Thread by @Meta4Capital

Yesterday, we acquired a couple of v1 Punks (@v1punks) from legendary collector @straybits1. It is perhaps our most exciting acquisition to date. Some thoughts:

Our mandate is to acquire rare, unique, and historically significant NFTs; this much is reflected in our portfolio that is heavily weighted towards #HistoricalNFTs. We have a #Blockhead, #TwitterEggs, #SoG #RarePepes, #MoonCats, etc. alongside specimen like our gold fur #BAYC

We were first made aware of the v1 market through @LeonidasNFT (you can view his NFT timeline via his pinned tweet) We immediately began digging into the story of @v1punks, which are the first iteration of CryptoPunks by @larvalabs and pre-dated the collection as we now know it

The importance of #Cryptopunks can not be understated, as it is perhaps the most important and iconic project/collection in the NFT space and belongs in any true connoisseur’s portfolio.

The history, however, can not be erased or rewritten, and the v1 Punks are the original punks (or “genesis”, or “beta”, or “predecessor” – choose your own descriptor – to everything that followed, despite there being a bug in that initial launch).

We purchased a v1 tiara punk in Dec., joined the v1 discord in Jan., and recognize the monumental efforts of @FrankPoncelet, @irishnftgal, and @soldthebottom in the development of a new wrapper, creation of the v1 marketplace, and ongoing support of the quickly growing community

We view @v1punks as having such a incredible history, one connected to the most iconic NFT project to ever exist (certainly as it relates to PFPs). We liken it culturally to the ‘banned’ jordans which were actually Air Ships.

While we take a long term buy-and-hold approach, and firmly believe we are acquiring rare digital antiquities, we are very much cognizant of the risk/reward profile for the assets we’ve acquired: v1 Punk 5905 (Alien) and v1 Punk 5795 (Ape).

The floor price for CyptoPunks on the Larva Labs website is 81.50E. The floor price for v1 Punks is 19E on @opensea and 21E on @LooksRareNFT

Using the 4:1 floor:floor ratio, CP w/ Alien attribute is 23K E and recent sale (10 months ago) was for 4.2K E, a 1K E price is a generous starting point v1. For CP with Ape attribute, the lowest listing price is 4.5K E and the recent sale is 2.5K E just last month, so 600E est

It is not uncommon for collectibles with errors or that have been recalled in some manner to trade at a premium to their standard issued counterpart. Our hope and belief is that v1s will have the potential to close the floor:floor price ratio and may some day trade at a premium

In the end, we believe the @v1punks and @larvalabs cryptopunks will co-exist, their linkage undeniable. For some buyers, v1 Punks will seem niche. To others, they will seem more rare given the lineage and the unique story that led to @larvalabs having to release the v2s

And for all of this, much applause is deserved to the @larvalabs team for all that have done and continue to do in shaping what NFTs are, are becoming, and will be in the future.