- Yuga Labs, which launched a new punk-themed collection on Monday, came under fire and announced that it will “no longer touch” CryptoPunks.
- The 500-piece “Super Punk World” collection was created in association with Nina Chanel Abney, an artist who has drawn criticism for “diluting” the CryptoPunks name.
A new NFT collection with a punk motif that Yuga Labs created in partnership with artist Nina Chanel Abney sparked criticism, as it was perceived as “diluting” the original CryptoPunks brand.
The 500-piece Super Punk World collection, which offers hybridized 3D sculptures that straddle the boundaries of race and gender and consider virtual versus real-world identities, was introduced on Monday.
Among those criticizing the collection were Viktor Bunin, a Coinbase protocol specialist who has a CryptoPunk as his social media profile photo. Bunin requested that Yuga Labs revoke the auction.
According to Bunin, it weakens the CryptoPunks brand by seeming like a cheap cash grab. Building the heritage rather than profiting from it in such an unappealing way is the greatest approach to preserve punk culture.
Greg Solano, CEO of Yuga Labs, stated on Tuesday that the company’s goal in acquiring the CryptoPunks collection’s intellectual property rights in March 2022 was to uphold the collection’s heritage.
He clarified that Yuga Labs aimed to establish a connection between web3 and the conventional art world through partnerships with elite artists. A suggested randomized airdrop was intended to provide Nina Channel’s collection solely to owners of her current “SuperCoolWorld” NFTs.
However, Solano stated that the company will no longer work with CryptoPunks in the future.
All CryptoPunks will do is exist on the blockchain and be decentralized. He stated that the only thing they planned to do was aid a few museums and other organizations in their efforts to obtain a Punk and assist in educating their public about them.
CryptoPunk NFT efficiency
Over the last 18 months, the floor pricing of CryptoPunk NFTs have doubled in US dollars, while they have decreased by more than 40% in ether since the bottom of the cryptocurrency bear market.
The second-most costly CryptoPunk ever sold in March for 4,850 ETH, or $16.4 million at the time of sale. The sixth-most costly CryptoPunk sold for 4,000 ETH ($12.4 million) last month.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
