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Yuga Labs suspends CryptoPunks NFT project after criticism

TokenTalk Staff

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Yuga Labs, a renowned company that created some of the most famous NFT projects, announced the suspension of the CryptoPunks project due to a wave of criticism from its community.

This decision was taken following the launch of the new collection – Super Punk World – which generated a wave of controversy and negative reactions from some holders of the famous NFTs.

CryptoPunks NFT: Yuga Labs Introduces Super Punk World Collection

On May 20th, the official CryptoPunks released the Super Punk World collection, made up of 500 3D hybrid sculptures.

These works, created by New York artist Nina Abney, aimed to pay homage to CryptoPunks’ primordial project launched in 2017.

The negative reaction of the community

Despite YugaLabs’ good intentions, the collection was immediately criticized by the crypto community, who immediately accused it of being too “politically correct”.

One community member actually stated:

“Being politically correct means going bankrupt. Yuga destroyed the Punks today,” while another user threatened to sell his CryptoPunk.

Yuga Labs’ Response to CryptoPunks’ New NFTs

In response to criticism, Greg Solano, CEO of Yuga Laboratoriesimmediately published a statement explaining that the team’s intention was to collaborate with world-class artists, like Nina Abney, to connect the world of Web3 with traditional art.

Solano also communicated that the Abney collection, given the strong negative feedback received after its launch, could be distributed via airdrop to SuperCoolWorld holders. An initiative that aims to support those who already appreciate the artist’s work.

The history of Yuga Laboratories

We remind you that Yuga Labs, founded in 2021, quickly became a reference in the NFT scenario thanks to the success of his Bored Ape Yacht Club (BAYC) collection.

This was made up of 10,000 unique images of monkeys, NFTs that have taken the crypto market by storm, attracting celebrities and big investors.

The success of BAYC It then allowed Yuga Labs to also acquire CryptoPunks and Meebits, consolidating its leadership in the Non-Fungible Tokens sector.

The Future of CryptoPunks

Solano declared that Yuga Labs will no longer interfere with the CryptoPunks project, stating:

“What about the punks? Yuga will no longer touch them. They will simply be decentralized and preserved on the blockchain.”

Additionally, Yuga Labs will commit to supporting museums and institutions in acquiring the CryptoPunk NFT and educating the public about this collection.

The NFT market

Despite the drop in NFT trading volumes, the CryptoPunks collection saw a resurgence in March when two transactions set new sales records.

On March 4, a rare CryptoPunk alien was sold for 4,500 Ether (ETH), equivalent to about 16 million dollars at the time of sale. This record was immediately surpassed on March 20th, when another CryptoPunk was sold for 4,850 ETH, approximately $16.4 million.

Conclusion

Yuga Labs’ decision to suspend the CryptoPunks project represents a critical moment in the company’s management of NFTs.

However, we will highlight how Yuga Labs has once again proven to be a company that never gives up on being extremely transparent and responsible in the management of its NFT projects, also demonstrating particular interest in the will and feedback of its community.

With the NFT market constantly evolving, it will be interesting to see how Yuga Labs and other industry leaders adapt their strategies to meet the needs and expectations of their investors.



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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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NFTs

Vatican Library Adopts NFTs to Preserve Manuscript Collection

TokenTalk Staff

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Vatican Library Adopts NFTs to Preserve Manuscript Collection

Vatican Library Adopts NFTs to Preserve Manuscript Collection

Future Application and Vision for Accessibility

A proof of concept in Open sea shows that PolygonNFT-based NFTs have been distributed to 419 owners so far.

NTT DATA Italia has collaborated with the Vatican Library since 2014 to preserve its historical documents, using its digital archive service, AMLAD, which includes more than 2 million assets.

Don Mauro Mantovani, Prefect of the Vatican Library, recognized the role of NTT DATA Italia in conserving the library’s cultural heritage and shared possible future applications, such as immersive experiences to visualize historical assets through extended reality.

Ludovico Diaz, CEO of NTT DATA Italia, emphasized his objective of making the cultural heritage of the Vatican Library accessible through this initiative. “We will continue this important work of conservation and dissemination of cultural heritage, aiming to connect institutions holding valuable digital content with users around the world, extending the use of digital blockchain technology to other sectors such as education and entertainment,” he said. declared according to a translation Press release.

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INTA: NFTs must be protected as ‘commodities’ in Bored Ape case | Trademarks

TokenTalk Staff

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INTA: NFTs must be protected as 'commodities' in Bored Ape case |  Trademarks

Association archived friend brief to Ninth Circuit in support of plaintiff Yuga Labs | The Lanham Act does not limit the definition of goods and services, INTA said.

