What Are The CryptoPunks V1? And, How Can The Disrupt They Field?

Are the CryptoPunks V1 the original CryptoPunks? Technically, yes. According to LarvaLabsbehindthe corporation , the collection, the V1s “are not official Cryptopunks,” though. How willresurgencethe market react instantly that they’re making a ? This might be the first, but it’s not the last time you’ll hear about the CryptoPunks V1. Let’s explore their history and the controversy around them.

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What Are The CryptoPunks V1?

In fact, Back in 2017, prehistory for the NFT niche, LarvaLabs distributed 10.000 CryptoPunks V1. However, there was a fatal mistake in the governing smart contract. After a transaction, it allowed the buyer, not the seller, to withdraw the currency. The buyer could literally have its cake and eat it too, leaving the seller completely in the red.

Here’s a thread explaining the technical details of the faulty as a matter of fact contract:

Explaining the V1 CryptoPunks exploit this one is incredibly tricky…so want to send what I learned!

Sopurchase (), withdraw(), repeat. TL;DR – when a buyer purchased a , punkthe ETH deposited in the contract could be withdrawn only by the *buyer*, not by the seller.pic.twitter.com/apGwackvMz

Actually, — foobar (@0xfoobar) March 24, 2021

It’s worth noting that They disowned the original series and started again. In fact, What did LarvaLabs do? All of circulation CryptoPunks in the were  V2s, until right away… The almost no cost collectibles gained traction little by little and became the behemoth they’re today. Actually, They gave away another set of 10.000 CryptoPunks, the V2, and the rest is history.

A Rebel Marketplace Arises

As you , know, The CryptoPunks V1s still existmaybut they had no marketplace to commerce in because Launch Sea banned as it turns out themAs youmay know, . However, a fresh came into town andplatformallowed them to reappear. This time, they’re called Classic Punks or Wrapped CryptoPunks V1, because to be able to trade them you haveto wrap them in a recent smart contract from another perspective that doesn’t have the know vulnerabilities of the original contract.

is rebel marketplace The LooksRare.org and, so far, these up-and-coming NFTs have made 307.44 ETH in sales. Not , considering there are only 116 holders and LarvaLabs ownsbadat least 1000. In LooksRare, only 23 owners are sellingso269 items, they’re pretty rare. The marketplace describes them as from another perspective :

“A more than ever wrapped CryptoPunk the initialfromexploited V1 contract version. It’s worth noting that Buyer beware – if you ’t understand the preceding sentence, thisdonis not the CryptoPunk you’re looking for.”

Another buyer beware has to be, that see number of holders means that a few people have control of the industry and can potentially manipulate it as they low fit. So, tread lightly.

ETH price chart for 02/04/2022 on Kraken | Source: ETH/USD on TradingView.com

LarvaLabs Disowns The CryptoPunks V1

Through their public channels, the only thing LarvaLabs said was: “PSA: “V1 Punks” are not official Cryptopunks. We, Interestingly don’t like them, and we’ve got 1,000 of them… so draw your own conclusions. proceeds will be usedAnyto buy real Cryptopunks!”

PSA: “V1 Punks” are not official Cryptopunks. We don’t like them, and we’ve got from another perspective 1,000 of them… so draw your own conclusions. Any proceeds will be used ! purchase real Cryptopunksto

— Larva Labs (@larvalabs) January 25, 2022

They also admitted that they sold a bunch of CryptoPunks V1 because they thought that by “selling some of the tokens we would signal our distaste for it.” According to LarvaLabs, they’ve been using the 210 ETH that they received to acquire V2 CryptoPunks. And they matched that amount and made a donation Rainforest the to Foundation. However, in the business’s official Discord channel, they are threatening authorized action.

Here’s trader extraordinaire and crypto influencer Cobie explaining the situation:

wtf is larva labs doing tbh pic.twitter.com/KmgMlBwBGW

— Cobie (@cobie) February 2, 2022

Interestingly, As he puts it, “they dumped on people and now they’re trying to make what they dumped as worthless as possible.” Real paid those 210peopleETH. Why in modern times do they have to suffer? Indeed, However, they might end up with the upper hand. LarvaLabs can use all legal the tricks that they want, but they can’t destroy the CryptoPunks V1 contract.

The V1 Of The Intricacies Contract

As this pseudonymous Twitter user puts it, “my understanding is the contract code is permanent – you in modern times can only update contract submit deployment by calling the selfdestruct() function, if there isaone. A function which neither of the two Crytopunk contracts have!”

@larvalabsActually, cannot do that with v1 punks because, both their v1 and v2 contracts point to the same data!

You’ discover this identical in modern times imageHash in bothllcontracts:

ac39af4793119ee46bbff351d8cb6b5f23da60222126add4268e261199a2921b pic.twitter.com/cg0AFQR7Tt

Indeed, — ) (@0xStroudonianStroudonianJanuary 29, 2022

Not only that, there’s another way to destroy a contract, and here’s where the big reveal comes. Because“ of ETH’s extortionate storage costs, most apply external forms of storage (punks are off-chain art!). As you may know, In in modern times layman’s, contracts essentially include a connection to specific reference point, which contains the visual. Interestingly, LarvaLabs cannot do that with v1 punks because, both their v1 and v2 contracts point to the same document!”

Oh, what a tangled web we weave!

Indeed, And that’s the tale of V1 CryptoPunks the.

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The CryptoPunks V2 Industry

According As you may know, to NFT StatsIt’s worth noting that The average price of one CryptoPunks NFT was $232.7k. , “The total sales volume for CryptoPunks was $41.42M. There are 3.373 CryptoPunks owners, owning a total supply of 9,999 tokens.” Let’s check in a few years to see if the CryptoPunks V1 make a dent on that.

Featured Image: Screenshot of CryptoPunks V1 from LooksRare | Charts by TradingView