OpenSea removes CryptoPunks V1 as legal battle heats up

OpenSea, the world’s largest NFT marketplace, has delisted CryptoPunks V1 due to a legal dispute with Larva Labs. This 10,000 collectible is strikingly similar to the famous CryptoPunks NFT, derived from the same smart contracts as Larva Labs' CryptoPunks.

When collectors flocked to CryptoPunks V1, the project was blacklisted by Larva Labs. The entire collection was taken down by OpenSea as a controversial item, sparking outrage from the community.

After Larva Labs issued a notice of delisting, CryptoPunks V1 was delisted again after a conflict with V2.

While it has not been legally clarified whether CryptoPunks V1 is legally compliant, many members of the community appear to have made a decision.

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Since CryptoPunks V1 was released alongside the more popular CryptoPunks V2 collection, community users have often questioned their effectiveness.

However, in recent weeks, the popularity of CryptoPunks V1 has grown as whales traded on LooksRare and other competing platforms.

Amid the current legal battle, OpenSea's move to delist CryptoPunks V1 appears to be counterproductive, overshadowing it.

The CryptoPunks V1 series was taken off the shelves by OpenSea for a long time. However, the series is listed on competing sites like LooksRare. Due to this growing recognition, OpenSea lifted its initial ban.

At the time of writing, the total trading volume of the CryptoPunks V1 series has exceeded 315.44 ETH ($974,000) and is still active.

Discussions about the authenticity of this NFT series seem to be heating up. In the official Discord of CryptoPunks V1, creator Velinova.eth stated:

“We’ve been in contact with a top IP lawyer from the US who told us we can legally trade CryptoPunks. Given that we are now under public threat of legal action from Larva Labs and we believe their legal position is thin and Reckless, we will strongly challenge any attempt to bully, intimidate or cause damage to CryptoPunks V1 and V2 owners"