In a video posted to his 625 thousand Twitter followers, Cobie broke down what is going on at Larva Labs. In a two-minute clip posted yesterday, he explained the current situation and their decision to purchase V1 CryptoPunks.
As you may already know, Larva Labs is the company behind CryptoPunks, the world’s most high-profile NFT collection. At a current floor price of 69.95 ETH ($184,804.40), this collection of 10,000 unique characters has taken the planet by storm.
What are the V1 Larva Labs Punks?
Many people do not know that Larva Labs released a previous version of Punks before the current collection. It is the same NFT collection, but the company pulled it during the initial launch due to bugs. They quickly fixed the issue and republished the NFTs, the version 2 CryptoPunks that we now use.
According to Cobie “Recently the V1 version has been getting more popular, and Punk holders have been getting upset because they think this is dilutive to the value of their authentic Punks”.
It is strange to see Larva Labs so publically selling their V1 Punks. The company is notoriously inactive. They have written a post to describe how they made the decision. Cobie summarises it as “They have decided to dump 210 ETH of these V1 Punks on people. Now they’re going to Copywrite and enforce against the V1 Punks.”
He sarcastically then told his viewers not to worry because the CryptoPunks company is donating the 210 ETH to the Rainforest Foundation.
Finally, Cobie calls the decision by Larva Labs ‘weird’ and ‘theatrical’. It will be interesting to see how others view the situation, especially the owners of the V1 Punks. Only time will tell how this plays out in the eyes of the NFT community.