Technical starting difficulties of the CryptoPunks NFT
Because the CryptoPunks NFT project has existed since 2017, they stand out from the crowd of other projects. However, at the beginning of the CryptoPunks, there were serious problems with the underlying smart contracts of the NFTs. These original CryptoPunks were not tradable due to the faulty technology – until 2021. Developers found a way to bring these V1 CryptoPunks back to the market using so-called Wrapped Tokens.
The founders of Larva Labs, who are the inventors of the CryptoPunks NFT, denied the authenticity of these old versions due to technical problems. However, over time it turned out that Larva Labs still generated income from the sales of the V1 CryptoPunks. In the end, Larva Labs therefore sold the trademark rights to the competition, Yuga Labs. This creative studio was already known for its own project, Bored Ape Yacht Club.
CryptoPunks owners have been granted full intellectual property rightsalso the owners of V1 CryptoPunks could start trading them on NFT marketplaces again.
Since then, the V1 CryptoPunks have been tradable on various NFT marketplaces, with prices well below those of Version 2 CryptoPunks. Nevertheless, the value of a V1 NFT is several thousand US dollars. Investors should be aware of what type of CryptoPunks they are before buying a CryptoPunks NFT due to the difference in price between the two versions.
Important: The success and the positive price development of the CryptoPunks NFT cannot be predicted. The return depends on whether the NFT project prevails over the long term and remains popular with investors.