CryptoPunks, backed by the Yuga Labs team, relaunched with a new NFT collection that turned out to be a complete failure.
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Yuga Labs has created a new collection of non-fungible tokens (NFTs) called Super Punk World, featuring 500 NFTs as three-dimensional figures that “blur the boundaries of race and gender.” The idea is to erase the boundaries between race and gender and rethink the essence of virtual and real identity.
Super Punk World is a 500-piece collection that is as playful as it is profound. For our Punk in Residence collaboration, @ninachanel created hybridized 3D sculptures that blur the boundaries of race and gender and reflect on virtual versus real world identities. Read more and… pic.twitter.com/rWMraMW7Km
— CryptoPunks (@cryptopunksnfts) May 20, 2024
This is the first collection created by Yuga Labs under the CryptoPunks brand. The author of the NFT collection is artist Nina Abney. The digital characters combine her art style and pay homage to early web3 projects, most notably CryptoPunks. They also raise urgent social issues, namely racism and sexism.
Project co-founder Greg Solano said the team plans to work with world-class artists to merge web3 with the traditional art world.
An auction was planned to sell tokens from the Super Punk World collection. The highest price would be announced first and at certain time intervals the value of the NFT would decline until the asset was purchased or the price reached a certain minimum. However, after criticism from the community, Yuga Labs chose a different path.
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The “Dumbest Idea” and the Killers of CryptoPunks
Despite its global goals, the collection was criticized by members of the crypto community. Some users condemned the art style and concept of an attempt to rethink the cult project CryptoPunks. Others accused Abney of stoking hatred in the community through her work targeting race and gender.
One of the users noted that Yuga Labs literally “killed” the idea of CryptoPunks.
Wake up, go broke.
Yuga killed Punks today
At least they have Moonbirds https://t.co/LKOMu3YdIH pic.twitter.com/NfUmM1vulb
— MK (@MKSevenn) May 20, 2024
The developer of the Ordinals protocol, Leonidas, noted that with the release of the new CryptoPunks collection, Yuga Labs simply wants to replenish their wallets and follow basic game theory and incentives. In this case, the owners of the original CryptoPunks collection are responsible for everything.
“Yuga owns nothing. Punks holders are the owners of CryptoPunks. So start acting like it and stop pretending that this random collection has any meaning or relationship to CryptoPunks.”
Leonidas, Ordinals protocol developer
A collector under the nickname quary.sats noted that “blurring the line between genders” is “the stupidest” idea that came into the minds of representatives of the CryptoPunks brand. He advised the team to leave Yuga Labs and move on.
Yuga Labs will be leaving the CryptoPunks brand
After a barrage of criticism over the new collection, Solano announced that the company would cease all activities surrounding CryptoPunks and leave the collection as a fully decentralized blockchain project. He also noted that the final step in promoting the project would be to popularize the NTF collection among the audiences of various museums.
gm,
wanted to share an update on punks: When we purchased the collection a few years ago, we did so with the intention of preserving the collection’s legacy.
we see punks as the early cave paintings of this new medium, and we were heavily influenced by them in creating…
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) May 20, 2024
The Yuga Labs team decided to airdrop the Super Punk World NFTs to those who support Abney’s work. At the same time, Solano emphasized that Yuga Labs will “no longer touch” CryptoPunks.
“What about punks? Yuga won’t touch punks anymore. They will simply be decentralized and stored on the blockchain. All we want to do is support a number of museums and institutions in their quest to acquire a punk and inform their public about it.”
Greg Solano, co-founder of Yuga Labs
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Abney confirmed Yuga’s plans and thanked the project for its support. She also condemned attacks from the crypto community.
“I am absolutely disgusted by some of the racist, sexist, homophobic and transphobic comments that the controversy surrounding this project has brought to light. What is really in the underbelly of this space?”
Nina Abney, NFT artist
CryptoPunks before Yuga Labs and buying copyrights
The CryptoPunks project became one of the first NFT collections to become popular. Its success has inspired many digital artists in their creativity.
The creator of CryptoPunks was the New York company Larva Labs, founded by developers Matt Hall and John Watkinson. They started working on the project in 2017. CryptoPunks is based on combining art with the power of non-fungible tokens.
Digital art from the CryptoPunks collection was among the most expensive. The jump from giving away free items to selling NFTs for big bucks comes amid the growing popularity of non-fungible tokens.
In 2022, Yuga Labs announced the acquisition of intellectual property rights to popular NFT collections published by Larva Labs. As with the Bored Ape Yacht Club (BAYC) collection, Yuga Labs has transferred intellectual property and commercial and exclusive licensing rights to NFT owners.
As part of the acquisition of the CryptoPunks and Meebits collections, Yuga Labs received ownership rights to 423 CryptoPunks and 1,711 Meebits.
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