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New CryptoPunks NFT Collection Disbands After Backlash to ‘Woke’ Art

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New CryptoPunks NFT Collection Disbands After Backlash to 'Woke' Art

CryptoPunks is arguably the most iconic and influential profile photo (PFP) collection at NFT world, and then taking the project to museumsYuga Labs has been trying to expand its entry into the art world by allowing notable artists to riff on IP with the official Punks label.

But the first effort, revealed Monday With the launch of a new Punks-branded NFT collection, it faced immediate backlash from collectors and crypto watchers – including allegations of “woke” artwork, sometimes accompanied by personal attacks on the artist. Now Yuga is changing and apparently abandoning future plans.

Artist Nina Chanel Abney was previously named the inaugural selection of the Punk in Residence program, and over the weekend revealed her new collection, “Super Punk World.” Following an opening event at The School at Jack Shainman Gallery in New York, Yuga Labs and Abney revealed the planned NFTs on Monday.

The Punk in Residence program is designed to generate chain collaborations that promote creative experimentation around the project and NFTs more broadly. Abney’s limited series digital collectibles embody his bold style and perspective, reimagining the iconic traits of CryptoPunk through his own vision.

Nina Chanel Abney (center) with original CryptoPunks creators John Watkinson (left) and Matt Hall (right) of Larva Labs. Photo: Yuga Labs

“CryptoPunks is an iconic and pioneering project that has played a crucial role in creating the digital collectible space,” said Abney. Decrypt before exposure. “By collaborating with them, I saw an opportunity to be at the center of a unique intersection of art, technology and culture.”

Having previously released a digital art collection titled “Super Cool World” through Digital Asset Gallery Backed by Pharrell Williams (GODA), Abney is no stranger to expanding his work into the medium. For “Super Punk World,” a 500-piece avatar collection, she hand-selected each of the avatars from more than 10,000 results.

This collection, randomly generated and then manually curated by Abney, draws inspiration from the iconic features of CryptoPunks and the attributes of Super Cool World. Each feature was hand-cut by Abney and digitized to create 195 unique 3D-sculpted attributes based on 25 personas. These characters, set against colorful backgrounds inspired by his previous work and printmaking techniques, embody Abney’s aesthetic and pay homage to the irreverent, early roots of the CryptoPunks project on Web3.

“What we wanted to do was introduce wallets and generative art, and Web3 and NFTs, to this more traditional art audience and collector group,” said Nathalie Stone, general manager and brand lead at CryptoPunks. Decrypt last week.

A photo from the “Super Punks World” exhibition. Photo: Yuga Labs

“We’re trying to bring CryptoPunks to the masses here, in a way,” Stone added, “but also get them to understand why digital ownership is important.”

Abney’s digital worldview reflects on virtual identities versus real-world identities, addressing price disparities between digital avatars based on gender and skin tone. White male avatars tend to generate higher secondary sale prices than their darker-skinned or female counterparts in prominent NFT collections.

His hybridized figures fuse racial components and aim to blur the lines between masculine and feminine, challenging social notions of inherent value and prompting viewers to confront their implicit prejudices.

However, after Abney’s riff on CryptoPunks was revealed on Monday, the project received substantial backlash on social media.

Some commentators took aim at the art style itself or even the concept of trying to reimagine an iconic design, while others leveled accusations of being “woke” due to its emphasis on race and gender, igniting debates about the intersection of art, identity and digital culture.

It has also received negative attention for diluting the original Punks collection, with some collectors upset with Yuga Labs’ attempt to expand a project that is considered valuable, “blue chip” Ethereum NFT Set.

Yuga Labs initially declined to comment Decrypt as soon as the backlash began, but early Monday evening, company CEO Greg “Garga” Solano tweeted a statement. The NFTs were initially planned to be auctioned, but will now be distributed in some form to Super Cool World NFT holders, potentially through a “random airdrop.” And it looks like there won’t be any subsequent artistic residency initiatives, at least not in the same way.

