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Due to a legal issue with Larva Labs, OpenSea, the world's largest NFT marketplace, has delisted CryptoPunks V1. The 10K collectibles are derived from the same smart contract as Larva Labs' collection and are very similar to the legendary CryptoPunks NFTs. V1 CryptoPunks was blacklisted by Larva Labs as more collectors flocked to the project. OpenSea controversially delisted the whole collection, and the community is outraged. While it is still unclear whether CryptoPunks V1 is what it claims to be legal, many members of the community appear to have already made up their minds.
The History Goes Long Back
For a long period, OpenSea had the CryptoPunks v1 series removed. The series, on the other hand, has only recently premiered on sites like LooksRare. The original ban was revoked by OpenSea as a result of this gaining recognition. The entire volume of the wrapped CryptoPunks v1 series had hit 315.44 ETH ($974,000) and was still operating at the time of writing. [embed]https://twitter.com/v1punks/status/1490780074420879361[/embed] Since its publication alongside the more popular CryptoPunks v2 collection, some have questioned the veracity of CryptoPunks v1. However, as whales boosted volume on LooksRare and other rival sites, CryptoPunks v1 has gained traction in recent weeks. OpenSea's attempt to overcome the prohibition appears to have backfired amid the present court battle, adding to a string of occurrences that have recently eclipsed the primary NFT marketplace.The debate over the authenticity of this NFT series appears to be heating up. Creator Velinova.eth commented in the official CryptoPunks v1 Discord:
“We have been in contact with a top-tier IP Attorney from the US who has advised us that we are lawfully able to carry on in the trade of these CryptoPunks. Given we have now been publicly threatened with legal action by Larva Labs, and that we have been advised that their legal options are slim and perhaps frivolous, we wish to inform you that we will challenge vehemently any attempt to bully, intimidate or cause damage to V1 or V2 CryptoPunk holders.”
[caption align="alignnone"] CryptoPunks V1 community announcement[/caption] Meanwhile, the community is organizing a protest against OpenSea's removal from the list. The series has been dubbed 'CryptoPunks V1 313 WPV1' by NFT holders. The phrase refers to the wrapped nature of NFTs, which are used to solve the previously mentioned problem.
The Actual Worth of These CryptoPunks Still Not Clear
Aside from intellectual property infringement, the value of these CryptoPunks is the sole motivation for this legal battle. The value of NFTs, like the value of most cryptocurrencies, is determined by supply and demand. As a result, the higher the value, the lower the supply. The current lowest price of a CryptoPunk is 68.95 ETH, which is roughly $212,198. This is because there are only 10,000 CyptoPunks available. If V1 is allowed to be listed on Opensea, the supply would more than double to 20,000, effectively lowering the value and uniqueness of the CryptoPunks. The NFT community was outraged when OpenSea decided to remove the CryptoPunks V1 collection from their catalog. As a result, many collectors believe that this proposal violates the concept of decentralized communal assets.