Key Takeaways:
- Yuga Labs suspended its CryptoPunks project after backlash over the new Super Punk World collection.
- The collection, by artist Nina Abney, aimed to honor CryptoPunks’ early-internet roots but was criticized as too “woke.”
- Yuga Labs CEO Greg Solano announced a shift to decentralize the project, ensuring it remains on the blockchain untouched.
Yuga Labs has suspended its CryptoPunks project in response to significant community backlash over the introduction of its new Super Punk World collection.
The collection, announced on May 20, features 500 pieces of hybrid 3D sculptures created by New York-based painter Nina Abney.
Super Punk World is a 500-piece collection that is as playful as it is profound. For our Punk in Residence collaboration – @ninachanel has created hybridized 3D sculptures that blur the lines of race & gender and reflect upon virtual versus real world identities. Read more and… pic.twitter.com/rWMraMW7Km
— CryptoPunks (@cryptopunksnfts) May 20, 2024
These pieces were intended to pay homage to the irreverent, early-internet roots of the CryptoPunks project by blurring the lines of race and gender.
However, the collection was criticized by some members of the crypto community for being too “woke.”
One community member stated that Yuga Labs had killed CryptoPunks with the new collection, and another threatened to sell their CryptoPunk NFT.
A pseudonymous influencer sarcastically questioned whether the CryptoPunks account had been hacked, and an NFT trader urged the community to block Yuga Labs and move on.
In response to the criticism, Yuga Labs CEO Greg Solano announced that the company would no longer touch the CryptoPunks project, leaving it to be decentralized and preserved on the blockchain.
Solano explained that the vision was to collaborate with world-class artists like Abney to bridge Web3 with the traditional art world.
YUGA LABS DECLARES IT WILL NO LONGER INTERVENE WITH CRYPTOPUNKS: WHAT WE KNOW
— BSCN (@BSCNews) May 21, 2024
– On May 21st, Greg Solano, co-founder of @yugalabs, announced that Yuga Labs will no longer involve itself with Cryptopunks.
– The iconic digital collectibles will be fully decentralized and stored… https://t.co/tOla28Weym pic.twitter.com/zMpTbXMMgH
The company plans to distribute Abney’s collection to those who already support her work, potentially airdropping it to SuperCoolWorld holders.
Despite this setback, Solano emphasized Yuga Labs’ commitment to supporting museums and institutions in acquiring CryptoPunk NFTs and educating the public about the collection.
Interestingly, despite a general downturn in NFT trading volumes, the CryptoPunks collection experienced a resurgence in March, with two record-breaking sales.
gm,
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) May 20, 2024
wanted to share an update on punks: when we acquired the collection a couple years ago, we did so with the intention of preserving the legacy of the collection.
we see punks as the early cave paintings of this new medium, and we were heavily influenced by them when creating…
On March 4, a rare alien CryptoPunk sold for 4,500 Ether (ETH), worth about $16 million at the time.
This record was surpassed on March 20, when another CryptoPunk sold for 4,850 ETH, approximately $16.4 million.
For someone involved in reviewing and analyzing crypto exchanges, this development highlights the dynamic nature of the NFT market and the importance of community sentiment in influencing project directions.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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