What is Punk (PUNK)?

Punk (PUNK) is a non-fungible token (NFT) with proof of ownership built on the Ethereum blockchain. The platform is inspired by the modern crypto art movement that powers most digital art and collectibles. The project claims to be featured and highlighted in several known newspapers and magazines. The Punk (PUNK) project aims to retain its decentralized purity by allowing the community to make inputs and code contributions and users to choose the trading experience they prefer.

Further, Punks (PUNK) are 10,000 uniquely generated characters embedded in the blockchain. The trade of these Punks takes place in the marketplace through bidding. However, Punks with blue backgrounds don't get traded. Punks with red and purple backgrounds are available in the marketplace to trade by bidding, where the owner themself places the red background punks. Also, the platform uses the Discord chat application to announce all the bids and real deals. 

Furthermore, blockchain stores Punks in a written code format, available for trading purposes. The unique characteristics of the Punk (PUNK) system are:

• Decentralized: No one has any control over the code running punks. There is no reliance on corporate marketplaces and no risk of censorship or regulation from centralized authorities. Anybody can fork and run a marketplace. 

• Irreversible: Punks become permanently embedded in the blockchain once released and cannot get modified by anyone.

• Privacy: The user can verify and ensure that the code is valid because there are only 10,000 Punks that cannot be stolen.

• No Transaction Fee: There is no charge of fees for Punks (PUNK) transacted through the built-in market except those charged by Ethereum (gas). Gas is the transaction cost attached with the execution of every transaction paid by the user.

Users need a crypto wallet to acquire these PUNK tokens and trade directly by bidding through the Punks (PUNK) portal. Besides this, Punks are ERC20 tokens; however, the token was developed before the introduction of the ERC721 standard, due to which the platform is a custom contract that doesn't comply with any standard. ERC721 is an open standard built for NFTs. 

History of Punk (PUNK)

The Punk team involves Matt and John as creative technologists of the project.