in a nutshell
- Yuga Labs says it has “no current plans” for a “V1” CryptoPunks based on Larva Labs’ original NFT smart contract.
- This week, only owners of official CryptoPunks projects (or “V2”) received IP commercialization rights.
Resurrection of Scrap “V1” CryptoPunks NFT From the original by Larva Labs A buggy 2017 rollout Wrinkled debate over provenance, ownership, and artist intentions Web3 world.And V1 doesn’t seem to NFTs The owner is part of a growing plan for the new owner, Yuga Labs. Cryptopunks brand.
On Monday, Yuga Labs Purchased CryptoPunks IP From Larvae in March—Released Long-awaited commercial license for ethereum The NFT Project allows owners of 10,000 unique profile photos to turn them into all kinds of derivative works such as art and products. It reflects Yuga’s own popular approach. Boad Ape Yacht Club.
However IP license agreement Specifies that it applies only to the second created CryptoPunks smart contract (self-executing computer code stored on a blockchain) — in other words, “V2” or “official” CryptoPunks, each trading for millions of dollars. V1 Punks owners do not have legal permission from Yuga to commercialize their NFT avatars.
When asked to clarify Yuga’s stance on V1 Punks and future plans regarding the project, a company spokesperson said: Decryption This week, “No current plans for V1 Punks.”
NFT is blockchain token Artwork, collectibles, profile pictures for CryptoPunks, etc. can represent ownership of an item. The project contains a total of 10,000 pixel avatars, has generated a total of over $2.3 billion in trading volume for him to date, and has inspired countless other projects (such as Yuga’s own Bored Apes). I have given
The IP Rights Agreement for Punks, the CryptoPunks collection, is now publicly available and can be found at https://t.co/MMIlA0sp5W. This moment is what we promised from the beginning and we look forward to seeing what the community builds using the term as guidance.
— Cryptopunks (@cryptopunksnfts) August 15, 2022
in an interview with Decryption, CryptoPunks Brand Lead Noah Davis— who previously oversaw NFT sales at auction house Christie’s — shared his take on the V1 Punks, referring to original Larva co-creators Matt Hall and John Watkinson. But Davis said he would not “take a decisive position” on NFTs.
“I personally think V1 Punks is a really cool relic of Matt and John’s creative process,” says Davis. “These are proof of how Matt and John created CryptoPunks.”
“Whether it be or not of Dear CryptoPunks, I think it’s very clearly covered by Matt and John. As an artist, opinions matter, and in this case perhaps most important,” he added. “It’s like a typo on the Jordan Rookie card, but it’s not a Jordan Rookie card.”
What is V1 Punks?
Larva Labs’ stated stance on V1 Punks was clear, but the action confused the message. V1 Punks reappeared in the CryptoPunks conversation late last year. That’s when a community member created a “wrapper” program that effectively rescued abandoned avatars from Larva’s buggy original smarthis contract, turning them into his functional Ethereum NFTs.
Soon, collectors began buying and selling Wrapped V1 CryptoPunks, while calling them the “original” CryptoPunks, trade them for more money. The V1 version is identical to the “official” Punks NFT, except for the new background color added via the wrapper. Hall and Watkinson were clearly shaken in the process.
Founder of Larva V1 NFTs are They said they were “not official CryptoPunks” and “didn’t like it” but confused the message by wrapping and selling some of their own V1 Punks walletUltimately, Larva Labs apologized in February and donated the funds to charity, calling the action “stupid” and a “bad decision.”
However, Larva Labs has since filed a DMCA copyright infringement complaint to keep V1 Punks out of OpenSea. While the V1 community was ostensibly under attack by his CryptoPunks creator, some reveled in the ensuing chaos and applauded Larva for failing.
“It was a big clusterfuck, right? We really put a lot of pressure on them,” said V1 Punks community member Hemba Said Decryption May“They were just tripping over themselves.”
Larva Labs in March CryptoPunks IP sold to Yuga Labs, Yuga chose not to pursue DMCA claims and Wrapped V1 CryptoPunks returned to OpenSea before the community launched its own Rarible-powered marketplace.The battle is over, Yuuga apparently Acquired over 1,000 wrappable V1 Punks In Larva’s deal, along with the Wrapped V1 NFT.
But what does that mean for V1 Punks going forward? Yuga Labs may not be as aggressively opposed to the V1 community as Larva Labs was, but its owners are the “official” party. We have not been invited to and offer benefits as the CryptoPunks brand moves forward.
V1 punks time valuable market Community members said it was launched in May Decryption They wanted to create an independent DAO (or decentralized autonomous organization) to unite all of Larva’s Punks (V1 Punks and official (V2) CryptoPunks).
Some owners hoped that Yuga Labs’ IP licensing agreement would somehow recognize or grant rights to V1 Punk.But it’s not, the topic remains sometimes controversial On social media, collectors turned to Davis for answers, along with some punk owners (like Hemba). Tweet what they don’t accept Yuga License Terms.
V1 Punks owners keep asking questions, but Yuga’s initial response may not be what they were looking for.More moves for V1, including efforts to bring the community together, at least for now in hostility From some Punks holder — as always, it has to come from the community.