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CryptoPunks V1, the ‘renegades’ by larva labs, win dispute and will be traded on Rarible

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Most cryptocurrency investors have heard of the famous CryptoPunks, one of the most famous collections of NFTs on the market and also one of the oldest.

While the reader may have heard of the punks, he may not know that the famous NFTs have two versions: the CryptoPunks ‘V1’ and the CryptoPunks ‘V2’. Both projects are from Larva Labs. However, the company only considers ‘V2’ to be the original version.

It all started when Larva Labs created the now-iconic CryptoPunks in 2017. The first batch of ETH NFTs were made with code that had a bug that allowed the creation of Punks without paying.

As soon as they identified the problem, Larva Labs fixed the error, but got rid of the collection and stopped supporting ‘v1’ Punks in any way.

However, many people bought and lied to V1 Punks, which are still active. And since blockchain can guarantee their authenticity and existence, these punks are still alive.

Fake but original

Late last year, enterprising members of the CryptoPunks V1 community created a “wrapper” program that allowed Punks of this version to be traded on secondary markets like OpenSea.

And that’s when things started to get complicated. That’s because the founders of Larva Labs reacted by tweeting that the V1 Punks were “unofficial” and that Larva Labs did not support their trading.

But at the same time, the founders of Larva Labs used the wrapper to sell their own V1 punks, a move the founding duo apologized for in February of this year, calling it “stupid” and a “bad decision.” .

However, after the sale, the founders filed several lawsuits and petitions for NFT marketplaces, such as OpenSea, OpenPFP and Rarible, to prevent v1 punks from being traded.

However, while the team had success with OpenSea, which removed the punks from V1, the same did not happen with Rarible, which gave the first CryptoPunks community victory and released their trade.

The decision marked a harsh defeat for Larva Labs, which highlighted, however, that the “war” is not over yet.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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