According to reports, OpenSea has yet again removed CryptoPunks v1 NFT collection from its platform, as a result of a DMCA takedown.
Famous NFT trading platform, OpenSea has to remove CryptoPunks v1 NFT Collection from the platform yet again. According to @v1punks on twitter, the issue erupted when Larva Labs, developers of CryptoPunks NFT collection released a Digital Millennium Copyright Act (DMCA) takedown to OpenSea, that resulted in OpenSea being ordered to remove the CryptoPunks v1 NFT collection. V1 Punks also shared a copy of the notice and mentioned alternatives in their tweet such as, v1punks.io or LooksRareNFT for continued trading.
Legal Battle
As of now the legal battle is in progress and V1 Punks stated that they will be updating users about the situation on their respective forums and socials. CryptoPunks v1 Developer known as, Velinova.eth posted on the official Discord server that they have contacted one of the top IP attorneys in the United States to assist them in their legal battle with OpenSea.
Velinova.eth also mentioned that the Attorney has allowed them “to carry on the trade of CryptoPunks” and the team is also open to conduct a formal “dialogue” with OpenSea, in order to let each other know of their stance on the situation and discuss further details.
History of OpenSea and CryptoPunks
OpenSea had banned the CryptoPunks v1 Collection for multiple years, because users had been doubting the genuineness of the collection, but, because of the rise in popularity of the collection on other platforms such as, LooksRare, OpenSea decided to revert the ban. Despite the ban being reverted, it looks like collectors of CryptoPunks v2 were having issues with the v1 collection, so they applied pressure on Larva Labs to move forwards with a DMCA takedown notice towards OpenSea.
CryptoPunks v1 Collection Issues
As of now, the trade volume numbers for the CryptoPunks v1 collection is reported to be more than $970,000 with continued growth, as trading progresses. But the presence of this collection might be reducing the value of the v2 Collection, because the number of items in the collection have reached 20,000, compared to the 10,000 that Larva Labs had initially provided for the community. This has resulted in collectors of v2 being worried about the loss in rarity and overall value of the collection.
