CryptoPunk's not dead - A controversial V1 


CryptoPunk's not dead - A controversial V1


 

It's impossible to miss the frenzy surrounding CryptoPunks since last year. So much so that stars have bought a copy so that they can wear an original pin at social events. A success story in the NFT style that feeds the dreams of wealth of a horde of investors in this sector. The story began in 2017, with an almost free sale organized by the Larva Labs structure. But it seems that the latter is currently trying to hide a small mistake of youth. CryptoPunks V1!

 

CryptoPunks have undoubtedly become one of the symbols of the market of random collections of NFTs. With a low price around 70 ETH ($196,000) at the time of writing. But the average selling price is still much higher than the rest of the market, including the Bored Apes Yacht Club (BAYC). This is the historical showcase of the sector, launched to near indifference in 2017, for little more than the gas fee of the transaction on Ethereum.

Then the NFT market took off, and the price of these pixelated characters followed suit. So much so that real digital archaeologists are appearing in search of other forgotten historical projects. Real treasures once removed from a grave in which some should have remained. But the euphoria was there, and the critical spirit definitely elsewhere. And by dint of digging, some people ended up discovering a mystery, carefully hidden under the Larva Labs carpet: CryptoPunks V1!

 

CryptoPunks V1: officially not official

It's hard to find your way through the nebula of platforms and projects that feed the NFT token market. With the risk of running into scams offering simple copy/paste at unbeatable prices. For it is not the image that can be bought in this field, but its identification as a unique model registered on the blockchain. And the recent highlighting of a collection of CryptoPunks V1 could make all this even more complicated.

Because the current collection that everyone knows is actually a second version (V2), launched by Larva Labs. This was due to a bug detected and exploited in the smart contract of its first batch also released in 2017. A problem occurred during the sale of one of these 10,000 NFTs. Because once the transaction was completed, the buyer could still withdraw the amount of the transaction for his benefit. And thus leaving the original owner without his NFT and without payment in return. Oops!


CryptoPunk's not dead - A controversial V1

A youthful error deliberately hidden by Larva Labs. The latter acknowledges the creation and existence of this V1, but at the same time claims that it is not "official CryptoPunks". And since it was (until then) impossible to find them on the Opensea platform, the matter seemed to have found its final point. But that was without taking into account the immutable nature of blockchain technology.

 

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Larva Labs threatens to wipe out CryptoPunks V1

Because Larva Labs does not want to see this initial failed version of CryptoPunks resurface. Certainly because of the impact their release could have on the current price of the official V2 collection. To the point of threatening legal action, which one wonders against whom and for what reason. All this is accompanied by threats against any investor willing to try the adventure. Because with its stock estimated at 1000 copies... well, you know what they mean (or not).

However, Larva Labs admits at the same time to have sold copies of these CryptoPunks V1, for a total of 210 ETH (about 600 000$). The only excuse given was to "signal their disgust" for them. All this in an "under the radar" version that obviously cannot coexist with the public sale set up on LooksRare. And all the while buying itself a cryptologically correct image, as it claims that the funds thus obtained will be used to buy CryptoPunks V2. While at the same time donating the same amount to the Rainforest Foundation. What a great example of strategic philanthropy...


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