What exactly is going on here?
Cryptocurrency was made famous by Bitcoin, but Bitcoin is designed just to transact and record ownership of Bitcoin itself. PunksWifHat were minted on a successor to Bitcoin called Solana which allows for arbitrary computer code to be executed on the blockchain and the results of the execution to be stored forever. This is pretty cool! Normally, code is run on a server somewhere and you basically need to trust the person running the server. Solana lets everyone execute the code, show each other what result they got, and agree that the code was executed properly and fairly. The written code of the PunksWifHat smart contract lives on Solana, which allows any user to buy and sell Punks with anyone else in the world.
