Destroy the fake PUNK to prove that you are the real PUNK.
Written by: LeftOfCenter
As a non-homogeneous token, each NFT is irreplaceable and unique. This unique attribute is naturally suitable for the field of art NFT with unique value. In other words, when we cast a piece of NFT artwork on the blockchain, it is equivalent to registering and confirming the right to the work. The creator, owner and all subsequent transaction records of this work will be recorded on the chain .
However, this is only established on the basis of the existence of a blockchain. Once the cross-chain is cross-chain, there may still be the problem of the same work being submitted multiple times by people who want to test it.
DeFi Big Whale 4.8 re-enacted the recently popular CryptoPunk NFT and copied it to the BSC Binance Smart Chain for distribution. Each punk can spend one BNB token for minting, and the total supply is 9,999. After this group of punk was released, it was sold out in less than an hour.
This is equivalent to sending a set of exactly the same pirated Punk NFT on the Binance Smart Chain. The holder is equivalent to forking the original NFT on Ethereum. Obviously this is a deliberate social experiment and a value test. Is the test buyer real punk or fake punk?
A long-planned social experiment?
The original Twitter name of DeFi Big Whale Four Eighty Four was 0xB1, so he issued a set of exactly the same pirated punk NFT, what exactly did he want to do?
For buyers who grabbed this group of punk NFTs, compared to the original Punk’s lowest price of $35,000, spending one BNB on the Binance Smart Chain to cast a cryptopunk NFT seems to be a good choice.
CryptoPunks are the first digital art works on Ethereum with a built-in method to verify unique ownership, with a total supply of 10,000 pieces. The basic unit of CryptoPunks has 10,000 numeric characters. These characters will constitute different degrees of rarity attributes according to their type (such as alien, ape, zombie), as well as headdress, beard, hoodie, etc.
As people pay more and more attention to CryptoPunks, interest in buying CryptoPunks has also surged. In the last quarter of 2020 and the first two months of 2021, sales around CryptoPunk have reached tens of millions of dollars.
On-chain data shows that on February 22nd, a big whale purchased 34 Cryptopunks NFTs within 20 minutes, costing 557.5 ETH, which is about 1 million US dollars. Spencer Noon speculates that the whale is a billionaire venture capitalist, the founder and CEO of the investment company Social Capital, and the chairman of the aerospace company Virgin Galactic Chamath Palihapitiya. Chamath Palihapitiya is an American venture capitalist, engineer, SPAC initiator, and founder and CEO of Social Capital. He was an early senior director of Facebook, a new generation of star venture capitalist, good at mining undervalued technology companies and unknown software The value of startups is also a supporter of Bitcoin.
Another NFT Punk numbered 6487 was sold by address 0x1da533 to 0x561786 at a price of 550 ETH, valued at approximately US$1.05 million.
NFT Punk, number 6487, is a bald female punk
In addition, in order to participate in the panic buying, this event also allowed users who did not know Binance Smart Chain to experience the Binance Smart Chain for the first time. Many buyers said, “The first time I use the BSC Binance Smart Chain, it is indeed very silky to use, and compared to the gas fee of hundreds of dollars on Ethereum, the cheap transaction cost is more acceptable.”
BSC brings a lower fee experience than Ethereum DeFi. In addition, the key data is also very attractive:
BSC TVL has exceeded 9.6 billion U.S. dollars, increasing from 680 million U.S. dollars on January 26 to 9.614 billion U.S. dollars on February 24, an increase of over 1310%, far exceeding the growth rate of Ethereum;
Most importantly, the BSC Binance Smart Chain ecosystem has also rapidly risen and expanded in the 5 months since its launch, and formed a preliminary prototype of a complete ecosystem , mainly consisting of DeFi, NFT, games, and development. The ecosystem covers nearly 26 different fields such as wallets, infrastructure, derivatives, and stablecoins.
Affected by the above, BNB, the dominant currency of the BSC ecosystem, has risen more than 5 times in the past month, far exceeding ETH in the same period.
However, if you know about this DeFi whale, it’s not difficult to speculate that his purpose of launching such an activity is obviously not to provide cheaper alternatives to punk NFT buyers, let alone to provide Binance smart chain. Drainage brings an early user experience. As most buyers and viewers have guessed, this may be a long-planned social experiment. Next, buyers are likely to be called on to destroy these punk NFTs.
Who are four eight four?
The previous Twitter name of 1984 was “0xB1”. It was a recently emerging DeFi whale. Its DeFi token holdings accounted for 99%. It was also an early participant in multiple DeFi projects, one of which was only more than 5 months old. In the age account, DeFi tokens worth more than 30,000 ETH are held. The holding tokens include KeeperDAO, Badger, DIGG, YFL, YAX, UNI and 1INCH and other DeFi blue chip projects.
The amazing speed of wealth accumulation in the past six months of 1984 and its high-profile style different from other giant whales have allowed it to grow into a “flag” in the DeFi world , as an important “weathervane ” of DeFi projects , tracking its wallet address The holdings of assets are regarded as the easiest and most efficient way to mine the DeFi alpha project .
1984 is not only active in various DeFi protocols, but also interested in NFT. Recently, April 8th and 4th gave out up to 150,000 US dollars in prize money for the NFT commemorative competition. In January this year, 484 also bid for a very rare CryptoPunk collection at a high price of 600 ETH, but ultimately failed.
