Nfts
CryptoPunks project suspended by Yuga Labs due to outcry from ‘woke’ community
Last updated: May 21, 2024 at 6:58 a.m. EDT | 2 minutes of reading
Yuga Labs, the company behind the iconic and influential NFT collection CryptoPunks, has faced significant backlash and controversy over its latest venture.
After introducing CryptoPunks to museums, Yuga Labs revealed plans to allow notable artists to contribute to the project with the official Punks stamp.
The first effort involved artist Nina Chanel Abney, who was originally chosen as the inaugural selection for the Punk in Residence program.
Abney’s super punk world sparks controversy
She unveiled her new collection, “Super Punk World,” this weekend at The School at Jack Shainman Gallery in New York.
The NFTs planned for the collection were revealed Monday.
In homage to the CryptoPunks project’s irreverent, early Internet roots, Abney’s full-bodied characters juxtapose the 8-bit aesthetic with the abstract shapes and strong proportions of his sculptures and collages – placed against colorful backgrounds from his previous works and … pic.twitter.com/JH6cSKk0VR
– CryptoPunks (@cryptopunksnfts) May 20, 2024
The collection featured his hand-selected avatars, inspired by the iconic traits of CryptoPunks and his past work.
Each avatar has been meticulously curated and digitized to create 195 unique attributes sculpted in 3D, reflecting Abney’s aesthetic while paying homage to the irreverent roots of the CryptoPunks project.
Yuga Labs intended to introduce wallets, generative art, Web3, and NFTs to a more traditional art and collector audience.
“We’re trying to bring CryptoPunks to the masses here, in a way,” said Nathalie Stone, general manager and head of the CryptoPunks brand, “but also make them understand why digital ownership is important.”
Abney’s collection also addresses pricing disparities in NFT collections based on gender and skin color, challenging societal perceptions of value and implicit biases.
However, once Abney’s interpretation of CryptoPunks was revealed, the project faced a wave of backlash on social media.
Work “Awake”
Critics attacked the art style, the attempt to reinvent an iconic project, and accusations of being “woke” due to the focus on race and gender.
The project has also received negative attention for diluting CryptoPunks’ original collection, with some collectors expressing displeasure with Yuga Labs’ attempt to expand a project that is considered a valuable “blue chip” Ethereum NFT set.
Go wake up, go bankrupt.
Yuga killed some Punks today
At least they have Moonbirds. https://t.co/LKOMu3YdIH pic.twitter.com/NfUmM1vulb
–MK (@MKSevenn) May 20, 2024
Initially, Yuga Labs chose not to comment on the backlash.
However, CEO Greg “Garga” Solano later tweeted a statement clarifying their position.
He said the NFTs, originally slated for auction, will now be distributed in one way or another to Super Cool World NFT holders, possibly through a random airdrop.
Additionally, there will be no follow-up artist residency initiative in the same manner.
“The Yuga will no longer affect Punks…The only thing we intend to do is support a few museums and institutions in their quest to acquire a Punk and help raise awareness about them.”
GM,
I wanted to share an update on Punks: When we acquired the collection a few years ago, we did so with the intention of preserving the collection’s legacy.
we consider the punks to be the first cave paintings of this new medium, and we were heavily influenced by them when creating…
– Garga.eth (Greg Solano) 🍌 (@CryptoGarga) May 20, 2024
Last March, Starbucks, the famous multinational coffee chain, made the decision to end its NFT rewards program.
Starbucks’ move follows a trend of companies ceasing their involvement in the NFT space.
In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.
More recently, X (formerly Twitter), owned by Elon Musk, abandoned a feature which allowed premium users to use NFT images as profile photos.