- CryptoPunks V1 recorded 45 sales in a single 24-hour period
- V1 Punks were deployed before the “official” CryptoPunks V2 collection
- Some collectors now believe the original contract may be historically undervalued
CryptoPunks V1 is suddenly back in the spotlight after recording 45 sales within a single 24-hour stretch, a sharp spike for one of the most debated collections in NFT history. For most NFT traders, V1 Punks are either misunderstood relics or hidden historical artifacts depending on which side of the argument they fall on.
What makes the situation fascinating is that V1s are not fake CryptoPunks, copies, or community-made derivatives. Technically speaking, they are the actual first CryptoPunks contract ever deployed on Ethereum.
The “Original Original” Story Still Confuses People
The first CryptoPunks contract launched on June 9, 2017 through Larva Labs, making it one of the earliest NFT collections ever created. But shortly after launch, a major issue was discovered in the marketplace contract that allowed buyers to obtain Punks without properly paying sellers.
That tiny bug became a massive problem. Since the contract itself could not realistically be repaired, Larva Labs deployed a second contract on June 23, 2017 and redistributed replacement Punks to original holders. That second deployment eventually became the now-famous CryptoPunks V2 collection recognized across the NFT market today.
Meanwhile, the original V1 contract was mostly abandoned and forgotten for years until the NFT boom of 2021 brought renewed attention back toward forgotten onchain history. Eventually, developers created wrappers allowing V1 Punks to become tradeable again, reopening one of the weirdest provenance debates in crypto culture.
Why 45 Sales Suddenly Matters
Under normal conditions, CryptoPunks V1 barely trades at all. Daily activity is usually quiet, often limited to only a few transactions across the entire collection. That’s why 45 sales in one day immediately grabbed attention across NFT circles.
For a collection containing only 5,165 items and roughly 1,100 holders, that level of activity suggests something more deliberate than random speculation. Some traders believe collectors are slowly accumulating V1s based on a simple thesis: if onchain provenance truly matters, then the earliest deployed contract in NFT history may eventually deserve far greater recognition.
Especially when the pricing gap looks this dramatic.
The Price Difference Is Fueling The Debate
CryptoPunks V1 currently trade around a floor price near $4,000, while official V2 CryptoPunks continue sitting above $70,000 in many cases. That enormous gap has become central to the entire discussion surrounding value, authenticity, and historical significance.
The core argument from V1 supporters is actually pretty difficult to dismiss entirely. If NFT culture constantly emphasizes provenance and blockchain history as the foundation of value, then the very first deployed contract arguably carries unique significance regardless of the bug attached to it.
Adding even more intrigue, Yuga Labs, which now owns the CryptoPunks IP, reportedly holds over 1,000 V1 Punks inside its own wallet. Whether that position represents a hedge, quiet acknowledgment, or simply historical preservation is something collectors continue debating endlessly online.
NFT Collectors Are Still Deciding What “Original” Really Means
At its core, the entire V1 debate forces NFT collectors to answer an uncomfortable question. Does historical originality outweigh technical flaws, or does the corrected contract ultimately become the legitimate version because it functioned properly?
The market has spent years going back and forth on that exact issue without fully settling it. But the recent trading spike suggests more wallets are beginning to lean toward the idea that V1 Punks deserve another look, especially as NFT collectors increasingly focus on deeper historical provenance rather than short-term hype cycles alone.
Whether that eventually changes pricing in a meaningful way is still unclear. But after years sitting mostly ignored in the background, CryptoPunks V1 suddenly doesn’t look quite so forgotten anymore.
