Reddit NFT Avatars

History of V1 CryptoPunks

July 08, 2022

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What's Dropping ⚡️

  • Johnny Depp donated to several amazing hospital organizations with some of the funds generated from his Never Fear Truth NFT collection. (Twitter)

  • Nikes' RTFKT drops incredibly innovative utilities, granting full commercial rights and 3D files of their NFT characters. (Twitter)

  • Axie Infinities hack earlier this year was enacted from a simple PDF file infused with spyware. We urge devs to be incredibly cautious! (Twitter)

  • Ethereum developers have just completed another successful test merge, meaning proof of stake and more is approaching. This should iron out miners from the equation as well as improve transaction speed greatly. (CoinDesk)

  • CEO of FTX (One of the smartest exchanges around), sat down with Reuters to discuss his willingness to help out some suffering crypto-based companies. Now that's a bullish sentiment! (Reuters)

  • Binance hopes to recover by offering a $0 trading fee starting July 8. This is a great effort from the company that has been in deep waters lately. (CoinDesk)

  • Polygon MATIC follows the recent crypto-phone trend with the announcement of "Nothing" device. (Decrypt)

Reddit NFT Avatars

Reddit has just announced a collection of 87 NFT avatars that Reddit users can purchase, customize, and use as their Reddit avatar. Once acquired, the avatar will produce a glowing effect next to the user’s Reddit name. The avatars will be available first to early subscribers of the collectible avatars subreddit and then be available to all users through their avatar-building portal. The NFTs will be minted and preserved on the Polygon blockchain and interested parties can purchase the avatars without owning crypto; fiat currencies are accepted. Reddit situates this move in its broader effort to create decentralized communities that can self-govern and self-empower more readily. The Collective Avatars are distinguished from the freely customizable avatars insofar as the former has to be purchased. Users then also have rights over the avatar, something the free avatar doesn’t offer.

https://en.ethereumworldnews.com/

Staying true to its mission of empowering artists, Reddit is splitting sales with the artists behind the avatars, artists that make up some of Reddit’s most popular creative communities. The avatars will be stored on the user’s Reddit Vault. The Vault is the blockchain wallet that stores users’ social credit and other Reddit possessions. Reddit’s system is sophisticated, it is giving users the tools they need to be self-sustaining and to take the reputation and credibility they generate on Reddit to move with it elsewhere across the internet. 

Chart Of The Day

 Will The Real CryptoPunks Stand Up? 👀

Launched in June 2017 by Larva Labs, CryptoPunks was originally free for anyone with an Ethereum wallet to claim (+ gas). The Punks were a huge hit at launch and all of them were claimed incredibly fast. In the original CryptoPunks smart contract, there was a code error that caused Ethereum to be allocated to the buyer instead of the seller when a purchase was made. In other words, a buyer was immediately refunded for their purchase and was able to keep the Punk.

Not long after the bug was found a newer version of the Punks contract (Version 2, V2) was released and Punks were airdropped to this new contract. V1 Punk owners are now able to wrap their Punks into an ERC-721 contract (another kind of standardized smart contract) and patch over the bug. This recovery of the original Punks smart contract is a community-led and rapidly growing phenomenon consisting of original Punk claimants, NFT historians, digital archeologists, and extremely talented developers. There is no clear leader and all important decisions are voted on by community members. V1 Punks exist just as V2s do. This cannot be changed or undone since the V1 Punks are a permanent part of the blockchain.

The new wrappers impart a slight change to the image in the form of a new background While this is a very modest change in the image, the core Punk remains the same. While the V1 Punks still exist in their original form, so does the existing bug in the V1 contract so NEVER put an unwrapped V1 on sale as you will most likely lose it. V1 Punks are not a derivative but are in fact the "original/classic" CryptoPunks. This is verified on the Ethereum blockchain and is immutable.

Currently, V1 Punks floor is 6.59 ETH, V2 Cryptopunks floor is 67.95 ETH

What are your thoughts on V1 CryptoPunks?

Meme Drop 💧

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. 

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