Community account for CryptoPunks V1 (@v1punks). The first 10k punks that were claimed. Released June 9, 2017 by Larva Labs. Now tradable via ERC-721 wrapper.
So a few months before @yugalabs sold the CryptoPunks IP to Node
@CryptoGarga publicly held a massive bag of V1 CryptoPunks. The same "worthless" contract Yuga spent years suppressing the legitimacy of. Trading at a 95% discount to V2.
"go for it my dude, I got way more of those" 🧵
@Stefan_Pernar @larvalabs Original will be on the chain, yes. But it will be "powerless" since selling punks doesn't work. So we think migration will be unanimous.
I don’t even feel like posting about it right now. No one cares about the provenance or historical significance until the floor price hits 20 ETH anyway.
It’s not just the market. Even the museums, academics, and the broader institutional art world need to change how they see this. To them, this whole V1 re-evaluation trend is honestly just a nuisance.
V1 Punks are up 70% because of the news that we can now interact with original contract to buy/sell V1 Punks
So, is V1 contract now fixed?
It’s not
But @jalilwahdat & @yougogirl_ deployed a workaround by having PunksMarket act as smart intermediary for V1 Punks transactions
Here’s what happens:
1️⃣ The seller lists the Punk specifically to the PunksMarket contract (using offerPunkForSaleToAddress with the market’s address)
2️⃣ The buyer triggers settlement
3️⃣ PunksMarket temporarily buys the Punk from the V1 contract (using the bugged logic, so ETH initially routes wrong)
4️⃣ It immediately calls withdraw() on the V1 contract to pull the misrouted ETH back
5️⃣ It transfers the Punk to the real buyer
6️⃣ It pays the seller the correct amount from its own balance
This way they are able to go around the original V1 contract bug: When a buyer purchases a Punk via the built-in marketplace functions, the ETH gets credited to the buyer (who can then withdraw it), not the seller
Now, no need to wrap your V1 Punks to buy & sell them
But still, PunksMarket is still needed to be an intermediary to interact with the main V1 contract
Congrats to everyone who believed in CryptoPunks V1 until today.
Remember: narratives change, but history is indelible,especially when it’s written on the blockchain!
💜