Yuga Labs, a blockchain technology company that operates with NFTs and digital collectibles, stepped away from the CryptoPunks NFT project, after ‘Woke’ community backlash.
Yuga Labs, a big name in the Non-fungible tokens (NFT) sector announced its path away from CryptoPunks NFT project. The blockchain technology company made the decision just after the newly launched Punks-branded NFT collection, faced rapid backlash from NFT enthusiasts.
Why Did Yuga Labs End Involvement with CryptoPunks NFT?
In March 2022, Yuga Labs acquired ownership of CryptoPunks from Larva Labs for over $69 Million. On May 21, the company recently unveiled its departure from CryptoPunks and the sudden backlash of Super Punk World NFT arose as the main reason.
Greg Solano, the co-founder of Yuga Labs shared the exit news on X.
gm,
— Garga.eth (Greg Solano) (@CryptoGarga) May 20, 2024
wanted to share an update on punks: when we acquired the collection a couple years ago, we did so with the intention of preserving the legacy of the collection.
we see punks as the early cave paintings of this new medium, and we were heavily influenced by them when creating…
“Yuga will no longer touch punks. They will just be decentralized and preserved on the blockchain.” Solano tweeted.
The company’s vision is to collaborate with world-class artists to bridge the gap between Web3 and traditional art. Result of this, Yuga Labs shared an update of punks “Super Punk World NFT” to preserve the legacy of the collection.
However, the collection faced a rapid backlash, involving claims of “woke” artwork which led Yuga Labs to abandon plans.
The First Look At Super Punk World NFT
On May 20, the “Super Punk World NFT” collection’s first look was shared by Yuga Labs. It is a 500-unique item collection created by Nina Chanel, an artist well-known for her graphic large-scale pieces.
Proud to share the first look at @cryptopunksnfts inaugural Punk in Residence collection, "Super Punk World," created with @ninachanel. https://t.co/HHs1k5aQQi
— Yuga Labs (@yugalabs) May 20, 2024
The main motive behind the latest collection introduction is to distribute the latest collection to Chanel’s supporters. The auction for the collection is expected to begin next Wednesday, May 29, offering both 2D images and 3D models for future digital use.
About CryptoPunks NFT Collection
CryptoPunks NFT project was introduced to the NFT space in June 2017 and stands as an inspiration for the ERC-721 token standard. Streaming over the Ethereum blockchain, Cyptopunks offers a unique collection of 9,994 items.
In the past 30 days, the project generated 105 sales and held 9,191 ETH in volume. Additionally, the project has a total volume of 1,246,725 ETH with over 3,619 owners, among which 36% are unique owners.
Furthermore, Yuga Labs also partnered with Somania to advance the evolution of the Metaverse. Both companies partnered to incorporate the NFT brands’ digital assets into the virtual gaming landscape.
