CryptoPunks Creators Larva Labs Apologize For Selling Old V1 NFTs

CryptoPunks creator Larva Labs has apologized for selling old V1 CryptoPunks NFTs from a scrapped smart contract.  

Last Wednesday, Larva Labs co-founder Matt Hall apologized for selling its own V1 Punks, calling the move “stupid” and a “bad decision.”

“We made a mistake by interacting with this contract. We thought that by announcing our intentions and selling some of the tokens, we would signal our distaste for it, and maybe others would follow. That was a bad decision. We regret it, and we apologize to the community,” he said. 

Hall added that Larva Labs generated 210 Ethereum ETH/USD (about $622,000 today) from the V1 NFT sales and used some of the money to purchase one of the standard (V2) CryptoPunks. 

The team plans to spend the rest of the funds buying back additional CryptoPunks NFTs and will also match the amount with a further 210 ETH donation to The Rainforest Foundation.

CryptoPunks first launched its smart contract in June 2017. At the time, it had a bug that caused the money paid in the sale of the CryptoPunk to be credited back to the buyer, along with the acquired NFT.

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Following this realization, Larva Labs scrapped the first edition and reissue the NFTs. 

Some of those V1 CryptoPunks NFTs have been wrapped via a community-made smart contract and reissued as ERC-721 Ethereum tokens, each with a different background color than the standard Punks. 

That makes it possible to sell the NFTs as historical relics—with interest and prices rising of late.

Larva Labs recently said that they weren’t “real” CryptoPunks NFTs. Although, the creators were sending mixed messages, selling off dozens of their own V1 Punks while claiming that they shouldn’t be considered legitimate CryptoPunks.

Larva Labs tweeted about V1 Punks that "we don't like them, and we've got 1,000 of them" that the company intends to sell.

Recently a team of tech enthusiasts has launched NFT Droops, which will help investors, collectors, and NFT enthusiasts to find, track and analyze collections.

It will allow investors and collectors to discover early-stage NFT collections, track activities, and decide whether to participate in minting.
Also Read: Original Cryptopunks Finally On The Market After Fix To Bug Which Made Them Unsellable