CryptoPunks V1 Resurrected in Wrapped Form

CryptoPunks V1 Resurrected in Wrapped Form

Trading volume for the original CryptoPunks skyrockets in the past week

CryptoPunks V1, the first-ever release of the collection on the Ethereum blockchain, has been resurrected thanks to a wrapping mechanism. Now, collectors who own a V1 Punk can wrap the token and trade it securely, without falling victim to the initial bug that forced Larva Labs to re-write the collection’s smart contracts. 

When CryptoPunks first dropped in 2017 in June 2017 by Larva Labs, the NFTs were originally free for anyone with an Ethereum wallet to claim, and mint for gas fees only. The Punks were a huge hit at launch. All of them were claimed incredibly fast. Unfortunately, the original CryptoPunks smart contract contained a code error. That caused Ethereum to be allocated to the buyer instead of the seller when a purchase was made. 

In other words, a buyer was immediately refunded for their purchase and was able to keep the Punk. Not long after the bug was found a newer version of the Punks contract (Version 2, V2) was released and Punks were airdropped to this new contract. However, now a team of enthusiasts has created a wrapping contract that allows owners of V1 Punks to safely trade their NFTs. 

It’s important to note that CryptoPunks V1 is not supported by Larva Labs. It has been a community effort to revive this forgotten part of CryptoPunks history. Now it’s also up to the community to determine which version is more valuable. 

CryptoPunks V1 vs CryptoPunks V2

In the past seven days, CryptoPunks V1 has attracted tremendous activity. The collection recorded 489 sales, generating a trading volume of $13.8 million. This is a spike of more than 358% in just a week.

On the other hand, the CryptoPunks V2 collection generated a much bigger trading volume with $43.29 million. Still, if we look at the number of sales the collection generated, things look very different. Unlike V1, which recorded close to half a thousand transactions, V2 only managed to attract 163 sales.  

This discrepancy in sales numbers can hint at a possible overtake for CryptoPunks V1. While V2 is still generating larger trading volumes thanks to the higher floor price, sales activity is also an important statistic to monitor.  

DappRadar will continue monitoring both versions of the CryptoPunks collection. If you want to track NFT sales data as well head to the DappRadar Top NFT Collections page. Additionally, you can join DappRadar PRO and discuss sales data in exclusive Discord channels for the DappRadar community.

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