Alright. So for the sake of data I’ll chew. So many of the buying and selling for CPs is on the LarvaLabs web site (creators) however it may be seen on Opensea. Which is the most important market for NFTs.
When it comes to punks, I’ll reply your query since I believe you’re being authentic in your inquiry- Plus it would assist others to grasp which might be legitimately and never simply trolling.
You most likely already know what Non-fungible tokens are. They’re meant to be non fungible. CryptoPunks are ERC721s- the usual for NFTs. Once they have been created there wasn’t a normal language/code in contracts for non-fungible objects that weren’t simply “cash,” so most cash (numbers and worth) coded as identical. So when LL (larvalabs) created the contract for the punks, these qualities/traits turned the usual for the 721s. So traditionally they’re the primary 721s.
Earlier to them (punks) and their contract normal, different paintings/digital collectibles have been in numerous format. They weren’t the primary digital collectible, however the first 721. Hope this is sensible. For instance, by 2017, there have been mooncats, cryptocats/kitties, curio playing cards, even Etheria (2015), and so on. all created as completely different contracts however all eager to be recorded on the blockchain as a digital collectible or artwork.
So they’re essential as a result of now- years later, and tens of millions of jpegs later 😅 there are different requirements (ie 1155) however essentially the most used is 721 for prime worth objects. For instance when actual canvas painters need to create a token for a canvas in order that the transaction is recorded and possession verified on the blockchain, they use the 721 normal.
Now – right here is a vital distinction, and I’ll use an instance to provide you an concept. Ask any of the large whales holding these they usually’ll inform you- you aren’t paying for the jpeg, you’re paying for the token. The worth of the NFT is within the token. The Jpeg you see is the face. It’s important to perceive this if not you’ll assume you’re paying for somewhat pixelated jpeg. Like a number of the “consultants” on this thread. No, it’s the token. The jpeg is the way you determine the token (ie. The bandana monkey 4156, and so on.) Instance- think about there are 10,000 BTCs. Every with a special quantity. So as an alternative of 21 million “cash” – you’ve gotten 10k “tokens”. Okay , as an alternative of getting a boring quantity to determine every, they gave it a “face” – voila a “crypto punk”.
In the event you can perceive this- then you definately’ll perceive how they aren’t paying for somewhat image- they’re paying for the token, for which there’s solely 9,999 now since a mad artist burned one and recorded it! 🤣🤣😂 (you possibly can search it on Twitter and YouTube) and see the insanity!
So hopefully you perceive a bit extra now. They’re tradable, financial worth token with a pixelated face. They have been first 721s. In order that’s why they’re helpful!
Take care!
