CryptoPunks V1 Delisted Again by Ethereum NFT Marketplace Opensea

In the latest development of the ongoing CryptoPunks V1 vs V2 battle, the former has once again been delisted from Opensea following a takedown notice from the latter.

While legally it is yet to be proven if CryptoPunks V1 is what it claims to be, many members of the community seem to have already made a decision.

Not to V1 Yes to V2?

That seems to be the answer from Opensea as under the Digital Millennium Copyright Act, the NFT marketplace was forced to remove the listing of CryptoPunks V1.

The notice served by the General Counsel for Larva Labs claimed that Opensea under the United States’ law is mandated to disable access to “infringing” materials, herein referred to the CryptoPunks V1.

LL has forced @opensea to remove V1 Punks collection because of a DMCA takedown.

We are responding via a counter-notice from our counsel in due course. We look forward to updating you further.

In the meantime, trade using https://t.co/KjPg88vDqE or @LooksRareNFT pic.twitter.com/1qmgdQrR7l

— V1 Punks (@v1punks) February 7, 2022

The history of this battle goes back years as V1 has been struggling to gain its seal of authenticity.

However, V1 does not seem to be willing to back down as one of the developers stated that “they have been in contact with a top-tier US attorney” who claimed that they cannot be legally stopped from carrying on with the trade of CryptoPunks V1.

Another NFT artist and collector tweeted an image claiming it to be the truth of CryptoPunk V1’s authenticity. According to the image, V1 submitted its request for verification at Etherscan.io on June 17, 2017, under the name of CryptoPunks.

Whereas V2 submitted their request on July 19, under the name of CryptoPunksMarket.

The TRUE about v1 vs V2 #CRYPTOPUNK

Simple as that!!!#NFTCommunity @v1punks @opensea #nft #Punks #nfts #NFTCollection #nftcollector pic.twitter.com/fcW11aRbuy

— NunoCostaPT.eth 🇵🇹🚀🌕 (@Parafinas1) February 8, 2022

The Reason Behind the Delisting

The entire reason behind this legal battle beyond the reason of intellectual property infringement is the value of these CryptoPunks. The value of NFTs is determined on the basis of demand and supply as it is with most cryptocurrencies.

Thus, the lesser the supply higher the value. The present lowest price of a CryptoPunk is 68.95 ETH, worth approximately $212,198. The reason behind this is the limited supply of just 10,000 CyptoPunks.

If V1 is given the permission to be listed on Opensea, the same supply would double to 20,000, effectively reducing the value and rarity of the CryptoPunks.

This is why the V2 community is also loyal to Larva Labs, standing against the listing of CryptoPunks V1.