CryptoPunks V1 Is Delisted Again by Opensea Because of Larva Labs Pressure

CryptoPunks V1 is created from the same smart contract as Larva Labs’ collection. While collectors were flocking to CryptoPunks V1, Larva Labs attempted to ban the project. OpenSea chose to delist the whole collection in a controversial decision.

The Fight Between CryptoPunks V1 And Larva Labs

The initial version of CryptoPunks’ smart contract had a programming bug in 2017, therefore Larva Labs had to create a new one. The second smart contract is the well-known CryptoPunks NFTs collection we all know today.

However, the first version of the smart contract was never erased. They just fixed the code bug and released the CryptoPunks V1 collection. The project has a strong similarity to Larva Labs’ punk NFTs, even down to the name.

CryptoPunks V1 NFTs are being supported by The NFT community, and Larva Labs is unhappy with it.

Larva Labs then chose to sell the 40 CryptoPunk V1 NFTs they had on hand. However, this move faced criticism from the NFTs community, and the team had to apologize.

“We made a mistake by interacting with this contract. We thought that by announcing our intentions and selling some of the tokens, we would signal our distaste for it, and maybe others would follow. That was a bad decision. We regret it, and we apologize to the community,” Larva Labs co-founder Matt Hall said.

After that, the CryptoPunks V1 admins then announced that Larva Labs had threatened legal action.

“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 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.”

CryptoPunks V1 has been delisted by OpenSea

And finally, OpenSea has delisted the CryptoPunks V1 collection because of the force of Larva Labs. According to the statement sent by Larva Labs’ General Counsel, Opensea is required by US law to prohibit access to “infringing” materials, which is the CryptoPunks V1.

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