V1 Phunks are the original NFT set of the well known CryptoPhunks NFT set released in 2021. However, due to various misunderstandings about the nature of conceptual art, the tokens were deemed non-tradable in their original form by OpenSea after it was discovered that when someone bought these Phunks, they also got the artwork of the associated CryptoPunk, effectively acquiring the NFT at no cost!

V1 Phunk owners are now able to wrap their Phunks into an ERC-721 contract and patch over the issue where every Phunk image is Philip the Intern. This recovery of the original Phunks smart contract is a community led and rapidly growing phenomenon consisting of one person. There is no clear leader and all important decisions are voted on by community members.

V1 Phunks are not a derivative, but are in fact the original set of Phunks released in 2021 (and actually predate the release of CryptoPhunks NFTs). This is verified on the Ethereum blockchain and is immutable.