The Saga of the V1 CryptoPunks

In the early days of crypto, there was a lot of talk about ICOs and how they would change everything in terms of fundraising. However, as blockchain technology developed it became clear that tokens are not just limited to being used on the platform where they were issued or even cryptocurrency exchanges. Tokens have become an integral part of many games on diverse platforms: CryptoPunks is one example but this article will look at some others too.

The “crypto punks nft” is a game that was released on the Ethereum blockchain. It has been plagued by issues, including an exploit that allowed players to gain free tokens.

An NFT collection was created in 2017, when the world was a totally different place, and it would permanently transform the crypto scene. The CryptoPunks had arrived, but their origins were more complex than most people believe.

It all happened in that fateful year, when Larva Labs, a previously unknown firm, released its inaugural collection. 10,000 pixelated Punks adorned the blockchain, only for the effort to be thrown off by a major metadata issue. Anyone who bought a Punk could instantly withdraw the payments while retaining the item, thereby allowing for a wide slew of nefarious shenanigans.

Recognizing the problem, Larva Labs put the collection on hold and replaced it with the V2 CryptoPunks we know today. The V1 code, on the other hand, stayed on the blockchain until a solution was found. So, many years later, a group of crypto experts devised a solution that encased the faulty collectibles in a new smart contract, thereby shutting off the attack.

Because of a DMCA takedown, LL has ordered @opensea to delete the V1 Punks collection.

In due time, we will react by a counter-notice from our counsel. We look forward to providing you with further information.

In the meanwhile, use https://t.co/KjPg88vDqE or @LooksRareNFT pic.twitter.com/1qmgdQrR7l to trade.

February 7, 2022 — CryptoPunks V1 (@v1punks)

News has spread in recent weeks, and these V1 things are doing what Punks do best: spreading chaos. LooksRare, a new trading platform, is the go-to marketplace for trading these contentious assets, whereas OpenSea just delisted the project at Larva Labs’ request. A firm that, by chance, sold 70 of these assets before declaring them worthless.

The action is going to be dominated by an epic conflict of non-fungible dimensions. V1 Punks reps have filed a court appeal, according to reports, and they don’t seem to be going down without a fight.

Read an excellent thread on the subject >> Here

 

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