In addition, 1984 also purchased three CryptoPunk collections at a price of 130 ETH each; purchased the joint “BTC Whitepaper” of MEME and Badger due to the DeFi liquidity mining fire for 88.8 ETH; purchased it for 65 ETH The NBA Dallas Mavericks owner and billionaire Mark Cuban sold and created two same-version encrypted art NFTs in Rarible, and destroyed one of the NFTs after purchase, reducing it from the original tenth version to nine Version. Interestingly, encryption artist Beeple sold three open-version encryption art NFTs at Nifty Gateway, which were all packaged and bought by 484 at a price of 333.666 ETH recently, and these NFTs will no longer be sold.
1984 is also a very active DeFi donor. He has donated money to some DeFi projects many times. For example, he gave 5ETH to DeBank ‘s Ethereum address debanker.eth to thank debank’s asset overview function for quickly integrating multiple DeFi protocols. .
From this, we can outline the user portrait of this “DeFi whale”: an active DeFi user who not only believes in the spirit of openness and decentralization, but is also willing to try and fund some early experimental projects. It is also a solid DeFi practice. And preacher.
Destroy fake punk and become real. Punk?
In fact, as soon as the incident was launched, it has caused widespread controversy. Not only did some people question the motives of the 1984 , but also the punk on the two chains initiated a debate about “Who is the real punk?”
Some people speculate that the buyer may spontaneously destroy these NFTs to protect the interests of the authors and holders of these original punk NFTs. The true author and holder of an NFT work can be traced back to the open source code. And write verifiable rules for public viewing on the chain. This is the core spirit of cryptopunk, that is, “In math we truth, Code is law.”
In fact, buyers have been destroying these NFT punks.
In addition, actions such as “destroy” are also very similar to what a “DeFi whale” such as 4.84 would do.
Users who are familiar with April 4 may still remember that he revealed in the 2020 year-end summary tweet that “Bansky” will enter the NFT field.
Who is Bansky?
Bansky is an anonymous British graffiti artist, social activist, film director and painter. His street works are rich in political style and ironic, with some subversive, cynical black humor and vigilant sentences attached to the side; most of his graffiti is rubbed out using unique template technology, like a kind of art The social commentary expressed in a way has appeared in the streets, walls and bridges of different cities around the world, and has even become a fascinating urban appearance in the local area.
However, it was a work self-destruction incident that made Bansky famous and even out of the circle. On October 5, 2018, one of Banksy’s most famous works “Girl With Balloon” (Girl With Balloon) was held in London. According to Forby’s auction house, this is a reproduction painting drawn by him during 2006. It was sold for 1.06 million pounds. But at the moment of the deal, the painting was half-year-old by a paper shredder hidden in the frame. Half of the girl’s head was cut into pieces.
Soon after the incident, Bansky posted a video “surrender” on Instagram, showing how he secretly installed the paper shredder inside the painting. The video quoted Picasso’s famous phrase “The impulse to destroy is also the impulse to create,” Bansky said. A layout that was meticulously planned for many years was originally planned to be shredded, but it was half destroyed by a paper jam. Despite the destruction of the painting, the winning collector is still willing to collect it for 1.06 million pounds.
As an anonymous street artist, Bansky’s own graffiti painting itself was painted on the wall and printed on a T-shirt. As a result, it was framed with a high-quality picture frame, framed as a cultural symbol, which can be said to be a kind of cultural symbol. Formal capitalization. Bansky meticulously planned this auction of broken paintings and wanted to challenge the concept of art capitalization.
In the end, “Balloon and Girl” was not destroyed by this, but was reshaped on the spot and became a new work born at the auction site-“Love is in the Bin” (Love is in the Bin), a topical effect that made it The value of it has risen repeatedly. Some museum directors estimate that because the higher the publicity effect of an art work, the higher its value, the more valuable the painting will be.
Obviously, April 4th is also a supporter of this destruction behavior. Looking at the tweets before April 4th, we found that he had once implemented an act of destroying the NFT collection issued by Lindsay Lohan based on a Twitter vote. The reason was that Lindsay Lohan publicly supported Justin Sun’s project. Click here to see the Proof of Burn.
From this point of view, April 4th is just to arouse public attention to NFT, and the use of this banksy social experiment makes us have to seriously think about the true value of NFT, if we can copy exactly the same NFT art on another chain Product and can be sold, so what is the value of NFT ?
Unlike Bitcoin and Ethereum, NFT is a non-homogeneous token, each is unique. In the application scenario of art assets, NFT’s unique scarcity and copyright verification mechanism that can be traced back to the creator, Is where its value lies.
In the Bitcoin fork, the winner is often the side that has gained wider community consensus, but the NFT fork is different. It also condenses the creator’s effort and value, and these things also have unique value for buyers. If everyone copies and pastes other people’s work and publishes it on another chain, as long as someone pays for it and it exists reasonably, then NFT will not have its own value.
Obviously, 1984 deliberately provoked such a value test, and it was also a screening experiment, testing your beliefs by launching a punk NFT bifurcation event: Is it true punk or fake punk?
We cannot predict the ultimate direction of this event, but what is certain is that this social experiment has just begun, and whether to choose to destroy or continue to hold will be determined by the NFT holders. Those who choose to continue to hold will spontaneously form a market. After some of the NFT punk is destroyed, these undestroyed artworks NFT punk will become more rare fakes, and will spontaneously form a second place on the decentralized exchange. Level market.
Those buyers who destroyed the re-engraved version of NFT punk successfully passed the value test of 4.8 by destroying fake punk and became real punk. Such destruction will be permanently recorded on the Ethereum blockchain as a proof of workload, and it is worthy of ( kong ) issuance ( tou ) an NFT true punk medal .