A Brief History of CryptoPunks

CryptoPunks burst onto the scene with a total of 10,000 unique digital avatars, capturing the imaginations of collectors everywhere. But before anyone could yell ‘Blockchain Bonanza!’, a smart contract exploit popped up. Buyers had a loophole that allowed them to withdraw their Ether after snagging a Punk. Talk about a party crasher!

The Rise and Fall of V1

In a bid to salvage integrity and profits, creator Larva Labs swiftly pulled the recognition rug from under the original v1 collection. They patched the exploit and released the v2 collection, which made collectors as giddy as kids in a candy store. But here’s the kicker: in a bizarre twist of fate, Larva Labs decided to sell their own V1 Punks, leaving everyone more confused than a cat in a dog park.

The Legal Tornado: DMCA Notices Fly

As if things weren’t complicated enough, the copyright battle over CryptoPunks v1 heated up. Larva Labs came in swinging with a DMCA takedown notice aimed at popular NFT marketplace OpenSea, only to find the v1 community wasn’t going to take it lying down. They retaliated with their own takedown claims, proving that when it comes to digitized pixels, no one plays nice.

Brittany Kaiser’s Bold Stance

Enter Brittany Kaiser, co-founder of Own Your Data, who thinks her v1 CryptoPunk purchase is a slice of NFT history—like apple pie on the Fourth of July! She was thrilled when developers wrapped the v1 tokens for modern marketplaces, only to watch Larva Labs profit from it all. Kaiser argues that Larva Labs needs to own their blockchain assets rather than behave like a cat that swats things off the table. A public apology would be a great start, but honestly, we all know that’s as likely as finding a unicorn.

The V1 vs. V2 Community Divide

Not everyone in the CryptoPunks universe sees eye to eye, and it’s getting ugly. The V2 community seems largely unconvinced about the legitimacy of the v1 collection. As one user put it, “We always knew V1s were not legit; they were just artifacts that led to the creation of Punks.” Meanwhile, discussions shift from debating authenticity to deciding if they should break out the ol’ litigation gloves. With the floor price sinking to 9 ETH, v1 owners are feeling as miserable as a kid with no candy.

Supply and Demand: The Financial Fallout

Here’s the crux: If the v1 collection is legitimized, suddenly the total supply of CryptoPunks jumps to a staggering 20,000. That increased supply could lead to a price plummet for v2 Punks. So, while v1 owners might be dancing in the streets, v2 holders could find themselves clutching their pearls and wondering where it all went wrong.