V1 tokens are not the cryptopunks

The definition of a cryptopunk token

What makes a Non-Fungible Token (NFT) a cryptopunk token? It’s a smart contract deployed to the Ethereum blockchain with the following properties:

  • Deployed by LarvaLabs in 2017 (by the Larva Labs address 0xC352B534e8b987e036A93539Fd6897F53488e56a)
  • Contains a hash of the punks.png image. It also contains all the methods of the “CryptoPunks interface” for transferring and trading the non-fungible tokens.
  • Has no owner, and is fully autonomous.
  • Contains a built-in, fully functional, 0% fee marketplace.

Consensus, and abandoning of the v1 contract

The v1 tokens were called the “CryptoPunks” for two short weeks, until a bug in the v1 token contract was discovered. The bug prevented the v1 tokens from having a fully functional marketplace. This is the reason why Larva Labs deployed a new smart contract, and encouraged everybody to move to it.

Some arguments and their counter arguments:

Argument: The v1 is like the “1st edition” or the “error print”, it should be called “The CryptoPunks”.

What’s the future for V1 tokens?

The CryptoPunks had a lasting influence on the NFT cultural movement, which included a large price appreciation of the tokens. Unfortunately, this has motivated a small group of people to promote the v1 tokens. (This effort appears to be profit motivated).

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store