Yuga Labs has introduced an exciting initiative known as the Punks Legacy Project. The new project wants to develop a cultural shift in how we view nonfungible tokens (NFTs). It is expected to permanently put CryptoPunks on the walls of some of the greatest museums and design institutes in the world.
To kickstart the Punks Legacy Project, Yuga Labs donated Punk #305 to the Institute of Contemporary Art Miami.
In March 2021, the developers of the Bored Ape Yacht Club NFT ecosystem, Yuga Labs, acquired the rights to Larva Lab’s creations for $3.4 million. It means that Yuga Labs now owns the IP rights to Meebits and CryptoPunks.
CryptoPunks ranks among the most popular and influential NFT projects ever created. Notably, the 10,000 pfp characters inspired by electronic music, Punk Culture, and the cyberpunk movement assisted in the revolution of the concept of nonfungible tokens and how people view them.
Punks have now become legendary in the NFT world and, critically, have transcended into the real world of art. CryptoPunks have already sold huge amounts of prestigious art auction houses like Christie’s and Sotheby’s.
CryptoPunks Is Modern Art
One thing is for sure, CryptoPunks and other considerable NFT collections/artists have revolutionized the entire crypto art space. Moreover, they have thrust into a new digital Web3 space. Yuga Labs is slowly introducing CryptoPunks to the modern art world. Soon, the Punk will feature, amongst other works of art, in some of the best galleries in the world.
In a blog post published by Noah Davis, the brand lead for CryptoPunks, said:
“We’re honored to announce the Punks Legacy Project, an initiative by Yuga Labs to donate iconic CryptoPunks from our collection to museums around the world.”
Yuga Labs will also assist museums to display the NFTs in the best ways possible. Moreover, they will offer NFT education and advice on security.
Punk #305 Sent To the Institute Of Contemporary Art Miami
To celebrate the unveiling of the Punks Legacy Project, Yuga Labs confirmed that they would donate Punk #305 to the permanent collection of the prestigious Institute of Contemporary Art Miami. This museum will unleash the Punk on December 2 on a permanent display.
While commenting about the donation, Noah Davis mentioned:
“The acquisition of a CryptoPunk by a major art museum affirms the collection’s pioneering role in the rise of crypto art, and we’re thrilled to be working with ICA Miami given Yuga Labs’ deep Miami roots.”
It will surely be interesting to see how the modern art world and visitors react to the crypto art on display.
In recent months, CryptoPunks has had somehow a renaissance, partly due to the ongoing FTX saga. CryptoPunks has managed to regain its crown at the top of the NFT project list, acquiring the position from the Bored Ape Yacht Club (BAYC).
Notably, Yuga Labs owns the rights to both of these projects, making it one of the premier web3 firms. In the months ahead, they will announce more Punk museum donations through the Punks Legacy Project.
