CryptoPunks Sales Surge by 430% as Project Starts Work on CryptoPunks.App Restoration
Sales of CryptoPunks non-fungible tokens (NFTs) have surged by more than 430% over the past day as Yuga Labs announced the launch of the CryptoPunks.App Restoration Project.
According to data by CryptoSlam, CryptoPunks sales have reached $935,778 over the past 24 hours, up by more than 430%. Likewise, the number of transactions, buyers, and sellers have increased by 300%, 100%, and 250%, respectively.
The project has also become the number one collection in CryptoSlam’s list of NFT projects in terms of volume.
Yuga Labs, the company responsible for the Bored Ape Yacht Club NFT collection, acquired CryptoPunks and Meebits from the developer Larva Labs in early March. At the time, the company said it plans to grant the commercial rights to all CryptoPunk and Meebit images to their respective owners.
What is CryptoPunks.App Restoration Project?
The CryptoPunks.App Restoration Project is an initiative that aims to close some technical loopholes in the collection, add more core functionality, and improve the UI/UX.
Any changes made during the restoration process will take community feedback into account, and Yuga Labs has organized a Restoration Review Committee to review the work with the right to make additional comments and suggestions.
“The Punks app is a central hub for our project, acting as a frictionless, no-fee, peer-to-peer marketplace, but there are certain technical loopholes we want to work to close and basic functionality we will propose adding,” Noah Davis, head of the collection, said.
“In order to guide Yuga’s approach to this initiative, we’ve assembled some seasoned and trusted Punks to represent the community as part of our Restoration Review Board. These Punks are tasked with scrutinizing all the fine print/code we’ve prepared and will have a voice to propose additional fixes or changes to the marketplace and app,” Davis added.
Noah Davis, previously head of computerized deals at Christie’s, joined Yuga Labs to head the NFT collection CryptoPunks in June.
Having initially started at Christie’s in 2014, Davis has recently become a major force to be reckoned with in the NFT space, building a huge following and creating his own NFT project called HOWLERZ.
Noah has been a devoted associate and senior in Christie’s division of 20th and 21st-century art experts and the plays had a major impact in establishing our authority in the space of computerized labor and NFT, Christie’s said in a statement. They anticipate proceeding to work with Noah on his new job.
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