A story of two versions of the same CryptoPunks
V1 Punks are the original CryptoPunk. Interest in V1 Punks is in its early days and has for now remained off platform. But the V1 Punks platform will go live soon and is poised to bring about greater accessibility, conversation and attention.
Punks are not as they seem
CryptoPunks were created and released to the blockchain back in 2017, and in recent months have garnished the attention and support from communities across the crypto, technology, art, NFT and investment spaces.
Many enthusiasts assert CyptoPunks are the oldest NFT project on the Ethereum blockchain and this narrative has contributed to create a unique value proposition — spurring demand and speculation for the like.
With a punk recently sold for around $7.5 million and many others selling in the millions, CryptoPunks currently have a price floor of 20 ETH (43,224.6 USD).
With this increasing attention there is also growing discussion about the original traded set of CryptoPunks that were left behind and temporarily ignored. So too is the growing discussion about their unique positioning among the history of NFTs.
Original but not forgotten Punks?
In 2017 CryptoPunks were generated, claimed for free, and tradable on the LarvaLabs platform. Sometime after all 10,000 were claimed and traded, a bug in the contract was discovered and an action to migrate to a new contract was performed.
The result of this migration was effectively a copy being created, and the original Punks being left behind without a built platform to trade, while the second version of Punks continued.
While the discussion surrounding the original CryptoPunks receives limited coverage, the lore is understood among few OGs. Debated by some, the immutability ledger proves the record of these V1 tokens, contract, and place in history.
Development of a token, standard, wrappers
“CryptoPunks are an ‘almost’ ERC20 token. They are the first “Non-Fungible Token” on Ethereum and the inspiration for the ERC-721 standard that powers most digital art and collectibles. “ https://www.larvalabs.com/cryptopunks
For a long time ERC-20 Cryptopunks were only accessible to trade via the Larvalabs website. However recently wrappedpunks.com deployed a wrapper to create the ERC-721 punk which has enabled their listing & trading across other platforms
The introduction of a wrapper and listing on popular platforms such as OpenSea & Rarible have certainly contributed to early awareness, increased trading and accessibility.
The original V1 Punks are now given this opportunity too.
In the market for Version 1 CryptoPunks
V1 CryptoPunks have identical attributes, qualities and scarcity to their corresponding V2 Punk. The key difference is understanding their basis as the original ‘first NFT’ and the demand held in that narrative.
Interest in V1 Punks is in its early days and has for now remained off platform. But the V1 Punks platform is soon to be released and poised to bring about greater accessibility, conversation and attention. V1 Punks will launch with limited sales data, nevertheless comparative sales data may be found by looking at V2 CryptoPunks.
It is predictable that while demand is for unique combination and scarcely attributed Punks remains true, any V1 Punk whose V2 Punk sold at a high price would be of most interest among speculators. Additionally owning a matching V1 & V2 Punk may be of interest to collectors, as would collectors’ sets containing both versions.
Does history repeat?
CryptoPunks took years to mature into the highly priced collectibles they are now. They have achieved this by virtue of being one of the first NFTs and are recognized among the history of this new technology & asset class.
One may consider that the original V1 Punks are integral to this story and will garner their own history told by collectors, speculators and investors.