NFTs
Yuga Labs suspends CryptoPunks NFT project after criticism
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.