Non-fungible token (NFT) marketplace OpenSea has removed CryptoPunks V1, the “wrapped” edition of the original collectibles, after receiving a DMCA notice — a takedown issue by copyright holders — from creator Larva Labs.
Fast facts
- The V1 CryptoPunks is the original issue of the collection but were replaced with exact copies — the current V2 — when a bug allowed buyers to instantly withdraw the Ether used to purchase, leaving sellers with no profits.
- OpenSea had originally banned the sale of V1 punks as they were perceived to be inauthentic but reversed course recently, as the original NFTs made a return with a bug fix and wrapped versions.
- The V1 CryptoPunks community has reportedly sought legal counsel to continue trading the collection while preparing a counter-notice to the OpenSea takedown.
- V1 CryptoPunks on the market doubles the number of CryptoPunks to 20,000, which the V2 community argues will devalue the Larva Labs-backed edition.
- CryptoPunks V2 is the most popular NFT collection globally, with more than 700,000 ETH worth over US$2 billion traded, while V1 has traded just over 1,000 ETH worth US$46,500, according to CryptoSlam.