Yuga Labs has stopped the CryptoPunks project from ‘activating’ community response
Yuga Labs CEO Greg Solano has announced that the Invincible Token (NFT) company will “no longer touch” the CryptoPunks project following community backlash from its new Super Punk World project.
On May 20, the official CryptoPunks label announced a new NFT collection called Super Punk World. The collection includes 500 hybrid 3D sculptures that blur the lines of race and gender.
The pieces were created by New York-based artist Nina Abney and aim to pay homage to “another CryptoPunks project, their internet roots.”
Despite its goals, the collection was met with criticism from various members of the crypto community for being “wacky”. A community member claimed that Yuga Labs killed Cryptopunk with its move. “Wake up and go broke. Yuga killed Panx today.”
Meanwhile, when another individual threatens to sell their CryptoPunk NFT, a pseudonymous actor named Greg sarcastically asks if his account has been hacked. Additionally, a disgruntled NFT trader urged the community to continue to block Yuga Labs.
In response, Solano released a statement on X, explaining that the group intends to connect Web3 to the traditional art world with world-class artists like Abney.
The Yoga Labs executive also shared that they plan to deliver Abney's collection to those who support her work on the spot. This means it can be downloaded to SuperCoolWorld containers.
As for the CryptoPunks collection, the CEO of Yuga Labs said he will no longer touch it. Solano wrote:
“What about punks? Yuga doesn't touch punks anymore. They are decentralized and maintained only on the blockchain.
The executive stated that Yuga aims to support museums and institutions by acquiring CryptoPunk NFTs and educating their audiences about the collection.
Related: ‘Lost' Yoga Labs restructures, layoffs, new CEO
Despite the decline in NFT trading volume, CryptoPunks stock saw a resurgence in March when two transactions broke sales records for NFT stocks.
On March 4, a rare alien CryptoPunk sold for 4,500 Ether (ETH), the highest ever sale price for a single punk, worth about $16 million during the transaction.
However, the record was quickly broken on March 20, when another CryptoPunk piece was sold for 4,850 ETH, about $16.4 million at the time of the sale.
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