Yuga Labs Reveals It Has No Plans For V1 CryptoPunks

Ayush Pande
19.08.2022

Yuga Labs representative claims that the firm has “no current plans” for the original, scrapped V1 version of the popular NFT collection. The announcement came after Yuga Labs released a commercial rights license for the official version of the CryptoPunks IP to allow holders to use their NFTs for their derivative CryptoPunks projects.

What Are V1 CryptoPunks?

The V1 CryptoPunks was a scrapped predecessor collection identical to the official CryptoPunks. The project was released in 2017, but Larva Labs scrapped it soon after the discovery of a code error that allowed the buyer (instead of the seller) to withdraw the NFT, thereby allowing them to purchase the CryptoPunks NFTs for free.

However, the CryptoPunks community brought the collection back to life by debugging the code to allow owners of original V1 CryptoPunks to wrap their NFTs into another smart contract. Wrapping these NFTs allowed the holders to trade them on secondary marketplaces by fixing the bugs on the original smart contract.

Only Holders Of Official CryptoPunks Get Commercial Rights License

The V1 CryptoPunks collection was always considered the black sheep of the collection, with Larva Labs tweeting that V1 NFTs aren’t official CryptoPunks earlier this year. Moreover, the team filed a copyright claim to get these NFTs delisted from the secondary marketplace on OpenSea.

After Yuga Labs acquired the CryptoPunks IP in March, the community members were hopeful to see the revival of the V1 NFTs. 

Following the announcement to grant commercial rights to the owners of the official collection last week, a spokesperson clarified that Yuga Labs has no further plans for the original collection.

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