The move comes less than 24 hours after Yuga Labs unveiled the latest edition of Punks called Super Punk World on May 20. The NFTs were created by popular artist Nina Chanel Abney.
Yuga Labs, the creator of the popular Bored Ape Yacht Club NFTs, is stepping back from its involvement with Cryptopunks, another prominent NFT collection well-known within the crypto industry.
The company acquired Cryptopunks in 2022 with the intention of preserving its legacy. The collection quickly became one of the most iconic and influential profile picture (PFP) series in the NFT space.
Yuga Labs even succeeded in getting Cryptopunks displayed in museums, thanks to their popularity among collectors. However, after two years of managing the project, the firm is ready to let go.
In a lengthy post on X, Garga.eth (Greg Solano), co-founder of Yuga Labs, said the company is ending all involvement with the NFT collection and is ready to make it fully decentralized to be preserved on the blockchain.
Yuga Labs Launches New Edition of Cryptopunks
The move comes less than 24 hours after Yuga Labs unveiled the latest edition of Punks called Super Punk World on May 20. The NFTs were created by popular artist Nina Chanel Abney.
Super Punk World is a 500-piece collection that is as playful as it is profound. For our Punk in Residence collaboration – @ninachanel has created hybridized 3D sculptures that blur the lines of race & gender and reflect upon virtual versus real world identities. Read more and… pic.twitter.com/rWMraMW7Km
— CryptoPunks (@cryptopunksnfts) May 20, 2024
The new NFTs, which include only 500 pieces of artworks, were part of Yuga Labs’ attempt to integrate Cryptopunks into the art world outside the blockchain by allowing renowned artists to create new works using the Cryptopunks brand.
The move sought to connect the Web3 ecosystem with the traditional art world by teaming up with world-class artists. Abney was the first artist to sign up for collaboration, creating Super Punk World using the official Punks stamp. However, the move was not well received among members of the punk community and collectors.
Some collectors criticized the artworks meant to celebrate diversity and challenge conventional ideas about identity as “woke”, arguing that the avatars differ from what an original Punk should look like.
Yuga Labs to Airdrop NFTs to Abney Fans
In light of these developments, Yuga Labs wants to completely wash its hands off Punks, abandoning all its future plans for the collection.
However, the company plans to still help museums acquire the NFTs and educate their collectors about them.
“The only thing we intend to do is support a few museums and institutions in their quest to acquire Punks and help educate their audience about them,” wrote Garga.eth on X.
As for the Super Cool World NFTs, the company plans to distribute the artworks to fans of Abney’s work through airdrops. Yuga Labs is considering selecting users randomly for the airdrop.
The artist, known for her popular works such as those displayed at MoMA and the Whitney, was previously appointed to join the Punk in Residence program.
The initiative was created to facilitate on-chain collaborations that encourage creative experimentation within the NFT project and the broader sector.
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