Why PunkBodies? Exploring the (De)Composability of NFTs
Introduction to PunkBodies
PunkBodies are artist-designed and machine-generated pixel art images of bodies built on the Ethereum blockchain that complement existing CryptoPunks. However, PunkBodies are not just another pixel NFT collection. PunkBodies aims to be a pioneer in the crypto space as we explore NFT composability by building on top of CryptoPunks, one of the first NFT collections that predates ERC-721 and holds an utmost amount of cultural and historical significance.
The CryptoPunk Community
Before launching PunkBodies, we conducted a survey and got results from influential DeFi users and Punk enthusiasts on Twitter. When asked, “What do you like the most about Crypto Punks?”, the general sentiment was its origin story and it being a flex, the “ultimate use case”. That would also explain the plethora of Punk profile pictures you may see on Crypto Twitter.
So, what is the use case of Punks, beyond just being a profile pic flex? Well, no need to think too deep, there really isn’t any. At the end of the day, they are an appreciating asset with a strong marketplace, and CryptoPunks will forever be the first NFT token; they are irreplaceable.
So what are we trying to achieve? PunkBodies builds upon what has been done with CryptoPunks. We have created a matching Body for the type and color of every Punk in existence, no more and no less. Without modifying the original Punk itself, PunkBodies can be viewed as an interactive extension of the Punk. This can be achieved simply by buying a body or having the option of minting a Punk with the Body. For example, a collector with one Tan Female Punk can get as many Tan Female Bodies that exist in our pool as they want, and can either showcase it or mint it with their Punk if they so please. At the end of the day, PunkBodies are their own assets too, and will be given a specific value based off of the overall market sentiment and its value as an extension to Punks.
We have already witnessed the benefits of composability within the realms of DeFi. In fact, it’s part of what makes DeFi what it is, essentially an ecosystem of building and layering on top of already existing projects. It is one of the most powerful properties of DeFi, and without it we would not have YFI and other protocols.
We are excited to contribute to the exploration into NFT composability with PunkBodies. NFT composability can refer to the ability of a token to combine different NFT’s to represent a group of a combination of assets, like a mix of ERC-721 and ERC-20 tokens being composed into a single ERC-998 token that represents a portfolio of digital assets and can be traded in a single transaction. NFT composability can also refer to the ability to earn a cut of transactions on secondary marketplaces. Then there are NFT index funds that tokenize NFT’s to create a more profitable and tradable asset.
NFT composability isn’t new, and is constantly being explored everyday with the emergence of new NFT collections and utilities. We will explore NFT composability as our ability to create new NFT’s with already existing ones. Through PunkBodies, it will be easy to combine existing ERC-721 tokens with other ERC-721 tokens and mint it as one complete ERC-721 asset. In context of PunkBodies, users will have the option of taking their Wrapped CryptoPunk and combining it with a PunkBody to create a Punkster they can either download or mint. If minted, a copy of the two ERC-721 NFT’s won’t exist, rather both will co-exist as one NFT.
We also explore decomposability. If you want to un-mint / unlock the NFTs to use them separately or create a different composable NFT, you would just need to pay gas fees to burn the composed NFT. This allows NFT buyers, holders, and collectors to showcase their NFT assets in whichever way they please.
So what is the use case for this? Well by minting a combined set of NFT’s you can create a new set of assets that, at this point in time in the NFT market, can mainly be used as a digital flex. Although mostly made for fun, we have begun to see a wave of users add other NFT’s they own on their profile pictures, as shown below. We believe there is an opportunity to turn this photoshopped amalgamation of NFT’s into a minted NFT that holds potential value.
Overall the NFT space is quickly growing. We foresee a variety of new use cases and applications for NFTs which may motivate the development of entirely new blockchains and protocols for NFTs, separate from DeFi. Utilizing composability within the NFT ecosystem is key. We are excited to continue the experiment into NFT composability, and look forward to seeing new use cases and applications for this technology uncovered.
PunkBodies released Saturday March 27th, 2021 @ 11 AM EST! At release Airdrop claim will start and end April 11th, 2021 @ 11 AM EST. Qualified wallets for the drop are the 1,938 addresses that had at least one CryptoPunk during the chosen snapshot block, Block 12100000 taken Mar-24–2021 06:34:20 AM +UTC. For a full list of all qualified wallets, view our PasteBin file. During the first hour of the Airdrop, only Punk holders will be able to buy a PunkBody. After the first hour (March 27th, 2021 @ 12PM), sales will be open to the public, and will run until all 8,000 Bodies are bought.
To help us grow our community and to stay notified about our release, feel free to follow us. Help us spread the word about our project and our upcoming AirDrop.
PunkBodies OpenSea: https://opensea.io/collection/punkbodies
Punksters OpeanSea: https://opensea.io/collection/punksters
Disclaimer: PunkBodies portrayed in this article are not guaranteed to be in the final set. All rights of CryptoPunks shown belong to the owners who own them at the time this was published and Larva Labs.
Special thanks to Devin Walsh