CryptoPunks resurrection failed: community accuses Yuga Labs of killing popular NFT collection

As an analyst with a background in blockchain technology and NFTs, I’ve followed the development of the crypto art scene closely. The recent attempt by Yuga Labs to release a new collection under the CryptoPunks brand, Super Punk World, has been met with controversy and criticism from the community.

The Yuga Labs-supported CryptoPunks project unveiled a new NFT collection, but it unfortunately did not succeed.

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Yuga Labs introduced a fresh NFT collection named Super Punk World, comprising 500 three-dimensional tokens. This innovative line aims to challenge traditional notions of race and gender by blurring their distinctions. The objective is to reconsider the fundamental concepts of identity in both virtual and physical realms.

In a captivating exploration, “Super Punk World” encompasses 500 intricately designed pieces, seamlessly merging playfulness with depth. For our groundbreaking collaboration with our Punk in Residence, the exceptional @ninachanel, has crafted thought-provoking 3D sculptures. These innovative creations challenge traditional notions of race and gender, while pondering the complexities of virtual versus real world identities. Delve deeper into this intriguing project to discover more.

— CryptoPunks (@cryptopunksnfts) May 20, 2024

Yuga Labs, under the renowned brand of CryptoPunks, has released its inaugural NFT collection. This creative work is the brainchild of artist Nina Abney. Her unique artistry is seamlessly integrated into these digital characters, which also serve as tributes to pioneering web3 initiatives, most notably CryptoPunks. Furthermore, they spark conversations around critical social matters, such as racism and sexism.

According to Project co-founder Greg Solano, the team intends to work closely with renowned artists to blend web3 technology with the conventional art industry.

As an analyst, I’d rephrase it this way: Initially, Yuga Labs intended to conduct an auction for Super Punk World collection tokens. The bidding would start with the highest price being announced, and at specific intervals, the value of the NFT would decrease until it was sold or its minimum price was hit. However, following community backlash, Yuga Labs opted for a different approach.

The “stupidest idea” and the killers of CryptoPunks

As a analyst, I’ve come across some feedback from the crypto community regarding a recent collection that didn’t align with the global goals despite initial excitement. Some users expressed their disappointment with the art style and concept, labeling it as an unsuccessful attempt to reimagine the iconic CryptoPunks project. Others took issue with the focus of the work by artist Abney, accusing her of fueling division within the community through her exploration of sensitive themes related to race and gender.

One of the users noted that Yuga Labs literally “killed” the idea of CryptoPunks.

Go woke, go broke.

Yuga killed Punks today

At least they have Moonbirds tho

— MK (@MKSevenn) May 20, 2024

Leonidas, the creator of Ordinals, pointed out that Yuga Labs’ motivation behind releasing a new CryptoPunks collection is primarily to refill their funds and act in accordance with fundamental game theory and incentives. However, it is the current holders of the original CryptoPunks who should be held accountable for this situation.

As a researcher examining the ownership structure of CryptoPunks, I’d like to clarify that Yuga Labs does not own the individual Punks. Instead, it’s the Punk holders who possess the unique NFTs. Therefore, it would be more accurate for us all to acknowledge this fact and refrain from implying any connection between Yuga Labs and the significance or relationship of these specific CryptoPunks.

Leonidas, Ordinals protocol developer

A person known as quary.sats, who collects items, expressed his disapproval towards the concept of “blurring gender lines” suggested by the CryptoPunks team representatives, referring to it as an unwise idea. He recommended that they consider leaving Yuga Labs and starting fresh instead.

Yuga Labs will abandon the CryptoPunks brand

Following intense backlash towards the latest release, Solano announced that their involvement with the CryptoPunks collection would come to an end, allowing it to fully function as a decentralized blockchain project. He further mentioned that the next move in gaining wider recognition for the NFT collection was to engage museum audiences.

I’m glad to help you paraphrase your text.

— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) May 20, 2024

Yuga Labs announced that they would give away Super Punk World NFTs as gifts to people who back Abney’s creative endeavors. Meanwhile, Solana clarified that Yuga Labs will no longer interfere with the ownership of CryptoPunks.

“As for punks, Yuga will no longer interact with them. Instead, they will remain decentralized and stored on the blockchain. Our plan is to sponsor a few museums and institutions in their efforts to obtain a punk, as well as assist them in educating their visitors about these artifacts.”

Greg Solano, Yuga Labs co-founder

Yuga’s proposals were endorsed by Abney, for whom expressing gratitude towards the project was a natural response. Simultaneously, she denounced criticisms originating from the cryptocurrency sphere.

As a concerned crypto investor, I’m deeply disturbed by the hateful and discriminatory remarks that have emerged during the debate surrounding this project. It’s disheartening to discover such intolerance hidden within our community. The real question is: what lies beneath the surface of this industry?

Nina Abney, NFT artist

CryptoPunks before Yuga Labs and purchasing copyrights

As a researcher studying the early days of Non-Fungible Tokens (NFTs), I can’t help but be intrigued by the groundbreaking impact of the CryptoPunks project. This pioneering NFT collection paved the way for widespread popularity in this digital art realm, leaving a lasting impression on numerous artists who were inspired to explore their creativity in new and innovative ways.

As a researcher delving into the world of digital art and blockchain technology, I discovered that the pioneering duo behind CryptoPunks was none other than Larva Labs, established in New York City by Matt Hall and John Watkinson. We can trace their journey back to the year 2017 when they embarked on this groundbreaking project. The essence of CryptoPunks lies in its innovative fusion of artistic expression with non-fungible tokens (NFTs).

The digital art pieces from the CryptoPunks collection have recently fetched high prices in sales, marking a significant shift from giving these items away for free. This transition comes as non-fungible tokens (NFTs) gain widespread popularity.

In 2022, Yuga Labs obtained the rights to the intellectual property of renowned NFT collections previously launched by Larva Labs. Similar to their management of the Bored Ape Yacht Club (BAYC) collection, Yuga Labs has granted IP ownership and exclusive commercial licensing privileges to the holders of these NFTs.

I, as a researcher, would put it this way: During the process of obtaining the CryptoPunks and Meebits collections, Yuga Labs became the rightful owners of 423 individual CryptoPunks and a total of 1,711 Meebits.

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2024-05-30 17:46