Yuga Labs faced a backlash over a new Punk-themed NFT collection, developed in collaboration with artist Nina Chanel Abney, criticized for "diluting" the OG CryptoPunks brand.

The “Super Punk World” 500-piece collection was launched on Monday, offering “hybridized 3D sculptures that blur the lines of race and gender and reflect upon virtual versus real world identities.”

Coinbase protocol specialist Viktor Bunin, who sports a CryptoPunk as his social media profile picture, was among the critics of the collection, asking Yuga Labs to cancel the sale.

“It dilutes the CryptoPunks brand with what appears to be a low quality cash grab,” Bunin said. “The best way you can steward Punks is by building the legacy, not monetizing it in such poor taste.”

Yuga Labs CEO Greg Solano said Tuesday that when the company acquired the intellectual property rights for the CryptoPunks collection in March 2022, it did so “with the intention of preserving the legacy of the collection.” He explained that Yuga Labs wanted to collaborate with world-class artists to “bridge web3 with the traditional art world.” Nina Channel’s collection was part of that plan — offering it exclusively to holders of her existing “SuperCoolWorld” NFTs via a proposed randomized airdrop.

Going forward, however, Solano confirmed the firm will “no longer touch” CryptoPunks.

“[CryptoPunks] will just be decentralized and preserved on the blockchain. The only thing we intend to do is support a few museums and institutions in their quest to acquire a Punk and help educate their audience about them,” he said.

CryptoPunk NFT performance

The floor prices of CryptoPunk NFTs have doubled in U.S. dollar terms over the past 18 months but have fallen over 40% in ether terms since the bottom of the crypto bear market.

In March, the second-most expensive CryptoPunk ever sold for 4,850 ETH, worth $16.4 million at the time. Last month, the sixth-most expensive CryptoPunk sold for 4,000 ETH ($12.4 million).

Source : The Block / May 23, 2024