Last Updated on May 21, 2024 by COINBUZZFEED
Yuga Labs, the masterminds behind the Bored Ape Yacht Club, are taking a step back from their involvement with CryptoPunks, one of the OG NFT collections. But don’t worry, they’re not abandoning ship completely. They’re passing the torch to the community and kicking off a super cool new initiative called ‘Punk in Residence,’ with the incredible Nina Chanel Abney as the first artist to take the reins.
In a move that’s got the whole NFT community buzzing, Yuga Labs announced they’re decentralizing CryptoPunks. This means the project will be run more by the community, with Yuga Labs taking a less hands-on approach. Now, you might be wondering, “Why the change?”
Why is Yuga Labs stepping back? Well, it seems they want to give CryptoPunks more freedom to evolve and grow organically. By decentralizing the project, they’re empowering the community to shape its future. It’s like letting a teenager take the wheel and explore their own path.
Yuga Labs’ decision to decentralize CryptoPunks is a bold move. It’s a leap of faith in the community, a recognition that sometimes the best ideas come from unexpected places. By giving up control, they’re opening the door to new possibilities and collaborations.
