Yuga Labs accused of extinguishing popular NFT collection, CryptoPunks revival falls short
CryptoPunks, supported by the Yuga Labs team, has made a fresh start with a new NFT collection that unfortunately failed to generate interest.
Table of Contents
The Controversial Move and the Downfall of CryptoPunks
Yuga Labs Ditches the CryptoPunks Brand
CryptoPunks Pre-Yuga Labs and Copyright Purchases
Yuga Labs has introduced a new collection of non-fungible tokens (NFTs) called Super Punk World, featuring 500 NFTs in the form of three-dimensional figures that challenge traditional notions of race and gender. The aim is to break down barriers and reimagine virtual and real identities.
This is the inaugural collection released by Yuga Labs under the CryptoPunks brand. Artist Nina Abney is the creative mind behind the NFT collection, combining her artistic style with a nod to early web3 projects, particularly CryptoPunks. Additionally, the collection addresses pressing social issues such as racism and sexism.
Co-founder of the project, Greg Solano, shared plans to collaborate with renowned artists to merge web3 with the traditional art world.
Initially, an auction was planned to sell tokens from the Super Punk World collection. The starting price would be disclosed first, and at certain intervals, the value of the NFT would decrease until it was sold or reached a predetermined minimum price. However, Yuga Labs decided to take a different approach following community backlash.
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The Controversial Move and the Demise of CryptoPunks
Despite the project’s global aspirations, the collection faced criticism from members of the crypto community. Some users denounced the art style and the concept of reimagining the cult project CryptoPunks. Others accused Abney of promoting hatred within the community through her focus on race and gender.
One user went as far as saying that Yuga Labs had effectively “killed” the CryptoPunks idea.
Leonidas, the developer of the Ordinals protocol, pointed out that Yuga Labs’ release of the new CryptoPunks collection was merely an attempt to fill their own pockets and adhere to basic game theory and incentives. In this case, the blame lies with the owners of the original CryptoPunks collection.
A collector using the pseudonym quary.sats criticized the idea of “blurring the line between genders” as the “stupidest” notion to come from the CryptoPunks brand. They advised the team to part ways with Yuga Labs and move forward.
Yuga Labs Abandons the CryptoPunks Brand
Following a wave of criticism surrounding the new collection, Solano announced that the company would discontinue all CryptoPunks-related activities, leaving the collection as a fully decentralized blockchain project. He also mentioned that the final step in promoting the project would involve introducing the NFT collection to several museums.
The Yuga Labs team decided to distribute the Super Punk World NFTs through an airdrop to those who support Abney’s work. Simultaneously, Solano made it clear that Yuga Labs would no longer be involved with CryptoPunks.
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Abney confirmed Yuga’s plans and expressed gratitude for the project’s support. She also condemned the attacks from the crypto community.
CryptoPunks Pre-Yuga Labs and Copyright Acquisitions
The CryptoPunks project was one of the earliest NFT collections to gain popularity, inspiring many digital artists in their own creative endeavors.
The creators of CryptoPunks were developers Matt Hall and John Watkinson, who founded the New York-based company Larva Labs. They began working on the project in 2017, combining art with the power of non-fungible tokens.
Digital art from the CryptoPunks collection became highly valuable, marking the transition from giving away free items to selling NFTs for substantial sums, coinciding with the increasing popularity of non-fungible tokens.
In 2022, Yuga Labs announced its acquisition of the intellectual property rights to Larva Labs’ popular NFT collections. Similar to the Bored Ape Yacht Club (BAYC) collection, Yuga Labs transferred intellectual property, commercial rights, and exclusive licensing rights to the NFT owners.
Through the acquisition of the CryptoPunks and Meebits collections, Yuga Labs gained ownership of 423 CryptoPunks and 1,711 Meebits.
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