network will also fractionalize the ownership of one of its flagship Substrapunk NFTs. Inspired by CryptoPunks, Subtrapunks were the first NFTs to be minted on the Polkadot blockchain. 

Go to Source
Author: Gareth Jenkinson


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.