Cryptopunk #3042 Freed from Lonely
AUSTIN, Texas, June 09, 2022 (GLOBE NEWSWIRE) — Today, rare Network, an NFT infrastructure project on Polkadot, announced that it has secured Cryptopunk #3042 with the intent to fractionalize it into a hundred thousand pieces, in order to demonstrate the value of blockchain interoperability. Cryptopunks, the original pfp project that brought billions to the NFT market, have held their position as the ‘genesis’ crypto art of blockchain technology, which proved the utility of NFTs to the global economy. however, along with their meteoric rise in popularity came inaccessibility and unsustainability that began to plague Ethereum. rare Network is ready to demonstrate to those fleeing Ethereum that an interoperable, sustainable, and lower cost solution for NFTs exists.
“Three years ago when we started rare Network, it was with a vision to bring the tools needed for the worldwide mass adoption of NFTs. With this campaign, we are showing to the world new ownership models by showing them something drastic and paradigm-shifting. We are taking the globally recognized Cryptopunks and democratizing access to them,” said rare Network CEO, Alexander Mitrovich.
The fractionalization of high-value assets is shared in traditional markets for things like housing, cars, and shares. This enables an investor to expose their portfolio to an expensive asset without having to own it outright, and allows for individuals to proportion in the risk/reward of dividing an asset that is volatile. Refungibility lowers the obstacle to entry for newcomers to blockchain, who don’t have hundreds of thousands of dollars to buy into this asset class. The minimum price for a Cryptopunk today is $150,000, providing a perfect example of a digital asset that is ideal to fractionalize. This is the dominant reason why rare Network has chosen this asset, with plans to anthropomorphize the Cryptopunk into a narrative story telling device that the new owners of the fractionalized Punks can assistance from.
“rare Network is demonstrating more than just the tech of fractionalizing an NFT, it’s also providing a blueprint for bonafide community growth for Web3. By airdropping the newly fractionalized Cryptopunk for free to whomever joins our community, we are eliminating the obstacle to entry for those who want to be a part of the Cryptopunk movement. There are millions of people who clarify with this trend but only 10,000 punks exist. How are they considered punk if only millionaires have access to them?” said Greg Zaitsev, CTO at rare Network.
To learn more about this Cryptopunk’s journey, please visit rare Network’s Telegram Group.
About rare Network
rare Network is an infrastructure for the next generation of NFTs. The first NFT chain for Kusama and Polkadot, rare Network offers developers independence from high network transaction fees, thick upgrades, and siloed NFTs. The rare Network team has partnered with numerous NFT projects in order to deepen the integrations needed to expand NFT use situations and usability, like Art Curator Grid, XP Network, UN-Habitat, and SupraOracles. rare Network was responsible for Polkadot’s first NFTs, Substrapunks.
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