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They’ve been several quarrels between Larva Labs and V1 Punks NFT series for some time and due to the intervention of an injunction; Larva Labs has successful secured the winning side of making V1 Punks to be removed for OpenSea which is the largest market place for NFTs. The only place where the V1 Punks are available for sale now is on LooksRare.
The larva Labs saga has been on many chapters but now maybe the injunction will ease it. Originally the V1 Punks were not supported by Larva Labs and they came about from a coding error that occurred in the original cryptopunks smart contracts and this was taking advantage of where buyers who made purchase of the NFT were refunded automatically after making purchase thereby causing the sellers or owners to lose all their money. The only way for this to be corrected was for the V1 Punks to re-wrap the NFTs in an ERC-721 contract.
The Larva Labs and the V1 punks weren’t completely in a saga mood, in fact, Larva Labs purchased 1,000 V1 Punks NFTs not just for buying sake but for the purpose of getting the original cryptopunk. To mock the V1 project, Larva Labs decided to create CryptoPunks 2 stating that the V1 is not the official NFT. The CryptoPunks 2 or V2 is a play-to-earn project that has up to 10,000 Punks included in the new series. But the only cause for concern is the V2 and V1 look similar which has caused uproar with the holders of the V1 Punks.
Because of the complains from holders, Larva Labs started a legal battle with V1 Punks asking them to change their name and also quit from using the cryptopunks art but that won’t be possible because once an art is created and stored on a particular blockchain, it can’t be destroyed.
“It's time to remember why we're all here: decentralisation. LarvaLabs can rug a collection they don't like from one marketplace. But not a contract from the blockchain,” tweeted @Cryptopontoon.
The V1 Punk community quickly responded by saying.
“We hired hotshot IP lawyers in the face of LL legal threat. Determined to fight against any efforts to bully or intimidate v1/v2 punks. Also voting on a name change following confirmation we are allowed to trade these historic assets,” tweeted V1 Punks.
“The V1 Punks have just responded to LL’s threat for legal action made last Wednesday. V1 holders have legal council and are now holding a snapshot vote to change their name. Right now ‘CryptoPunks V1’ is winning by a landslide which is the opposite of what LL wanted,” tweeted NFT collector @LeonidasNFT.
Along the line, Larva Labs had to appologise for attempting to buy the V1 Punks and offered to give them the revenues remaining from their sales but the V1 community is still yet to decide and waiting for the future and preparing for the legal battle at hand.
Some collectors are finding solutions to the problems already and that is by buying the V1 and V2 of the same punk probably in case any one wins or both decide to stay.
Congratulations 🎉
— Non-FungibleTony (NFT) (@tonyherrera) February 7, 2022
They are a great looking set of Twins!@Bitfuturez - I'm sure you fondly remember Punk #4722. :) https://t.co/B7Id8YU913