OpenSea removes CryptoPunks V1, following a removal notification from the developer

OpenSea removes CryptoPunks V1, following a removal notification from the developer

Popular irreplaceable tokens (NFT) platform OpenSea has once again removed the CryptoPunks V1 collection due to notices of the removal of the Digital Millennium Copyright Act issued by the developers of CryptoPunks V2 Larva Labs.

Although Larva Labs is also the creator of the CryptoPunks V1 collection, the move towards removing the collection comes as a shortage in its offering exceeds the 10,000 punk limit. So, if another 10,000 CryptoPunks were legitimized, the brand would witness a potential dilution of value and eventually lead to a drop in the price of NFTs.

The Larva Labs notice claims that Opensea, under United States law, has a mandate to deny access to “infringing” materials referred to here on CryptoPunks V1.

CryptoPunks customers jumped into the wagon, believing there would be only 10,000 of them, creating scarcity and high value.

Currently, CryptoPunks V2 is the most popular NFT collection in the world, with a total of 824,947.17 ETH traded.

Meanwhile, CryptoPunks V1 stands at a crossroads.

With years of falling out of favor as users avoided their authenticity on OpenSea, the strong recognition of CryptoPunks V1 on recent lists on rival NFT platform LooksRare led to OpenSea lifting its first ban.

Recent statistics have shown that the CryptoPunks V1 collection has exceeded 315.44 ETH in total traffic and continues to operate.

The owners of NFT decided to fight against the removal of OpeanSea and rename the collection “CryptoPunks V1 313 WPV1”.

In addition, the developer of CryptoPunks V1 Discord Velinova.eth states that they took things to a “top IP lawyer from the USA” who claims that they are “legally able to continue trading these CryptoPunks”.

While towards January 21, he reported Blockchain.NewsReferring to Dune Analytics market insights, OpenSea – the world’s largest NFT market – surpassed $ 4 billion in monthly NFT trading for the first time.

This represents a 20% increase over the previous high of $ 3.4 billion reached in August 2021. Furthermore, total sales in this market reached $ 25 billion in 2021, as reported by Blockchain.News.

Image source: Shutterstock

Source link

Leave a Reply