Renowned blockchain technology firm, focusing on NFT and digital collectibles, Yuga Labs has confirmed that it will no longer interfere with CryptoPunks. According to a Twitter post by its co-founder Greg Solana, Yuga Labs will not be touching punk anymore, emphasizing that it will now be decentralized and preserved on the blockchain.

Greg added that Yuga Labs will only support museums and institutions willing to obtain Punk and assist in enlightening their audience about them. More so, the co-founder affirms Yuga’s goal to partner with renowned artists to bridge the gap between Web3 and the traditional art sector and make Nina Chanel the artist-in-residence of Punks.

Greg describes Nina Chanel as a household name when it comes to graphical and large-scale pieces with colorful palettes. He emphasized Yuga’s commitment to making her art pieces available to her supporters, particularly SuperCoolWorld holders.

Recall that Yuga Labs acquired the IP of CryptoPunks alongside Meebits in 2022 as part of its plans to widen its ecosystem and build a community-owned brand. Then, the company said its intention with the acquisition was to preserve the legacy and ethos of the NFT project. The deal made Yuga the owner of the brand and IP rights for the collection. In return, Yuga Labs granted commercial rights to CryptoPunks community just like it did with MAYC and BAYC.

Yuga Labs Launched a hub for CryptoPunks

Yuga launched a hub for CryptoPunks which serves as a catalog for community members to know about its history. At its core, this hub functions as a grid where people can scroll through the punks and explore its traits. While announcing the launch of the Punk hub at that time, Yuga Labs said it will help members of the community to monitor various developments on the project and also enable those unfamiliar with it to know historical significance of the collection.

Last year, Yuga Labs unveiled a wrapper contract for CryptoPunks. This move transformed CryptoPunks into an ERC-721 token, thereby enhancing its trading capabilities. Don’t forget the NFT collection had been created prior to the emergence of the ERC-721 token standard. As such, its transformation into that standard ensures that it also enjoys the same features as newly created NFTs.

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