The largest NFT exchange globally, OpenSea, has stopped trading tokens from the “CryptoPunks V1” series due to a legal dispute with Larva Labs.
There are two reasons why OpenSea doesn’t want non-fungible tokens from this series. The first is the alleged call for its removal, which was sent to the Larva Labs platform. The second was an exploit that occurs in tokens.
However, investors have repeatedly been skeptical about the authenticity of “CryptoPunks V1”. They have ranked the famous “CryptoPunks V2” collection above. Yet, “One” has gained in popularity in recent months, as more players are becoming attracted to it.
It’s worth noting that the controversial show has recently launched on websites competing with OpenSea like LooksRare.
If V1 could be listed on OpenSea, the supply would double to 20,000, effectively reducing the value and uniqueness of individual CryptoPunks.
The best-selling collection
Does this mean that all are bad for investors? Be aware that the less supply, the more price of a single token. The current cost of CryptoPunks series NFT CryptoPunks Series NFTs is 68.95 Ethereum, which equates to around $212,198 in today’s dollars. The reason is the fact that only 10,000 CryptoPunks are in stock.
If V1 were listed on OpenSea, the supply of V1 would increase to 20,000, reducing the value and distinctiveness of each CryptoPunks.
The NFT community was enraged by the decision of OpenSea to delete its “CryptoPunks V1” collection from the directory. This led to many collectors feeling that this decision is against the principle of liberty that governs the cryptocurrency market.
It is important to remember that a Larva Labs programmer developed the CryptoPunks series. The tokens are affixed with tiny, high-resolution images of faces randomly generated distinct from the rest. Since their debut in 2017, they’ve become one of the most sought-after digital collectibles on the cryptocurrency market.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.