Yuga Labs to Discontinue CryptoPunks Project After "Woke" Backlash
Summary:
Yuga Labs CEO, Greg Solano, declared they will no longer engage with the CryptoPunks project, following strong community disapproval over its new Super Punk World NFT collection. Introduced on May 20, the collection of 500 mixed-race, 3D artworks were created by Nina Abney, attempting to blend traditional art with Web3. However, it faced criticism for being "woke". Solano stated that Yuga plans to support museums and institutions in acquiring CryptoPunk NFTs and aims to integrate the artist's collection with supporters in the field, possibly via airdrops to SuperCoolWorld holders.
In the wake of community protests, Yuga Labs' CEO, Greg Solano, disclosed that they would no longer associate with the CryptoPunks project. The official account of CryptoPunks declared the release of a new NFT collection, Super Punk World, on May 20. This collection, featuring mixed-race, 3D sculptures blurred racial and gender boundaries with 500 unique pieces. The artworks were the innovation of New York-based artist Nina Abney as a tribute to the lowbrow, formative internet roots of the CryptoPunks project. However, the compilation faced harsh criticism from several members of the crypto community for its socially conscious "woke" leanings. One community member insinuated Yuga Labs destroyed CryptoPunks due to this move. Another person, identified only as Greg, mockingly questioned whether the account had been hacked as a different person threatened to sell their CryptoPunk NFT. Meanwhile, a dissatisfied NFT trader encouraged the community to discontinue supporting Yuga Labs.
Solano's reaction to the critique was a statement describing the team's vision to work with top-tier artists such as Abney to integrate the conventional artistic realm with Web3. The CEO also indicated that they mean to get Abney's compilation into the hands of those already supporting her work in this arena, perhaps through an airdrop to SuperCoolWorld holders. Solano assured that the company will distance itself from the CryptoPunks collection and that it will remain decentralized and conserved on the blockchain. Yuga's aim, he added, is to assist museums and institutions in acquiring CryptoPunk NFTs and informing their patrons about the collection. Although NFT transaction volumes took a tumble, CryptoPunks made a comeback in March when two transactions smashed sales records for the collection. On March 4, a rare alien CryptoPunk was sold for 4,500 ETH, approximately $16 million at that time. This record was swiftly surpassed on March 20, when another piece went for 4,850 ETH, around $16.4 million at the time of the transaction.
Published At
5/21/2024 11:01:59 AM
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