Yuga Labs CEO Greg Solano announced that the NFT company will no longer intervene in the CryptoPunks project following community backlash.

On May 20, the official CryptoPunks account announced a new NFT collection called Super Punk World. The collection consisted of 500 pieces of hybrid 3D sculptures that blurred the boundaries of race and gender.

Created by New York-based painter Nina Abney, these pieces were intended to pay homage to the early internet roots of the CryptoPunks project.

However, despite these goals, the collection was criticized by some members of the crypto community for being “woke”. A community member stated that Yuga Labs killed CryptoPunks with this move. “If you get Woke, you go down. Yuga killed Punks today.”

Meanwhile, another person threatened to sell his CryptoPunk NFT, while a pseudonymous influencer named Greg sarcastically asked if their account was hacked. Additionally, an angry NFT trader called on the community to block Yuga Labs and move on.

Following the reactions, Solano published a statement on the X platform, stating that the team dreams of collaborating with world-class artists like Abney to combine Web3 with the traditional art world.

The Yuga Labs executive also shared that they plan to bring Abney’s collection to people who already support his work. This means the collection can be airdropped to SuperCoolWorld owners.

Regarding the CryptoPunks collection, Yuga Labs CEO stated that they will no longer interfere with this project. Solano wrote:

“What will happen to Punks? Yuga will not touch Punks anymore. They will just be decentralized and protected on the blockchain.”

The manager also stated that Yuga aims to support museums and institutions to acquire CryptoPunk NFTs and inform the masses about the collection.

Despite the decline in NFT trading volumes, the CryptoPunks collection has experienced a revival, breaking sales records with two transactions in March.

On March 4, a rare alien CryptoPunk sold for 4,500 Ethereum, worth approximately $16 million, reaching the second highest sale price for the collectible.

However, this record was quickly broken on March 20 when another CryptoPunk piece sold for 4,850 ETH, approximately $16.4 million at the time.

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A $16.4 Million CryptoPunk

An NFT from the CryptoPunks collection, the first NFT collection on the Ethereum blockchain launched in 2017, was sold for 4850 ETH, equivalent to approximately $16.4 million. This sale, which took place late last night, ranks as the second-largest CryptoPunk sale ever.

It’s worth noting that just weeks ago, the Alien Punk NFT #3100 was sold for 4500 ETH (around $16 million).

Identity of the New Buyer Unknown

The identity of the new buyer remains unknown. However, it’s been discovered that the Ether used for the purchase originated from the Coinbase exchange and had never been deposited into the wallet before.

Seller: “It Has Finally Found Its Value”

The seller, who goes by the pseudonym Peruggia on the X platform, had purchased the NFT in 2021 for 4500 ETH, which was worth around $7.5 million at the time. Regarding the sale, Peruggia stated, “End of an era… I’ve been holding onto this NFT because I haven’t seen the right price until now, but I believe it has finally found its value.”

Record Payment of 8000 ETH

The highest amount ever paid for a piece from the CryptoPunks collection was 8000 ETH in a sale that took place in 2022. Deepak Thapliyal, CEO of crypto startup Chain, paid $23.7 million for CryptoPunk NFT #5822. This sale, which occurred during the final days of the 2021 bull run’s NFT frenzy, was followed shortly by a significant downturn in cryptocurrency prices, particularly Bitcoin and Ethereum.

Yuga Labs Acquires CryptoPunks

The rights to the CryptoPunks NFT collection were acquired in 2022 by Yuga Labs, the company behind the Bored Ape Yacht Club.

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