Community-created, NFT upstart OpenPunks aims to build the Bilibili of the crypto world?
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Community-created, NFT upstart OpenPunks aims to build the Bilibili of the crypto world?
OpenPunks has a long and challenging road ahead, but we are hopeful for its enduring journey.
Navigating Web3 tides with focused insights
It has been another autumn since the industry widely discussed the "Matthew Effect" in late 2019. The battle among exchanges never ceases, and as cold winds blow, the industry undergoes yet another reshuffle—NFTs have become the centerpiece of exchange competition.
Now, a low-key but powerful player has quietly emerged, full of vigor and ambition. Following its NFT Mystery Box platform, Gate.io has launched OpenPunks—an openly creatable Punks avatar collection—and will initially mint 5,000 OpenPunks artworks.
On October 11, the first batch of 150 OpenPunks mystery boxes went live and sold out within two minutes. What makes this new species so special?
The New NFT Star: OpenPunks
The explosive popularity of CryptoPunks has fundamentally changed the rules of the NFT game.
Previously, NFTs were often part of blockchain games like CryptoKitties, where users primarily cared about gameplay behind a unique digital image.
However, after a rare alien CryptoPunk head sold for $11.75 million, the social attributes embedded in NFTs were dramatically amplified—not only introducing entirely new gameplay to the NFT space but also spawning wave after wave of hit projects. Derivative projects inspired by CryptoPunks such as Bored Ape Yacht Club, Pudgy Penguins, CovidPunks, and Cryptotrunks continue to emerge.
Their emergence essentially serves as free advertising for CryptoPunks. On one hand, they further enhance CryptoPunks' value; on the other, they amplify the overall popularity of NFT avatars.
To date, according to OpenSea data, CryptoPunks—the most watched NFT collection—has achieved over $1.6 billion in total trading volume. BAYC (Bored Ape Yacht Club) follows with 138,744.56 ETH traded, amounting to approximately $500 million in total volume.
According to CoinMarketCap, seven out of the top ten NFT collections by market cap are avatar-based. Amid this grand NFT feast, every major exchange is unveiling its own weapons—whether it's Binance's NFT marketplace, Huobi's iBox, or OKExNFT... Despite varying fortunes in other areas, all exchanges are now focusing intently on the NFT arena.
If previous NFT strategies from the big three exchanges were mainly centered around marketplaces, OpenPunks undoubtedly intensifies the competition directly into the NFT avatar domain.
OpenPunks is an open, community-driven, non-fungible creative Punks collection dedicated to building a more inclusive hub for Punks creators. Like CryptoPunks, OpenPunks will issue exactly 10,000 pieces—no more, no less—and each combination is entirely unique.
Everyone has the opportunity to create freely, and in return, artists gain the joy of creation along with the infinite potential value their works may bring.
OpenPunks consists of multiple base elements, each with different categorical attributes and specific rarity levels. These are randomly generated through various combinations, with trait characteristics displayed in text form—some traits possessing even rarer value attributes.
Notably, beyond riding the wave of NFT avatars, OpenPunks also incorporates the “text-based gameplay” trend pioneered by Loot.
Taking NFT design further, OpenPunks adopts a hybrid structure combining pre-defined text descriptions with community-created visual representations—effectively merging two current trends and offering users a fresh NFT experience.
The race for ownership of the first-generation OpenPunks #1, #2, and #3 has concluded, drawing significant community attention and fully igniting creative enthusiasm across the network.
Yesterday, 5,000 OpenPunks officially launched globally via auction and mystery box formats. At 2:00 PM, the first batch of 150 mystery boxes was unlocked and sold out within two minutes of going live.
In today’s heated NFT landscape, the limited number of 5,000 ensures scarcity and value. Combined with Gate.io’s official buyback guarantee, this could further fuel user demand for purchasing and trading.
A Bilibili for the NFT World?
Marxist philosophy teaches us: the people are the creators of history, and society's richness is reflected through the masses.
Why has Bilibili become the favorite video platform among young people compared to Youku, iQiyi, or Tencent Video? The core reason lies in Bilibili’s UGC model (User-Generated Content), combined with deep user engagement and strong social attributes built around shared interests—making Bilibili content more appealing to users.
