To me Phunks are a commentary on the question of "who controls IP on the decentralized web?"

In web2 there are legal mechanisms for controlling IP (DMCA, lawsuits, etc), but in web3 theses don't exist. Who do you send a complaint, if there is no one to send that complaint to?

2. Phunks really make you take a look at the question, what is the value of provenance in art? Why would a Phunks have value if they are just flipped copies of Punks?

IMO provenance is a social construct, they have value because people and the community say they do.