June 4, 2024

Yuga Labs Steps Back from Cryptopunks, Paving NFTs’ New Era

Yuga Labs, the powerhouse behind the renowned Bored Ape Yacht Club NFTs, has announced its decision to sever ties with Cryptopunks, another stalwart collection in the NFT realm.

Back in 2022, Yuga Labs had acquired Cryptopunks with the noble intent of preserving its esteemed legacy. The move proved fruitful, as Cryptopunks soared to become one of the most iconic profile picture (PFP) series in the NFT space, even finding its way into prestigious museums.

Yuga Labs’ Transition to Decentralization

After two years of stewardship, Yuga Labs has opted to embark on a new journey. Greg Solano, its co-founder, elucidated the company’s decision in a comprehensive post.

The firm intends to relinquish all association with the Cryptopunks collection. They are pivoting towards a fully decentralized model to safeguard its perpetuity on the blockchain.

Controversy and Collaboration

Yuga Labs had previously endeavored to integrate Cryptopunks into the traditional art sphere, unveiling a series of new NFTs comprising only 500 exclusive artworks.

Teaming up with acclaimed artists, they sought to meld the Web3 ecosystem with conventional art forms. Notably, the collaboration with artist Abney birthed “Super Punk World,” utilizing the official Punks stamp. However, this initiative sparked dissent within the punk community and among collectors.

Critics lamented the artworks as excessively “woke,” contending that they diverged from the essence of original Punks. The depiction of avatars, intended to celebrate diversity and challenge conventional notions of identity, drew ire for straying from the perceived authenticity of the collection.

While Yuga Labs embarks on this transformative journey, the NFT community awaits with bated breath, eager to witness the unfolding narrative of Cryptopunks in its new decentralized epoch.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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