V1 / V2 Punks - History & Difference

Most of the people at this point know about the CryptoPunks. There are an iconic collection within the web3 space launched in June of 2017 and recently acquired by Yuga Labs.

Those CryptoPunks you know about are not the original ones, so let’s break down V1 Punks.

Prior to the launch of the now famous CryptoPunk collection, developers created the first (V1) token which had a bug within the smart contract.

This bug was discovered after all the 10,000 punks had been claimed and the developer decided to duplicate the contract and airdrop V2 Punks (the one we all know) to all the holders of the v1 punks.

In January 2022 over 4 years after the original Cryptopunks were claimed wrapper was created to patch the bug within the code which enabled V1 Punks to be listed safely on the open marketplace.

The Collection is called V1 because it refeers to the origital smart contract used by the founders on 9.7.2017. After they had sold out the collection V2 was airdropped (23.7.2017)

There are numerous theories of what will happen with the V1 but looking at the semi-recent acquisition by Yuga Labs I believe that those tokens will not be forgotten about.