In a statement published on May 21, Greg Solano, co-founder of Yuga Labs, has revealed that Yuga Labs will no longer be involved in the management or oversight of Cryptopunks.
The iconic digital collectibles will now exist on the blockchain and operate without any intervention from Yuga Labs.
According to Solano, this decision marks a decisive step towards full decentralization, allowing Cryptopunks to exist autonomously on the blockchain and it is in line with the original vision of preserving the NFTs as a form of digital heritage.
The CEO also expressed the company’s intention to assist museums and other cultural institutions in acquiring Cryptopunks, thus enhancing their status as cultural artefacts.
Yuga Labs acquired Cryptopunks in 2022, and at the time, the company stated that its goal was to preserve these digital collectibles as cultural artifacts. However, recent events seem to have influenced this strategic shift more.
On April 26, Greg Solano discussed the company’s recent challenges, including layoffs. He revealed that he had been assessing the company for the past two months since he took over as CEO and found that the creative-first spirit that initially drove Yuga Labs had become muddied by complex corporate processes.
“We work hard and we care but somehow end up with groups and committees. We plan more than we ship,”
Solano stated.
He noted that creator royalties, which once thrived and energized the ecosystem, had diminished, putting the company in a difficult position.
Furthermore, Yuga Labs faced significant backlash from the community over a new Punks-branded NFT collection. Critics labelled the artwork as “woke,” leading to personal attacks on the artist involved. This controversy has prompted Yuga Labs to abandon plans for future collaborations of this nature.
According to Solano, Yuga Labs will focus on developing its Otherside metaverse project going forward. He emphasized this pivot as a realignment of the company’s resources and strategic focus.
RELATED: Yuga Labs Completes Restructuring, Prioritizes Metaverse Projects Amid Crypto Industry Pressures
Additionally, in an effort to bridge the gap between web3 and traditional art, Yuga Labs has announced that Nina Chanel’s latest NFT collection will be airdropped to holders of Super Cool World NFTs.
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