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Crypto Reacts: The CryptoPunks V1 NFT Collection Turns Five Years Old |

Crypto Reacts: The CryptoPunks V1 NFT Collection Turns Five Years Old |

The creators deployed the original CryptoPunks smart contract five years ago today. It’s a historic day for sure. Those pioneering NFT projects created a Billion-dollar industry. So, why is the crypto media so silent about the CryptoPunks NFT collection’s fifth anniversary? Because we’re talking about the legendary CryptoPunks V1. The creators, Larva Lab, celebrate the anniversary on June 22nd. The day when they deployed the V2 contract.

Which one is the real anniversary, though?

Without taking sides, Bitcoinist is going to check out the twitterati’s opinion and stories on the subject. Despite the media silence, over at Twitter people are celebrating the CryptoPunks’ fifth anniversary. It’s only fair to hear them out… but first…

What Are The CryptoPunks V1, Exactly?

In a recent post, our sister site NewsBTC explained the situation:

“Back in 2017, prehistory for the NFT market, LarvaLabs distributed 10.000 CryptoPunks V1. However, there was a fatal mistake in the governing smart contract. After a transaction, it allowed the buyer, not the seller, to withdraw the money. The buyer could literally have its cake and eat it too, leaving the seller completely in the red.”

The easiest way to fix the mistake was to abandon that contract and deploy a new and improved one, and that’s exactly what Larva Labs did. It seemed like an innocuous mistake, what could possibly go wrong? The V1 contract remained on the blockchain, collecting dust. Last year, on the CryptoPunks V2’s fourth anniversary blog post, Larva Labs reminisced: 

“Four years ago today we spent $8 in transaction fees to start a small, weird but cool experiment in digital ownership on the blockchain. And for the first three years of this experiment that’s what it was, really cool and interesting – but small. In the fourth year, a good portion of the world suddenly decided owning digital items on the blockchain sounded like a good idea.”

It happened gradually, then suddenly. “For the first three years the Cryptopunks did $866K of sales volume. In year 4, they did $361.7M,” Larva Labs explained. Now that the CryptoPunks are historical artifacts of the utmost importance, someone found the old V1 contract and figured out how to wrap them in a new smart contract that doesn’t have the know vulnerabilities of the original contract.

The rest is history. And here it is, the rest of the story.

ETHUSD price chart for 06/09/2022 - TradingView

Crypto Reacts: What Did Original Minters Say About The Anniversary?

Today the official celebrations begin!

— VonMises (@VonMises14) June 9, 2022

After spending substantial amounts of time with blockchain matters since 2010 discovering the idea of non fungible tokenization was the biggest leap for me since BTC & ETH. I am incredibly proud how far we‘ve come. Happy Birthday to all CryptoPunks around the globe! 🌐🙏🏼🥇

— mb | mabu.eth 🖼 (@mb__nft) June 9, 2022

Punks have helped to change my life and the lives of countless others. Their impact so profound, the stories incredible. The Punks community are the who’s who of crypto. Web3 rockstars.

— hemba 🛸 Austin (Consensus) (@soldthebottom) June 9, 2022

It’s been 5 years since I started exploring NFTs thanks to CryptoPunks @v1punks @cryptopunksnfts . Minting and experiencing this interaction with the chain was enlightening. Here is to another 5 years of having fun in this space. Happy birthday Punks.

— Elypse.eth (@Elypse_Pink) June 9, 2022

Today marks 5 years since cryptopunks came into existence

Can you imagine 5 years !!! Since this was dropped !!! And in a way is kinda paving every single person in this space

— Rahim Mahtab (@Rahim_mahtab) June 9, 2022

— mrfahrenheit.eth ©god.eth (@BokkyPooBah) June 8, 2022

Love it or hate it, this is NFT history right here. Happy fifth anniversary to the V1s.

This content was originally published here.