As a result, they are not counterfeits in the traditional sense, and they continue to exist as a “wrapped” version of the current CryptoPunks (V2) collection.After receiving a DMCA (Digital Millennium Copyright Act) complaint from Larva Labs, the major non-fungible token (NFT) marketplace, OpenSea, has delisted the V1 edition of the famous CryptoPunks collection.
When the CryptoPunks collection was first released in 2017, it was quickly revealed that the smart contract that defined it had a problem. The glitch led purchasers to withdraw their ether (ETH) used to acquire Punks quickly, leaving sellers with little profit. To fix the problem, Larva Labs created a new contract, V2, from the ground up, which fixed the bug. The old and buggy contracts, on the other hand, continued to run on the Ethereum blockchain, as do smart contracts, and engineers simply rectified the coding problem and released the V1 CryptoPunks collection. The price gap between the two sets of CryptoPunks is significant.
When Larva Labs released the V2 version, OpenSea made it illegal to sell V1 Punks since they were deemed inauthentic. However, OpenSea has reversed course and listed V1 Punks once more, as the original collection was resurrected as a wrapped Punks version with the flawed code patched.
Larva Labs is annoyed by the CryptoPunks collection’s V1 version. Because the V1 version is far less expensive than the V2 version, it is gaining in popularity and has a thriving fan base.
