Larva Labs’ Price Action Dissuades “V1 Crypto Punks”

CryptoSlam! has shown a revival of V1 Punks, but the truth goes deeper than that.

According to Larva Labs, there has been a revival of the Crypto Punks, with the base price of 29 Ethereum and currently hovering around 15 Ethereum on OpenSea.

ERC-721 contract rectified original issue that repaid buyers, resulting in a revival. As a result, “V1 Punks” are now the subject of much speculation. As per CryptoSlam, they’ve observed a +3000% rise in volume in the last week!

 

In order to discourage users from engaging in the speculation, Larva Labs assured Punks holders that any revenues will be utilised to purchase authentic CryptoPunks.

Larva Labs is taking a step back from this situation for a variety of reasons. But the most important red flag is that only 103 people own all of the NFTs.

Consolidated supply, regardless of whether Larva Labs is increasing the volume of its V1 punks, causes concern.

Historic Artifact from NFT
But the V1 enthusiast sees things from a whole different perspective. As a historical artifact, V1 Punks will be preserved in perpetuity on the blockchain.

Original Punk claimants, NFT historians, digital archaeologists, and exceptionally brilliant coders are involved in this community-led and quickly developing phenomena,” the V1 Punks Website states.

The question is, does this deserve the hysteria, or is this just another case of limited supply? To be on the safe side, you’ll have to pay a little extra to buy from Larva Labs, who owns quite a bit of the collection.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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