![]() However, Larva Labs has recently faced backlash for allegedly attacking valid projects that aren’t actually trying to scam people. As a result, when scams are identified, they are more often than not brought to light quickly. But Larva Labs knows this, and the majority of the NFT community knows this. ![]() Unfortunately, it’s not a new issue in the NFT space. Unsavory project leads will mint a “cash grab project” based on a popular collection, and then turn around and pull the rug out from under their collectors’ feet. CryptoPunks, Bored Apes, Loot) experiences a spike in popularity, developers - both those who are bad and good-intentioned - hit the ground running on projects that pay homage to, or sometimes just blatantly rip off, the original. This is verified on the Ethereum blockchain and is immutable.” A Statement From the V1 Punks OpenSea Collection Setting the stage for backlashĭerivative projects are nothing new in the NFT space. ![]() “V1 Punks are not a derivative, but are in fact the original set of Punks released by LarvaLabs in 2017 (and actually predate the release of LarvaLabs CryptoPunks NFTs). As CryptoPunks is one of the most prestigious and expensive NFTs on the market, it wasn’t long before there were over 1,000 V1 Punks in circulation, and many of them ended up being owned by Larva Labs. In short, there are now two sets of Punks, V1 and V2, that are basically indistinguishable from one another. This essentially made the V1 Punks functional and tradeable by today’s Ethereum Blockchain standards. They took the original CryptoPunks contract, debugged it, and enabled anyone who owned an original V1 punk to “wrap” their V1 Punk so they could withdraw the proceeds if they sold. As a result, developers eventually came up with a revamped version of V1 Punks. However, V1 punks still existed on the blockchain via the original contract. The updated version (V2) was released in quick succession, and all CryptoPunks were airdropped into the new contract. This prompted Larva Labs to scrap the contract and launch an updated version. So, if you bought one of these Punks, you could get the NFT and then take your money back. Yet, in the original CryptoPunks smart contract (V1), there was a code error that made it so only the buyer who was purchasing a Punk could withdraw the crypto used to pay for it, not the seller. When CryptoPunks launched in June 2017, they were originally free to claim (minus a gas fee, of course) for anyone with an Ethereum wallet. More background here: /fN2Dw89xa9- NFT Ethics JanuWhat Are V1 Punks So one of the founders of (LL) sells all 40 of his V1 Punks less than a week ago (for 260 ETH) via a 2nd wallet, and then LL releases an official statement that they are worthless. To understand why this event triggered such a firestorm and prompted Larva Labs to publicly apologize - and also to ensure a similar situation never happens - we need to take a deeper dive into what the company did and flesh out the nuances regarding why members of the NFT community found the situation problematic. Others found fault with the company because the team only condemned the project and stated that they were selling two days after the cofounder had already sold. Some argued that the company wasn’t worthy of criticism, as the team clearly stated that they didn’t approve of the project and intended to sell. Then, days after selling, the team attempted to blacklist the budding project.Īdmittedly, the community at large seems to be partially split on whether or not what Larva Labs did was actually wrong. In a move that was condemned by many members of the NFT community, a Larva Labs’ cofounder sold off his stock of V1 Punks. The team faced backlash for the way they handled a situation regarding an NFT project called V1 CryptoPunks, which was born from the original CryptoPunks smart contract. ![]() Earlier this week, Larva Labs, the creators of the ever-popular CryptoPunks NFT project, came under fire.
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