Giant NFT marketplace OpenSea has delisted V1 CryptoPunks as the project faces a court battle with Larva Labs. The 10K collectibles, which stunningly resemble the iconic CryptoPunks NFTs, come from the same smart contract as Larva Labs’ collection.
While more and more collectors were turning to V1 CryptoPunks, Larva Labs tried to blacklist the project. In a controversial move, OpenSea delisted the entire collection – and the community is far from happy.
Why did OpenSea delist V1 CryptoPunks?
CryptoPunks is undoubtedly among the most successful NFT collections to date. Back in 2017, the first version of the project’s smart contract had a code error, so Larva Labs needed to start from scratch and make a new one. The second smart contract is the renowned CryptoPunks collection we know today.
Nevertheless, the initial version of the smart contract was never actually deleted. In fact, developers simply fixed the code error and launched what is now known as the V1 CryptoPunks collection. From its name to the artwork itself, the project is nearly identical to Larva Labs’ V2 punk NFTs.
Of course, V1 CryptoPunks skyrocketed in popularity:
However, Larva Labs aren’t as happy as the NFT community. As a result, the team sold the 40 V1 CryptoPunk NFTs they were holding. Although the sale generated a whopping 260 ETH, LL founders said the collection is ‘worthless.’
Then, the V1 CryptoPunks admins revealed that Larva Labs even threatened to take legal action. In a Discord announcement, the V1 Punks team said they have no plans to take their project down whatsoever:
“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,” the v1 admin team said. “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 that we will challenge vehemently any attempt to bully, intimidate or cause damage to V1 or V2 CryptoPunk holders.”
In the midst of this storm, OpenSea has surprisingly delisted the V1 CryptoPunks collection.
OpenSea faces backlash from the community (again)
In summary, the NFT community disagreed with OpenSea’s decision to delist the CryptoPunks V1 collection. Accordingly, many collectors believe this call goes against the concept of decentralization the community treasures.
“Screw Larva Labs. The right move was simple: embrace punks’ history, in all its messiness…ultimately it adds character to the collection,” says Twitter NFT collector @mooncat302. “Instead we get the lamest web2-mentality action possible: legal threats.”
Now, all eyes are on the Looks Rare marketplace, hoping that it will warmly welcome the V1 CryptoPunks NFTs – but will it?