CryptoPunks is a blockchain-powered collectibles platform that hosts NFTs and preps them for auctions. collectibles are often held with pride and there is an increasing demand for digital collectibles that can grow exponentially in value. CryptoPunks has successfully garnered thousands of users to trade in collectible-based NFTs and, therefore, any platform that can ideally replicate its features and security protocols can become successful business ventures.
The commissions from facilitating NFT sales are attractive and make crypto-entrepreneurs successful.
The base architecture of CryptoPunks is centred around the ownership of assets and the different modes to access them. It uses the Ethereum Blockchain Network as its base to create a seamless and powerful marketplace for the exchange of collectibles.
Specific codes are written for each of the CryptoPunks that are made to be traded off and are designed on the basis of ERC20 and ERC721.
The codes are also compiled in a decentralised manner to make it effortless for collectors to trade. As soon as the codes for individual Punks are uploaded, they become a source of cent per cent permanence.