- The largest NFTs marketplace OpenSea has taken a controversial move as it delisted the CryptoPunks V1 project once again.
- The users often asked questions regarding the validity of the V1 projects; the project collectibles are identical to the CryptoPunks NFTs.
- Similar to every unfavorable decision relating to the crypto industry, the community has gotten furious after the decision.
The controversy relating to the CryptoPunks V1 collections’ authenticity is gathering more heat now. The world’s biggest marketplace for Non-Fungible Tokens(NFTs) has delisted Cryptopunks V1 following a legal dispute with the Larva labs.
The 10,000 unique collectibles are very identical to the popular CryptoPunks NFTs. They are acquired from the same smart contract as Larva Lab’s collection.
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Larva labs blacklisted the collection. Meanwhile, more collectors were getting into CryptoPunks V1. The community became furious when it was totally delisted from the OpenSea marketplace.
Post the take-down notice from Larva Labs, the project Cryptopunks V1 has been again delisted from the marketplace due to a continuous dispute between the V1 and V2 collections.
The users have always raised questions about its reliability after the V1 project launch, besides the CryptoPunks V2 collection, which is comparatively more popular.
But the former has evolved and grown considerably following the whales increasing the volume on platforms like LooksRare.
Earlier, the CryptoPunks V1 project was delisted from OpenSea, but the ban was lifted after LooksRare listed it. This is the second time the marketplace has delisted the project.
According to the creator Velinova(dot)eth, who said via the official CryptoPunks V1 discord, they are discussing the case with an IP attorney from the U.S. And that they are lawfully carrying on the trade of the CryptoPunks.
On the other hand, the community is organizing a protest against OpenSea’s removal from the list. The NFT community was furious after OpenSea decided to delist the collection.
Many collectors also believe that this incident conflicts with the decentralized nature of digital assets.
However, some users weren’t affected because they still believed in the project. But the consequences might be bad if the V1 collection gets legitimized.
It might dilute the brand resulting in a rapid price dip of the NFTs because the prominence of the V2 collection comes from its scarcity and limitation to only 10,000 collectibles.
Although this is the second time delisting of the project by OpenSea, it will be interesting to see what happens next and if it lists it again following any decision.
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Source: https://www.thecoinrepublic.com/2022/02/12/opensea-delists-cryptopunks-v1-legal-dispute-gets-intense/