Founders
The V1 CryptoPunks (wrapped) NFT collection is based on the original Cryptopunks project created by Canadian software developers Matt Hall and John Watkinson, founders of Larva Labs, in 2017.[1] The V1 CryptoPunks (wrapped) collection was revived by a community consisting of original Punk claimants, NFT historians, digital archaeologists, and developers who had taken an interest in the earlier version of the CryptoPunks project.[2]
Matt Hall is a software engineer who has worked on various projects outside of CryptoPunks, including co-founding the Choon music platform and developing apps on iOS and Android. He has worked for Google, Microsoft, and other tech companies for over twenty years.[3]
John Watkinson is a Creative Technologist at Google and a Partner at Larva Labs. He is also the Founder of Docracy.[4]
Launch
In February 2022, members of the NFT community created a smart contract that allowed holders to mint a separate 'wrapped' NFT based on the original CryptoPunks contract, called the 'Wrapped V1' edition.[5] This wrapping process enabled V1 Punk owners to fix the coding error and make their V1 Punks functional and tradable by Ethereum blockchain standards.[6]
Legal Dispute
A legal dispute arose between Larva Labs, the creator of CryptoPunks NFTs, and a group of owners of the V1 CryptoPunks, who received the NFTs in 2017 when Larva first launched them. Some V1 Punks owners revived the old smart contracts of their Punks, wrapped them in a new ERC-721 smart contract, and sold them on OpenSea and other marketplaces. This led to a copyright dispute with Larva Labs.[7] Larva Labs filed a DMCA take-down notice to OpenSea, and members of the V1 Punks community responded with their own.[8]
Market Performance
The market performance of the CryptoPunks V1 (wrapped) NFT collection is influenced by its limited distribution and concentrated ownership. As of July 13, 2023, the CryptoPunks V1 (wrapped) collection had a floor price of 3.6 ETH and 1,002 owners.[9] Meta4 Capital purchased a pair of V1 CryptoPunks for 1,000 ETH (almost $2.8 million) and 200 ETH (about $556,000).[2][9]
