OpenSea once again delists CryptoPunks V1 as legal battle heats up

Late Monday, fashionable nonfungible tokens, oregon NFTs, level OpenSea erstwhile again delisted the CryptoPunks V1 collection, which spiraled into beingness on with the iconic CryptoPunks V2 postulation owed to a astute declaration bug. This was allegedly owed to a Digital Millennium Copyright Act takedown announcement issued by CryptoPunks V2 developers Larva Labs to OpenSea. As the institution is also creator of the CryptoPunks V1 collection, this determination has struck immoderate arsenic strange.

— V1 Punks (@v1punks) February 7, 2022

For galore years, OpenSea banned the CryptoPunks V1 postulation arsenic users shunned their authenticity. However, its caller listing connected competing NFT platforms specified arsenic LookRare led to an summation successful designation and led OpenSea to rescind its archetypal ban. At clip of publication, the wrapped CryptoPunks V1 postulation had surpassed 315.44 ETH ($974,000) successful full measurement traded and continues to operate.

But the conflict for the authenticity of the NFT postulation appears to beryllium heating up. In an announcement posted successful the authoritative CryptoPunks V1 Discord, developer Velinova.eth alleges that they've spoken with a "top-tier IP Attorney from the US" who claims they are "lawfully capable to transportation connected successful the commercialized of these CryptoPunks." Meanwhile, the assemblage is preparing a counter-notice to the OpenSea takedown. On apical of that, its NFT holders person chosen to rename the postulation to "CryptoPunks V1 313 WPV1," partially to bespeak the NFTs' wrapped quality for patching up the aforementioned bug.

CryptoPunks V1 assemblage announcement | Source: Discord 

The contented of CryptoPunks' authenticity whitethorn person important fiscal consequences. With a full of 824,947.17 ETH traded ($2.55 billion), CryptoPunks V2 is the astir fashionable NFT postulation globally. However, a portion of the collection's precocious request stems from its scarcity, with a proviso fixed of 10,000 Punks. If different 10,000 images from CrptoPunks V1 are legitimized, it could perchance dilute the brand, starring to a accelerated alteration successful the NFTs' price.