CryptoPunks Come to Art Museums as Yuga Labs Starts Donating Ethereum NFTs

Yuga Labs has hatched a plan to donate cryptopunks NFT to modern art museums around the world, starting with Punk #305. the ethereal NFTs it will be donated to the Miami Institute of Contemporary Art, which offers free admission, and can be viewed there after a private launch event is held on December 2 during Art Basel.

Punk #305 was chosen in part because its number corresponds to one of Miami’s telephone area codes: 305. Miami is also the hometown of two of Yuga’s co-founders, Wylie Aronow and Greg Solano, who are also known for their respective Bored Monkey Yacht Club alter egos, Gordon Goner and Garga.

It is the first donation in a larger initiative called the Punks Legacy Project. Noah Davis, Yuga Brand Lead for CryptoPunks, said decipher that “several more” of the NFTs will be donated to other museums in the future.

CryptoPunks NFT #305. Image: Yuga Laboratories

“It’s not about a certain number of punks, it’s about finding museums and legacy arts organizations that want to get into Web3 for the right reasons,” Davis said. “Quality over quantity.”

While NFT skeptics may regard these works as little more than pixels on a digital canvas, CryptoPunks have proven influential in the Web3 world in defining the template for tokenization. profile picture (PFP) projects. Larva Labs launched the project in 2017 with 10,000 pixel faces, each with a random set of traits and characteristics.

Bored Ape Yacht Club creator Yuga Labs bought the IP from Larva Labs in March, and soon after installed Davis, formerly of auction house Christie’s, to oversee its future and help establish its legacy as an NFT artwork. In addition to their historical significance, Davis believes that the punks are true works of art in themselves.

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

The legacy of the punks

Since launching via a free mint in 2017, CryptoPunks has generated more than $2.4 billion in secondary trading volume to date, according to data from CryptoSlam. One Punk will execute a buyer today at least 64.5 ETHor $81,200 today, while the most expensive punk sale of all time weighed in at 8,000 ETH, a whopping $23.7 million when it was sold in February.

Punks are a quintessential example of PFP avatar NFT, which many owners use as profile photos on social networks. Many owners see their Punk as a central part of their online brand identity, and some have built a large following on social media around their Punk’s face and corresponding number.

the pseudonym Punk #6529—who started a venture capital firm, 6529 Capital, based on your identity, is a prime example of this. Another example is 4156co-creator of the NFT Project Nouns who built an identity around his Punk before selling the NFT for over $10 million worth of ETH in December 2021.

NFT pseudonymous trader money is another remarkable highlight, and he said decipher who has owned his CryptoPunk since January 2021. He paid around $170,000 in ETH for it, and has described it as a “flex” similar to wearing a Rolex, “but digitally”.

While gmoney’s punk is a big part of his online identity, he said it’s not everything. “Yeah, I could be gmoney without my Punk,” she said. decipher. I think people follow me [because] of my thoughts on NFT, and not just my PFP.”

Many owners have a personal association with their CryptoPunks, but on a broader scale, Yuga Labs is clearly interested in establishing art world credentials and historical narrative for the Ethereal NFT. It’s a key differentiator between the Punks and the Bored Apes of Yuga, as the company now oversees both.

“The communities are very different, but there is a shared love for the underlying technology,” said Solano de Yuga. decipher. “Both communities want to explore, in different ways, what it means to actually own a digital asset.”

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