CryptoPunks V1 represents the first 10,000 uniquely generated punk characters minted in 2017 on the Ethereum blockchain by Larva Labs founders Matt Hall and John Watkinson. A critical bug discovered shortly after launch led to the creation of a second contract (V2), making CryptoPunks V1 the "original" and V2 the "official" collection. This dual existence sparked debates about authenticity, provenance, and digital ownership in the NFT space.
The Birth of CryptoPunks
As one of Ethereum's earliest NFT experiments, CryptoPunks explored artificial scarcity through algorithmically generated characters with:
- 10,000 unique combinations of attributes like 3D glasses, cowboy hats, and zombie features
- Four character types: Humans (9,879), Zombies (88), Apes (24), and Aliens (9)
- Single-image generation: All punks were rendered into one master image with individual NFTs pointing to specific coordinates
👉 Discover rare NFT collections
Key Milestones
- June 9, 2017: Original contract deployed
- June 16, 2017: Mashable article drives mass adoption
- June 23, 2017: V2 contract launched after marketplace bug discovery
- March 2022: Yuga Labs acquires CryptoPunks IP from Larva Labs
The V1 vs. V2 Controversy
When the V2 contract replaced V1, it created two identical on-chain collections with different smart contracts. Key differences:
| Feature | V1 Contract | V2 Contract |
|---|---|---|
| Marketplace | Bugged | Fixed |
| Claim History | Original dates preserved | All marked June 23, 2017 |
| Wrapper Compatibility | Requires conversion | Native ERC-721 |
Notable quirks:
- 3 "Out of Range" punks exist only in V1 (IDs 76623, 9845944, and max integer)
- 231 "Survivor Punks" have no V2 counterparts due to burns/losses
- 444 confirmed lost in inaccessible wallets
Modern Developments
Wrapper Evolution
- 2021: Foobar creates first V1 wrapper (orange stripe design)
- 2022: FrankNFT introduces improved wrapper (lavender background)
- 4,000+ V1 punks now wrapped as ERC-721 tokens
Market Impact
- $2.7M sale: Alien Punk #5905 (February 2022)
- 36,000 ETH volume on OpenSea since relisting
- Yuga Labs' stance: No commercial rights for V1 holders
Frequently Asked Questions
Why are CryptoPunks V1 valuable?
They represent the original smart contract and earliest claim dates, offering historical significance in NFT evolution.
Can I still buy CryptoPunks V1?
Yes, through:
- Wrapped V1 collections on OpenSea/Rarible
- Private sales between collectors
- Specialty marketplaces like ClassicPunks
What's the rarest CryptoPunks V1?
The nine Aliens are most coveted, especially "Rainforest Punks" originally sold by Larva Labs co-founder Matt Hall.
How do I verify authenticity?
- Check original claim date on Etherscan
- Confirm wrapper contract (0x282bdd... for FrankNFT's)
- Cross-reference with community databases
Did Yuga Labs resolve the V1 dispute?
While they stopped DMCA actions, Yuga maintains that only V2 punks have commercial rights under their 2022 license agreement.
The Legacy of CryptoPunks V1
As NFT history continues unfolding, CryptoPunks V1 remains a fascinating case study in:
- Early blockchain experimentation
- Digital provenance challenges
- Community-led preservation efforts
- Evolving intellectual property standards
Their story underscores how technological artifacts can gain cultural significance beyond their initial technical specifications.