Cryptopunks Visit Art Museum As Yuga Labs Starts Donating Ether

Ferdianto . November 16, 2022

Picture: The Cryptonomist 

Techspace - In order to support modern art museums all over the world, Yuga Labs has devised a scheme to gift CryptoPunks NFTs beginning with Punk #305. After a private unveiling ceremony on December 2 during Art Basel, the Ethereum NFT will be given to Miami's Institute of Contemporary Art, which provides free entrance, and be accessible there.

Punk #305 was selected in part due to the fact that it has the same number as one of the area codes for Miami: 305. Wylie Aronow and Greg Solano, who are also known by their separate Bored Ape Yacht Club aliases, Gordon Goner and Garga, are two of Yuga's co-founders and both are from Miami.

The Punks Legacy Project is a wider endeavor, and this donation is the first part of it. The NFTs will eventually be donated to other institutions, according to Noah Davis, Yuga's brand lead for CryptoPunks, who spoke with Decrypt.

“It’s not about a certain number of Punks, but rather about finding museums and legacy art organizations that want to enter into Web3 for the right reasons,” said Davis. “Quality over quantity.”

The pattern for tokenized profile photo (PFP) projects was defined by CryptoPunks, which has been influential in the Web3 world. NFT naysayers may view such works as little more than pixels on a digital canvas, but they have proven influential in the Web3 world. 10,000 pixel faces with a randomized set of characteristics and qualities were used when Larva Labs started the project in 2017.

In March, Bored Ape Yacht Club developer Yuga Labs acquired the IP from Larva Labs. Shortly after, Davis, formerly of Christie's, was appointed to supervise their future and assist in establishing their history as NFT artwork. Davis thinks that in addition to their historical relevance, the Punks are genuine works of art in and of themselves.

“CryptoPunks are contemporary art. They belong in museums,” Davis said in a statement, calling the NFTs “equal parts art, graphic design, technology, and radical communal experiment.”

Legacy of The Punks

Picture: Coindesk

Until now, according to data from CryptoSlam, CryptoPunks has generated secondary trade volume of more over $2.4 billion since its free mint launch in 2017. A buyer will need at least 64.5 ETH, or $81,200, to purchase a Punk today, whereas the most expensive Punk sale of all time cost 8,000 ETH, or a staggering $23.7 million, when it traded hands in February.

PFP avatar NFTs are a classic example, and many owners use them as their profile images on social media. A lot of Punk owners consider their Punk to be an essential component of their online brand identity, and several have developed sizable social media followings centered around their Punk's appearance and matching number.

One excellent example of this is the pseudonymous Punk #6529, who established the venture capital business 6529 Capital in order to protect their identity. Another illustration is 4156, a co-founder of the Nouns NFT project who established a reputation around his Punk before selling the NFT for more than $10 million in ETH in December 2021.

Another notable standout is pseudonymous NFT trader gmoney, who told Decrypt that he has owned his CryptoPunk since January 2021. He described it as a "flex" similar to wearing a Rolex, "but digitally," and he paid roughly $170,000 worth of ETH for it.

While gmoney’s Punk is a big part of his online identity, he said it isn’t everything. “Yes, I could be gmoney without my Punk,” he told Decrypt. “I think people follow me [because] of my thoughts around NFTs, and not just my PFP.”

Many owners have a personal connection to their CryptoPunks, but on a bigger scale, Yuga Labs is obviously interested in establishing the artistic qualifications and background of the Ethereum NFTs. Given that Yuga's organization now manages both, it's a crucial distinction between the Punks and the corporation's own Bored Apes.

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