The CryptoPhunks NFT project’s smart contract returns to the Phunks community after Zagabond transfers its ownership.
On Thursday morning, Not Larva Labs, the royalty-free marketplace for CryptoPhunks and Crypto Punks V1, announced a unanimous agreement regarding the ownership of the CryptoPhunks V2 smart contract. The announcement was made on their official Twitter account.
As per the tweet, Zagabond, one of the pseudonymous founders of the Azuki NFT project, has agreed to transfer the CryptoPhunks V2 smart contract ownership to a wallet address controlled by Not Larva Labs’ lead developer, Chopper Dad.
A follow-up tweet from Not Larva Labs confirmed that Zagabond would be processing the transfer. However, the account made it clear that the transfer was only for the CryptoPhunks V2 smart contract coming from Zagabond. Not Larva Labs made it clear that no agreement has been reached regarding the transfer of Phunks or ETH that the Azuki team controls.
Transfer Due to Unsettling Revelation?
Speculations are rife that the sudden transfer of the smart contract is due to Zagabond’s unsettling revelation a few days ago.
On Monday, Zagabond posted a blog where he admitted having abandoned three NFT projects—CryptoPhunks, Tendies, and CryptoZunks. He came under fire for his revelation. Nevertheless, he did try to recover from it by saying he is applying his “key learnings” from such to the Azuki NFT project.
No one can deny how successful the Azuki NFT project is. However, shortly after Zagabond’s big reveal, floor prices for the Azuki NFT collectibles significantly dropped. The backlash was real. He has since issued an apology, but as they say, the damage has been done. Now, control needs to be enacted to get things back on track.
Successful Smart Contract Transfer
By noon on Thursday, Not Larva Labs confirmed that Zagabond was able to transfer ownership of the Phunks smart contract.
The transfer was probably an attempt to address the repercussions of Zagabond’s revelation. Whatever the reason is, the Phunks NFT community now controls the project and can now decide which paths the project will take moving forward.
So while this has been a generally lousy week for the NFT and cryptocurrency communities, it turned out to be an awesome one for Phunks holders. The CryptoPhunks project is a vast community that has gone through some huge setbacks, one after the other.
It has survived being delisted from OpenSea because many CryptoPunks holders claimed the Phunks project was a “low effort rip off” and “blatant plagiarism” of the former. However, the vocal outrage might have had the opposite effect and served as marketing for CryptoPhunks.
The project has been successful so far, having a total trade volume of $50 million. The project features 10,000 collectibles, with the lowest priced Phunk standing at Ξ 0.93, or roughly $1,942.
The figures bode well for the NFT project, and now that the community has complete control of the smart contract, they can decide what to do to help it grow further and build on its community.
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