Cryptopunks will become more accessible. The first NFT split!
Don’t rush to think that the elite NFTs of the CryptoPunks collection aren’t for you or that you’re too late. There is good news!
On this page
It’s not easy to pay tens (sometimes hundreds) of thousands of dollars for the rights to a pixel punk image. And even if you have that kind of money – such a purchase can be psychologically challenging to make. The reality of investing is to realize the possibility of completely losing the funds invested. And the thought of losing the sum, equivalent to the cost of an apartment in Kyiv, on “this” can become an insurmountable obstacle.
The NFT sector, for the first time, referred to the stock market experience, where there is a practice of “splitting” expensive shares into several parts. The peculiarity of this approach is the complete preservation of the company’s current capitalization, even though the company’s shares become more. That is, the aggregate value of the split shares is equal to the value of one underlying share before the split. As a result, investors can buy the company’s securities at a more affordable price.
The example with shares may not correlate with cryptocurrencies, which can initially be bought for any sum, and coins have their “pennies”, which can be their thousandths. But until now, it was impossible to buy a “piece” of punk, monkey, or other collectibles in the NFT market.
The Unique Network platform, which specializes in developing NFT infrastructure on the Polkadot blockchain, has announced a plan to carry out an experimental split of token #3042 from the CryptoPunks collection. The number of parts into which NFT will be split will be equal to the number of people on the waiting list (56,000 people). The campaign is called Punks for the People, and there will be no cost to users to register a share.
Unique Network specifically bought this punk in June 2022, when the floor price of most of the known collections had fallen significantly amid the general correction of the crypto market. NFT cost the project 46.95 ETH (the equivalent of $82,000). The history of one of the most famous NFT tokens in the world dates to 2018, when its value did not exceed $16.
According to Unique Network CEO Aleksandar Mitrovic, they decided to implement this project to democratize similar assets and demonstrate the compatibility of Ethereum and Polkadot blockchains.
A curious fact: as we know, cryptopunks are issued in a limited edition of 10,000 pieces. This means that after participants brand their tokens, there will be more than 5 times more CryptoPunk holders on the Polkadot blockchain than holders of the original NFTs on Ethereum!
We also know that Unique Network plans to split one of its flagship NFTs from the Substrapunk series, the first NFTs in Polkadot history. So, stay tuned!
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
