Crypto News – Reasons Why Yuga Labs Ended Involvement with Cryptopunks

Crypto News – Why Did Yuga Labs Ended Involvement with Cryptopunks?

Crypto News – Famous for making the NFTs for the Bored Ape Yacht Club, Yuga Labs is withdrawing from Cryptopunks, another well-known NFT collection in the cryptocurrency world. In order to maintain its legacy, the business purchased Cryptopunks in 2022. The collection soon rose to prominence in the NFT sector as one of the most recognizable and significant profile picture (PFP) series.

Because Cryptopunks are so popular among collectors, Yuga Labs has managed to get them shown in museums. The company is prepared to let go, though, after two years of project management. Garga.eth (Greg Solano), co-founder of Yuga Labs, announced in a lengthy post on X that the firm is terminating its connection with the NFT collection and is prepared to fully decentralize it so that it can be preserved on the blockchain.

New NFT Collection Receives Community Backlash

The action was taken on May 20, less than a day after Yuga Labs debuted Super Punk World, the most recent iteration of Punks. Popular artist Nina Chanel Abney is the creator of the NFTs. Teaming up with elite artists, the move aimed to establish a connection between the Web3 ecology and the traditional art world. Using the official Punks stamp, Abney created Super Punk World, becoming the first artist to sign up for collaboration. On the other hand, collectors and punks did not think well of the decision.

Given these circumstances, Yuga Labs wishes to drop all ties with Punks and give up on any further intentions it may have for the collection. The business does, however, still intend to assist museums in obtaining the NFTs and educating their collectors about them.

The only thing we intend to do is support a few museums and institutions in their quest to acquire Punks and help educate their audience about them,

Garga.eth

FAQ

For more up-to-date crypto news, you can follow Crypto Data Space.