CryptoPunks NFT, you can now own parts of a CryptoPunk
If you missed the CryptoPunks train when it left the station, getting back on has proven to be a very, and I do mean very, expensive affair. As CryptoPunks is as far as I know the only other NFT project to truly rival BAYC´s popularity and high prices.
Great news for you then
A new Campaign of fractionalizing ownership 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.
So if you were one of the lucky 56,000 who signed up and now are getting a 1/56,000 share of one of the NFTs, congratulations to you. The NFT in question was bought for 46.95 $ETH, so that means each part is worth almost 1/1000 of $ETH. At least that is in the affordable range.
You are also in luck as CryptoPunks recently announced that the owners of the NFTs have the commercial rights to the NFT in question they own. So as long as you can convince the other 55,999 owners or at least a majority of them. You are basically set to be able to use the NFT and start using it in all sorts of projects. And rake in that sweet 1/56,000 part of the revenue...
To be honest I don't really know what you want to do with a 1/56,000 part of an NFT. I guess you can use it as your profile picture for 9,39 minutes of the year. That should really increase your internet clout.
And what is it you own? The CryptoPunks NFTs are images that consist of 24x24 pixels, a total of 576 pixels. That means you own a whopping 0,01 pixels. And last time I checked there is nothing smaller than a pixel, so they probably need to come up with a new unit. I propose SPixel, Sub-Pixel, or perhaps Centipixel, similar to a centimeter. But that is just off the top of my head.
If this whole thing is a one-off or not, I guess only time will tell. But it can very well be the start of a new thing in NFT, partial ownership.
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Picture provided by: https://www.larvalabs.com/cryptopunks
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Super interesting!
An investment I guess
Same reason most folks buy art sadly
Bit also good for the artists maybe?
Yea, it is following the trend of many other things going this way, such as comics and stocks, where you now can buy part of them.
It is to increase their availability to more people. Lowering the cost of entry. And yes, I totally agree with you, I find things like this very interesting.
Regarding helping the artist. Sadly unless the artist has some clause in their contract, which I have not heard any have unless they issue the NFT themself I see this being no help whatsoever for the artist.
I see.
I assumed we all issued our own NFTs.
So I guess if an artist doesn't they lose commission and value on their work if it increases?
That sucks :(
Yes, most artists are just getting a flat lump sum for their work. And the company is getting the fees for reselling and the initial sale. At least on the ones I have read about.
So yea that suck for the artist =(
Yeah.
There should be a decent service to help them create NFTS themselves. I mean... there are relatively simple ones for one offs... but for collections. 👍