Nfts
Yuga Labs suspends NFT project CryptoPunks after criticism
Yuga Labs, the renowned company that created some of the most famous NFT projects, announced the suspension of the CryptoPunks project due to a wave of criticism from its community.
This decision was taken following the launch of the new collection – Super Punk World – which sparked a wave of controversy and negative reactions from certain holders of the famous NFTs.
CryptoPunks NFT: Yuga Labs presents the Super Punk World collection
On May 20, the official CryptoPunks spear the Super Punk World collection, composed of 500 hybrid 3D sculptures.
These works, created by New York artist Nina Abney, aimed to pay homage to the primordial CryptoPunks project launched in 2017.
Negative community reaction
Despite YugaLabs’ good intentions, the collection was immediately criticized by the crypto community, who immediately accused it of being too “politically correct.”
A member of the community declared:
“Being politically correct means going bankrupt. Yuga destroyed Punks today,” while another user threatened to sell his CryptoPunk.
Yuga Labs Response to CryptoPunks’ New NFTs
In response to the criticism, Greg Solano, CEO of Yuga Laboratoriesquickly released a statement explaining that the team’s intention was to collaborate with world-class artists, such as Nina Abney, to connect the world of Web3 with traditional art.
Solano also communicated that the Abney collection, given the strong negative feedback received after its launch, could be distributed by airdrop to SuperCoolWorld holders. An initiative intended to support those who already appreciate the artist’s work.
The Yuga Labs story
We remind you that Yuga Labs, founded in 2021, has quickly become a reference in the field NFT Landscape thanks to the success of their Bored Ape Yacht Club (BAYC) collection.
This one consisted of 10,000 unique images of monkeys, NFTs that have taken the crypto market by storm, attracting celebrities and major investors.
The success of BAYC then allowed Yuga Labs to also acquire CryptoPunks and Meebits, thus consolidating its leadership in the non-fungible token sector.
The Future of CryptoPunks
Solano stated that Yuga Labs would no longer interfere with the CryptoPunks project, stating:
“What about the punks? Yuga won’t touch them again. They will simply be decentralized and stored on the blockchain.
Additionally, Yuga Labs will commit to supporting museums and institutions in acquiring CryptoPunk NFTs and informing the public about this collection.
The NFT market
Despite a decline in NFT transaction volumes, the CryptoPunks collection saw a resurgence in March, when two transactions set new sales records.
On March 4, a rare extraterrestrial CryptoPunk was sold for 4,500 Ether (ETH), which was equivalent to approximately $16 million at the time of sale. This record was immediately surpassed on March 20, when another CryptoPunk was sold for 4,850 ETH, or approximately $16.4 million.
Conclusion
Yuga Labs’ decision to suspend the CryptoPunks project represents a critical moment in the company’s handling of NFTs.
Let us highlight, however, how Yuga Labs has once again proven itself to be a company that never gives up on being extremely transparent and responsible in the management of its NFT projects, also demonstrating a particular interest in the will and feedback of its community.
With the NFT market constantly evolving, it will be interesting to see how Yuga Labs and other industry leaders adapt their strategies to meet the needs and expectations of its investors.