The Saga of the V1 CryptoPunks

Way back in 2017, when the world was a very different place, an NFT collection came into being that would change the crypto landscape forever. The CryptoPunks had arrived, however, it was a more complicated genesis than most people realize.

It all occurred during that one fateful year, when a previously little-known company called Larva Labs launched its first collection. 10,000 pixelated Punks graced the blockchain, only for a critical error in the metadata to send the project sideways. You see, anyone buying a Punk could immediately withdraw the funds while keeping the item, effectively enabling a whole raft of outlandish chicanery.

Acknowledging the error, Larva Labs shelved the collection and replaced it with the V2 CryptoPunks we’ve all come to know today. However, the V1 code lingered on, sitting on the blockchain until a remedy presented itself. So, many years later, a group of crypto boffins launched a solution that wrapped the flawed collectibles in a new smart contract, and consequently closed off the exploit.

LL has forced @opensea to remove V1 Punks collection because of a DMCA takedown.

We are responding via a counter-notice from our counsel in due course. We look forward to updating you further.

In the meantime, trade using https://t.co/KjPg88vDqE or @LooksRareNFT pic.twitter.com/1qmgdQrR7l

— CryptoPunks V1 (@v1punks) February 7, 2022

Over recent weeks, news has spread and these V1 items are doing what Punks to best, spreading anarchy. New trading platform, LooksRare, provides the go-to marketplace for trading these controversial assets, while OpenSea recently delisted the project at the behest of Larva Labs. A company that incidentally sold 70 such assets before declaring them worthless.

An epic battle of non-fungible proportions is set to dominate proceedings. According to sources, representatives of the V1 Punks have launched a legal appeal, and don’t look like they’re going down without a fight.

Read an excellent thread on the subject >> Here

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.