Yap721 is an artwork released by artist CryptoZR in 2021, inspired by the stone coins of Yap Island, which was the earliest form of accounting in human history.
The current ownership and historical circulation were recorded on the stone coins, and a consensus was reached through the collective memory of the villagers.
The island did not produce this type of stone, so the villagers needed to go to Palau Island, 400 kilometers away to obtain this stone-shaped currency,which is similar to Bitcoin’s proof of work mechanism.
In their history, some sailors lost their lives in the process of transporting Yap Island stone coins due to maritime disasters, but the value and ownership of those stones at the bottom of the sea can still be recognized by the villagers.
From early single-entry bookkeeping to the current leading double-entry bookkeeping of corporate governance, and now to the distributed bookkeeping of the cryptocurrency era, societies’ understandings of wealth are constantly evolving.
From Bitcoin’s UTXO to the Token standards of Ethereum’s ERC20/ERC721, they are essentially ledgers that record the rights of ownership.
In this way, crypto artworks in the form of NFTs are just like Yap Island stone coins. Every transaction in circulation will leave the marks of its past owners on the stone coin.
The artist CryptoZR engraved the hexadecimal code of the Bitcoin genesis block on one side of a stone coin and the ETH addresses of its TopBidder NFT collectors in a circular manner on the other side.
On this physical artwork, each NFT collector has left their mark, becoming a part of the artwork itself. At the same time, in the crypto world, each collector is also permanently recorded by their address on the blockchain.