TL;DR
CryptoPunks V1 is the original 2017 contract abandoned due to a critical bug, making it historically significant as the true OG collection.
Developer jalil.eth launched PunksMarket.sol, allowing V1 punks to be traded directly on-chain without wrapping for the first time.
The combination of new trading infrastructure and V1’s OG status drove a 60% price surge, with the floor now sitting around 4.25 ETH on OpenSea.
What Is CryptoPunks V1?
On June 9, 2017, Larva Labs deployed a smart contract allowing anyone to freely claim one of 10,000 unique 24×24 pixel punks — you only needed to pay gas fees. All 10,000 punks were claimed within days.
On June 17, 2017, after the marketplace feature was activated, a critical bug was discovered in the original contract. Larva Labs quickly deployed a new V2 contract and airdropped V2 punks to all original claimants. The V1 contract was left behind — trading became nearly impossible, and V1 punks were largely forgotten.
V1 vs V2: What’s the Difference?
CryptoPunks V1 and V2 share identical images and traits, but they have different smart contract addresses. This is exactly why V1 is considered the true OG — it was historically deployed first, making it the original on-chain artifact of the CryptoPunks collection.
Why CryptoPunks V1 Surged 60%
Developer jalil.eth launched a new contract called PunksMarket.sol, which enables direct, native trading of V1 punks without the need for wrapping. Previously, V1 punks could only be traded via wrapped versions, which added friction and limited liquidity. This technical fix removes that barrier entirely.
The combination of restored trading functionality and V1’s historic OG status has fueled the price surge. CryptoPunks V1 is now tradeable on OpenSea with a current floor price around 4.25 ETH.
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