21 May

Yuga Labs, the creative force behind the immensely popular Bored Ape Yacht Club NFTs, is stepping away from its association with Cryptopunks, another notable NFT collection highly regarded in the crypto community.

Having acquired Cryptopunks in 2022 with the aim of upholding its legacy, the collection swiftly emerged as one of the most iconic and influential series of profile pictures (PFPs) in the NFT realm. Yuga Labs successfully positioned Cryptopunks in museums, capitalizing on their appeal to collectors. However, after two years of stewardship, the company is opting to relinquish control.

In an extensive post shared on X, Garga.eth (Greg Solano), co-founder of Yuga Labs, expressed that the firm is severing all ties with the NFT collection and is prepared to transition it into a fully decentralized entity to be safeguarded on the blockchain.

Yuga Labs Releases Cryptopunks: A New Edition

The action was taken less than twenty-four hours after Yuga Labs debuted Super Punk World, the most recent iteration of Punks, on May 20. Nina Chanel Abney is a well-known artist who designed the NFTs.

By enabling well-known artists to produce new works under the Cryptopunks name, Yuga Labs aimed to incorporate Cryptopunks into the art world outside of the blockchain with the release of the new NFTs, which comprise just 500 pieces of artwork.

By collaborating with renowned artists, the initiative aimed to establish a link between the Web3 environment and the conventional art scene. Using the official Punks stamp, Abney created Super Punk World, becoming the first artist to sign up for collaboration.

Certain collectors have criticized the artworks intended to celebrate diversity and challenge conventional notions of identity as "woke," contending that the avatars deviate from what an original Punk should resemble.

Yuga Labs will provide Abney fans NFTs via airdrop

Yuga Labs want to fully distance itself from Punks in the wake of these events, giving up on any further intentions it may have for the collection.

The business will still assist museums in obtaining the NFTs and educating their collectors about them, though.

"Our goal is to assist select museums and organizations in their efforts to obtain Punks and provide their audience with information about them," Garga.eth stated on X.

Regarding the Super Cool World NFTs, the business intends to airdrop the artworks to Abney's fan base. Yuga Labs is thinking of choosing users at random to receive the airdrop.

The artist, renowned for her acclaimed works showcased at institutions like MoMA and the Whitney, was previously selected to participate in the Punk in Residence program.

his initiative was established to foster on-chain collaborations aimed at promoting creative exploration within the NFT project and the wider sector.

May 2024, Cryptoniteuae

* The email will not be published on the website.