Yuga Labs has been forced to shut down planned updates on the iconic CryptoPunks non-fungible token (NFT) collection after criticism from the community.
The CryptoPunks project revealed it would create a new NFT collection known as Super Punk World with 500 pieces. According to the X post, the collection will feature “hybridized 3D sculptures that blur the lines of race & gender.”
Nina Abney, a painter based in New York, created the artwork behind this NFT collection. The project said the artworks sought to pay homage to the iconic CryptoPunks NFT collection. However, the community has not appreciated the move.
CryptoPunks Planned Update Faces Backlash
The efforts to update the CryptoPunks collection with new features have faced much backlash from the community. According to one user, Yuga Labs was at risk of running their brand to the ground with this initiative.
Another community member has also accused Yuga Labs of being “woke.” The user noted that Yuga Labs had killed the pricey NFT collection with its recent plans.
CryptoPunks is among the pricey NFT collections in the market. The floor price of these NFTs is $35.99 ETH, worth around $135,000 at the current price of Ether, according to CoinGecko. The NFTs have been witnessing declining volumes and prices due to the bear market.
Some holders are now threatening to sell their NFTs. Such a move could hamper the demand for these NFTs. The move will also impact the value of the speculative digital assets, whose price increases depending on the demand.
Yuga Labs Responds to Community Backlash
Greg Solano, the CEO of Yuga Labs, has responded to the criticism from users. He noted that working with a renowned artist like Abney sought to connect Web3 with the traditional art world.
According to Solano, this initiative does not target those holding CryptoPunks NFTs. Instead, the collection seeks to appeal to the NFT investors already supporting Abney’s efforts in the NFT industry. As such, these NFTs might be distributed as part of an airdrop.
The Yuga Labs CEO has further said that the Super Punk World project will not affect CryptoPunks, nor will it be issued as an update to the renowned NFT collection.
Solano has also said that Yuga Labs seeks to support institutions and museums wanting to acquire CryptoPunks NFTs. It also plans to educate audiences about different initiatives and how they can benefit from NFTs.
