Yuga Labs, the renowned company that has created some of the most famous NFT projects, has announced the suspension of the CryptoPunks project due to a wave of criticism from its community.
This decision was made following the launch of the new collection – Super Punk World – which sparked a wave of controversy and negative reactions from some holders of the famous NFTs.
CryptoPunks NFT: Yuga Labs introduces the collection Super Punk World
On May 20, the official CryptoPunks launched the Super Punk World collection, consisting of 500 hybrid 3D sculptures.
These works, created by New York artist Nina Abney, aimed to pay homage to the primordial project of the CryptoPunks launched back in 2017.
The negative reaction of the community
Despite YugaLabs’ good intentions, the collection was immediately criticized by the crypto community, which immediately accused it of being too “politically correct”.
A member of the community has indeed stated:
“Going politically correct means going bankrupt. Yuga destroyed the Punks today” while another user threatened instead to sell their CryptoPunk.
Yuga Labs’ response to the new NFTs of CryptoPunks
In response to the criticisms, Greg Solano, CEO of Yuga Labs, promptly published a statement explaining that the team’s intention was to collaborate with world-class artists, such as Nina Abney, to connect the world of Web3 with traditional art.
Solano has 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 designed to support those who already appreciate the artist’s work.
The story of Yuga Labs
We remind you that Yuga Labs, founded in 2021, has quickly become a reference point in the NFT landscape thanks to the success of their 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 major investors.
The success of BAYC has then allowed Yuga Labs to also acquire CryptoPunks and Meebits, consolidating its leadership in the Non Fungible Token sector.
The future of CryptoPunks
Solano has 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.”
Furthermore, Yuga Labs will commit to supporting museums and institutions in acquiring NFT CryptoPunk and educating the public about this collection.
The NFT market
Despite a drop in NFT trading volumes, the CryptoPunks collection saw a resurgence in March, when two transactions set new sales records.
On March 4th, a rare alien CryptoPunk 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 dollars.
Conclusion
The decision of Yuga Labs to suspend the CryptoPunks project represents a critical moment in the management of NFTs by the company.
However, let’s highlight how Yuga Labs has once again proven to be a company that never gives up on being extremely transparent and responsible in managing its NFT projects, also showing 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 will adapt their strategies to meet the needs and expectations of its investors.
