CEO of Yuga Labs announced that the company would “no longer touch” the CryptoPunks project following backlash from the community.
Greg Solano, the CEO of Yuga Labs, made the announcement that the nonfungible token (NFT) company would “no longer touch” the CryptoPunks project.
Yuga Labs Stops CryptoPunks
This decision was made in response to community feedback on the company’s new Super Punk World project. An announcement regarding a new non-fungible token collection titled Super Punk World was made by the official CryptoPunks account on May 20.
Five hundred pieces of hybridized three-dimensional sculptures were included in the collection. These sculptures were regarded as blurring the barriers between gender and race.
The paintings were created by Nina Abney, a New York-based painter with the intention of paying tribute to “the irreverent, early-internet roots of the CryptoPunks project.
“Although it was intended to accomplish certain things, the collection was met with criticism from members of the crypto community for being “woke.”
A community member stated that Yuga Labs had eliminated CryptoPunks with the transfer. ” Get up and go to the bank. The punks were slain by Yuga today.
On the other hand, a pseudonymous influencer named Greg asked in a mocking manner whether the account had been hacked. This occurred at the same time that another individual threatened to sell their CryptoPunk NFT.
Additionally, a dissatisfied NFT trader voiced their desire for the community to block Yuga Labs and move on with their lives.
In response to the criticism, Solano issued a statement on X in which he explained that the team had the intention of working together with artists of the highest caliber, such as Abney, in order to establish a connection between Web3 and the conventional art world.
Additionally, the executive from Yuga Labs disclosed that they intend to distribute Abney’s collection to individuals who are already committed to supporting her efforts in the field.
This indicates that it can be airdropped to SuperCoolWorld holders. According to Yuga Labs’ Chief Executive Officer, the CryptoPunks collection will no longer be touched by the company.
“What about punks? Yuga will no longer touch punks. They will just be decentralized and preserved on the blockchain.”
According to what Solano wrote, the CEO stated that Yuga intends to assist museums and other institutions in the process of obtaining CryptoPunk NFTs and educating their audiences about the collection.
The CryptoPunks collection experienced a rebound in March, when two transactions shattered sales records for the NFT collection. This occurred despite the fact that NFT trading volume had decreased prior to that month.
When a rare extraterrestrial CryptoPunk was sold on March 4, it achieved the second-highest selling price ever for a punk. The transaction cost 4,500 Ether, which was equivalent to around $16 million at the time.
On the other hand, the record was shortly surpassed on March 20, when another CryptoPunk artwork was sold for 4,850 ETH, which was equivalent to around $16.4 million in value at the time of the sale.