“Yuga will no longer touch punks,” he wrote. “They will just be decentralized and preserved on the blockchain. The only thing we intend to do is support some museums and institutions in their quest to acquire Punk and help educate their audiences about them.”

Abney confirmed Solano’s statement in a tweet and thanked Yuga Labs for supporting her art and helping the pieces get into the hands of their keepers — but then lamented the hateful attacks sent to her on social media as a result of the project’s reveal.

“I am totally disgusted by some of the racist, sexist, homophobic, [and] transphobic comments that the controversy surrounding this project has unearthed,” she wrote.

“What is really in the weak point of this space?” Abney continued. “Now, more than ever, I will continue my mission towards an inclusive community where everyone is accepted and ideas that stimulate productive dialogue are welcomed. No hate tolerated.”

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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AI-Powered Discovery Network for NFTs Launches $PULSR Token – Press Release Bitcoin News

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AI-Powered Discovery Network for NFTs Launches $PULSR Token – Press Release Bitcoin News

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Solana Monkey Business Leads NFT Sales with $875,91K

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Solana Monkey Business Leads NFT Sales with $875,91K

Floptober NFT from above

Image: AI-generated via Midjourney

Solana Monkey Business topped CryptoSlam’s non-fungible token (NFT) sales charts on July 22 with $875,914 in total sales.

The collection had 122 unique buyers, equaling the number of sellers, and an average price of $5,308 per NFT.

This increase in daily sales boosted the SMB’s all-time sales volume to a new record of $212.48 million.

The Solana-based ape-themed collection entered the list of the top 30 NFT sellers of all time over the weekend, knocking SATS BRC-20 NFTs off the rankings.

The second best performing collection of the day was gETH Locked Deposit.

This NFT, which represents gETH locked on the Ethereum layer-2 network Arbitrum, saw a daily sales volume of $583,047 from just one transfer.

The asset was brother-in-law just moments before the transfer is made.

In third place, DMarket’s NFTs and in-game virtual items on the Mythos Network saw a total of $565,002 in sales.

The collection attracted 3,254 unique buyers and 2,848 sellers, with an average price of $24.66 per item. Active DMarket owners stood at 5,111, contributing to a total owner count of 397,931.

Outside of the top three, Ethereum’s DogeZuki Collection came in fourth place with $436,787. Bored Ape Yacht Club, another Ethereum collection, had total sales of $341,576 for fifth place.

While a Solana collection led the day’s results, the network’s total NFT sales for the day were slightly outpaced by Ethereum.

Ethereum led all blockchains in sales on Monday with $4.2 million, with Solana close behind at $4.1 million.

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ArcadeXYZ Secures $450,000 in Ringers NFTs

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ArcadeXYZ Secures $450,000 in Ringers NFTs

NFT lending remains strong despite the overall downward trend in prices.

Arcade.XYZ, a non-fungible token (NFT)-based lending protocol, secured $450,000 worth of NFTs from Dmitri Cherniak’s Ringers collection on July 24.

The loan is structured with a principal of $16,000 per NFT, and the current highest bid on the Ringers collection on Opensea is 8 wETH, equivalent to approximately $26,000.

The big loan comes at a time when darlings of the generative art scene like Ringers and Fidenzas continue to see their floor prices drop. Bells It is Fidenzas both have surpassed the 2021 minimum price of 100 ETH and are now at just 17 ETH and 32 ETH.

Collateralized Ringers – Arcade.xyz

Despite the slowdown in sentiment and prices around NFTs, the lending market continues to process consistent volume.

Some of the largest platforms, Blend, Gondi, NFTfi, and Arcade process over $80 million in outstanding debt combined. The NFT lending market broke volume records in Q1 2024, surpassing $2 billion in total volume.

Q1’s extraordinary lending volumes can be attributed to Blend’s Blast airdrop incentive and the rise of Ordinals loan in the Arcade.
The largest NFT loan belongs to CryptoPunk 8219 by NFT collector Gmoney, which was guaranteed for $1 million in Gondi XYZ, and holds a current principal of $700,000. A far cry from the claims made in the mainstream media that “Your NFTs are actually, finally, totally worthless.”

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