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Did Visa Get Rugged?

 

     The NFT market just like any other market in today’s global economy moves quickly. Assets that seem to be the “gold-standard” can quickly become worthless, and un-sellable. This has not deterred masses of people, celebrities, and even corporations from getting in on the action. Contracts failing, bad actors, and even cancel culture are all factors that can crash a NFT’s value.      

 

      Arguably one the most controversial NFT collections is the Crypto Punks.  Crypto Punks were created as an experiment in 2017 by the technology studio Larva Labs.  These Punks were highly sought after, and almost immediately after launching the supply was gone.  

     Shortly after when secondary market sales started to happen a “bug” was detected!  This “bug” refunded Ether back to the purchaser after a sale was complete, giving the one party both the NFT and the Ether! 

    Quickly something had to be done! Larva Labs had to be in panic mode, in my opinion. Larva Labs found a solution rather fast as well.  A new contract creating new NFT tokens fixing the bug were created. Larva Labs went on to airdrop the NFT we will call Punk V2 to all holders of the Punk V1 respectively. Only a few people took issue with this, because most did not understand smart contracts at the time.  

    The Crypto Punks grew wildly in popularity. Larva Labs continued to be the marketplace for these Punks V2 marketing them as the original crypto punks as well. Most people did not know that another crypto punk even existed. (Punk V1) 

    As the Punks continued to gain notoriety celebrities such as: Gary Vee, Mr. Beast, and even Logan Paul came rushing in. Next came the corporations like Visa adding this new NFT asset class to their portfolio. This caused the price of crypto punks to increase drastically, or as well call it “MOON”. 

    After years of work and dedication a solution to the original Crypto Punk V1 flaw was found. NFT detectives, the original holders, and other talented people started to track and hunt down these original Crypto Punk V1 tokens. This is the beauty of the blockchain everything is transparent and nothing can be changed.  

    They needed to wrap these tokens or NFT’s to patch the “bug”. This is like putting on a suit of armor, to protect against vulnerabilities. Now the Crypto Punk V1 tokens could be moved, sold, and traded. These Crypto Punk V1  NFT’s can be verified as being the original. 

    For those that have purchased what they thought was an original Crypto Punk from Larva Labs marketplace such as Gary Vee and Visa are actually holding a fake version 2 copy. We also have a term for this in the industry.   YOU GOT RUGGED BRO! These NFTs are not the original this can be proven. Crypto Punks V1 are the original Crypto Punks.  

    This is just another example of why you need to research everything you do. Yes, even Visa can get rugged so why not you! 

    The only marketplace for an original Crypto Punk V1 is LooksRare.org.  

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