Person 1: Oh no how are we going to solve racism?
V1: *shoots the racists*
Person 1: Oh no how are we going to solve this math problem?
V1: *shoots it*
v1: typically means the first version of a product or creativepiece, used in addition to the title. It is meant to indicate that it is a prototype draft and an to be expanded upon in a later version or final release.
The song 'no love lost(v1)' has only been heard by those in the composer's private circle. He says he is still making touchups on it.