Non-fungible 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 like 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 aims to give a broader base of investors a stake in some of the most valuable NFTs, by splitting ownership to restore affordability. Unique Network, an NFT infrastructure running on the Kusama and Polkadot networks, will split ownership of a CryptoPunk among more than 56,000 addresses that have signed up for a share.
The campaign offers users an opportunity to participate in what has become a very isolated environment, as Unique Network CEO Alexander Mitrovich explained in a statement:
“This represents an exciting time for interoperability. With our Cryptopunk #3042 fractionation we are heralding a new era of NFTs that are accessible, tradable and shareable across chains, and at a fraction of the cost.”
CryptoPunk #3042 was purchased for 46.95 Ether (ETH) ($82,000) by Unique Network in June 2022 as cryptocurrency markets hit yearly lows. The NFT had originally sold for $16 in November 2018 before CryptoPunks became one of the most unique Ethereum-based projects in the ecosystem and the pioneer of crypto art and NFTs.
The acquisition of CryptoPunk #3042 by the Unique Network was intended to democratize the asset, as well as showcase the interoperability of the blockchain. There is no cost associated with registering for a CryptoPunk action, which is part of the company’s Punks for the People campaign.
Interestingly, once the addresses are claimed by people who have signed up, there will be far more owners of the single CryptoPunk on the Polkadot blockchain than the original 10,000 CryptoPunks running on Ethereum.
Unique Network will also fractionate ownership of one of its flagship Substrapunk NFTs. Inspired by the CryptoPunks, the Subtrapunks were the first NFTs to be minted on the Polkadot blockchain.
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