Bilibili users are both content consumers and content creators. This model naturally stimulates creativity and inspiration.
Similarly, OpenPunks leverages community-driven creation and sales, empowering users as creators and enabling auctions within the community itself. Coming from the people, returning to the people—OpenPunks truly embodies this spirit.
Moreover, being more down-to-earth, community-driven, inclusive in participation, backed by official risk mitigation, supported by robust underlying technology, and operating on the cross-chain capable GateChain—all contribute to OpenPunks’ competitive edge.
Firstly, as a creator, producing original and remarkable work naturally leads to greater recognition and higher value in the marketplace.
Additionally, OpenPunks supports iterative development. Once you own an OpenPunk, you can use the NFT’s textual description as inspiration to create corresponding images or videos based on your imagination.
Unlike other Punks projects, OpenPunks is an upgradable NFT—holders can continuously refine their creations and regularly update their artwork.
For creators, the most attractive feature is OpenPunks’ official buyback assurance.
Currently, the most common revenue models for NFT creators are direct sales or earning royalties from secondary transactions. While effective, these models fail to address a real issue: when an NFT sees very few trades, creators earn nothing in royalties.
To solve this, OpenPunks proposes that one year after an NFT’s initial sale, the official team will repurchase it at the original price. If the artwork’s market value exceeds the initial price, holders may opt out of the buyback program.
Just like Bilibili or YouTube, many content creators face a harsh reality: before gaining sufficient visibility, most cannot sustain themselves financially through content creation alone.
By eliminating financial risks for creators, OpenPunks allows them to fully dedicate themselves to artistic creation. Community-driven, incentivized creation, and official buyback support make Gate.io—or rather, OpenPunks—increasingly resemble a crypto-native “Bilibili.”
What Lies Ahead?
As a latecomer, OpenPunks’ ambition is certain to shake up this fiercely contested NFT battlefield, rewriting existing orders and structures—a journey filled with imagination, competition, and challenges.
Yet, severe illiquidity remains the core obstacle preventing broader expansion of the NFT market.
Compared to traditional cryptocurrencies and DeFi, the NFT market has always suffered from far weaker liquidity—as evidenced by how difficult it often is to sell NFTs. Meanwhile, poor interoperability between major public blockchains and high gas fees further exacerbate transfer difficulties.
Although solving systemic liquidity issues in the NFT market remains a long-term challenge, Gate.io offers a solution to blockchain fragmentation: GateChain.
GateChain, a next-generation decentralized public chain, plays a vital role in Gate.io’s broader ecosystem, technologically empowering NFTs. Its cross-chain capabilities resolve the problem of NFT transfer limitations across ecosystems. Previously, Gate.io’s NFT Mystery Box supported Ethereum’s ERC-721 and ERC-1155 standards; recently, collaboration with TRON added support for TRC-721 and BTFS integration—giving OpenPunks a natural advantage in multi-chain accessibility.
Despite Gate.io’s extensive preparations for OpenPunks, several practical challenges remain.
In terms of user base, while Gate.io is solid, it still lags behind giants like Binance, Huobi, and OKEx—all of which have already established positions in the NFT赛道. In terms of popularity and recognition, well-established NFT avatar brands like CryptoPunks pose considerable pressure on OpenPunks’ growth.
Then there’s the issue of plagiarism and copycat projects. Unlike fungible tokens, NFTs require aesthetic uniqueness—but due to extremely low issuance barriers and ease of imitation, the market is flooded with low-quality, poorly made NFTs.
To enrich and elevate platform content quality and support originality, Gate.io has launched an official certification program called “Original Collection,” aiming to discover outstanding NFT creators and boost creative motivation. Certified “Original Collections” receive priority access to promotional resources, traffic exposure, creation funds, and transaction support.
For now, thanks to its innovative product design and strong support for originality, OpenPunks is speeding ahead on the NFT highway. But turning product advantages into market dominance remains a huge leap—from knowing to doing.
OpenPunks’ journey is long and fraught with obstacles—but we sincerely hope it travels far.
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