Non-fungible tokens (NFTs) must be considered “goods” under the Lanham Act, in accordance with the International Trademark Association (INTA), which stated that this approach would maintain the protection of trademarks registered on digital platforms, in line with the expectations of consumers and brand owners.

INTA provided its opinion in an amicus brief filed yesterday with the U.S. Court of Appeals for the Ninth Circuit, regarding Yuga Lab’s allegations that two defendants made millions of dollars from counterfeit versions of its ‘Bored Ape Yacht Club’ NFTs.

In October 2023, a California federal judge ordered the defendants pay more than $1.5 million in damages for their copies of Yuga Labs NFTs, which they said was an art project aimed at criticizing allegedly racist images in Bored Apes tokens.

The case continued this year, with the California district court imposing a $9 million fine on the defendants in February, covering damages, fees and costs, and the defendants filing an appeal.

Opposing Yuga Labs’ motion for summary judgment on its false designation of origin claim, the defendants argued that the NFTs were ineligible for trademark protection because they were intangible goods.

They said the US Patent and Trademark Office rejected several of Yuga Labs’ applications to register trademarks because NFTs are not traded goods, and argued that the Supreme Court required tangibility for trademark protection in the case Dastar v Twentieth Century Fox (2003 ).

‘No limit on definition’ in the Lanham Act

INTA urged the court to avoid an “excessive extension of restricted participation” in Dastar, which it said dealt with communicative content rather than communicative products.

The association argued that the Lanham Act refers to the registration and use of trademarks in connection with any goods or services, without limiting definition – which therefore included NFTs.

The law focuses on consumer perception and the meaning of trademarks to consumers, INTA said, also pointing to the qualities that digital goods share with tangible goods, as noted by the district court.

“In summary, the district court here correctly held that NFTs, if understood as digital goods comprising a set of tokens that reference underlying digital assets through token metadata, are goods for purposes of the Lanham Act,” INTA told the court.

It stated that this approach would advocate for the protection of trademarks in new digital ecosystems in a way that benefits consumers and brands.

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NFT Market Crash: Values ​​of Cryptopunks and Bored Monkeys Plummet Over 90 Days – Market Updates Bitcoin News

TokenTalk Staff

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NFT Market Crash: Values ​​of Cryptopunks and Bored Monkeys Plummet Over 90 Days - Market Updates Bitcoin News

https://news.google.com/./articles/CBMiYGh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9uZnQtbWFya2V0LXNsdW1wLWNyeXB0b3B1bmtzLWFuZC1ib3JlZC1hcGUtdmFsdWVzLXBsdW1tZXQtb3Zlci05 MC1kYXlzL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

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Bitcoin Blockchain Now Holds Third-Largest NFT Sale Ever

TokenTalk Staff

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Bitcoin Blockchain Now Holds Third-Largest NFT Sale Ever

The Bitcoin network is breaking records beyond its native asset, BTC, reaching prices never seen by other cryptocurrencies. It is now one of the top three NFT ecosystems in sales generated through historical sales volumes, reaching $4,271,928,280 and pushing the Ronin network into fourth place.

As protocols like Ordinals and Rune bring new use cases to the legacy chain, Bitcoin has transformed into an established NFT ecosystem. Enthusiasts turn to the first blockchain in droves to get their hands on NFTs, allowing it to surpass its counterparts that offered NFTs long before Bitcoin.

Ethereum, the network where NFTs first emerged, leads all blockchains in sales volumes for this type of asset, valued at $43,861,912,400. Solana takes second place with $5,603,556,704. Ronin, the third-ranked network until Bitcoin took over, recorded $4,271,677,108.

Just last month, Bitcoin NFT trading accounted for around $148 million, trailing Ethereum’s $157 million but outperforming Solana, which recorded $77 million.

Bitcoin’s rise in the NFT sphere is commendable, but the usefulness of its NFTs is limited. Unlike other chains supporting applications like gaming, where NFTs find crucial implementations, Bitcoin cannot do the same. Its design does not support dApps and smart contracts. Furthermore, NFTs on it are deployed differently than other networks. Thus, these assets remain tradable commodities that obtain value through hype.

On the other hand, Ronin integrates the asset type into games, ensuring NFT value through gameplay and in-game mechanisms. Axie Infinity, one of the most popular on-chain games deployed on Ronin, utilizes NFT collectibles, allowing them to gain value through gameplay. Additionally, other apps capitalize on NFT features and utilize its versatile functionality to back their NFTs with more than hype factors. NFTs on Bitcoin do not yet have this option.

Image by Pete Linforth in Pixabay

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