Markets News Report
November 16, 2022

Yuga Labs introduces NFTs to the world’s leading museums, CryptoPunk #305 goes to ICA Miami

In Brief

Yuga Labs aims to display the Ethereum PFPs, CryptoPunks, in top contemporary art museums around the world.

As a part of the Punks Legacy Project, Yuga Labs donates CryptoPunk #305 to the ICA Miami.

cryptopunks

Yuga Labs, the parent company of the NFT collection Bored Ape Yacht Club, introduces the new initiative – the Punks Legacy Project and donates a CryptoPunk #305 to Miami’s Institute of Contemporary Art (ICA Miami).

“Just like how Jeff Koons and Andy Warhol drove a renaissance for contemporary art, I hope that CryptoPunks can lead that charge for NFTs. We believe NFTs belong in museums, and I’m thrilled to be kicking off the Punks Legacy Project with ICA Miami and CryptoPunk #305,”

said Noah Davis, CryptoPunk’s brand lead.

The Punks Legacy Project will donate and install several CryptoPunks at top contemporary art museums and offer resources on Web3 education (crypto art history, crypto security, and NFT best practices) as a part of the deal.

CryptoPunks is one of the earliest NFT collections on the market and still remains the most valuable one. The 10,000 generative art NFTs, inspired by London’s punk scene, were created by Larva Labs in 2017 and then acquired by Yuga. Nine CryptoPunks were auctioned in the iconic Christie’s auction in 2021 and sold for $17 million. The occurrence marked history in the world of crypto art.

ICA Miami reveals CryptoPunk #305 in the permanent display on Friday, December 2.

“Seeing a Punk on the wall of a museum next to famous artists only affirms what I felt that evening when Beeple’s art made history – NFTs are changing contemporary art,”

Davis wrote.

Last month, Yuga Labs pledged to contribute $1 million to support arts and education initiatives in Miami.

CryptoPunks has generated over $2.4 billion in secondary trading volume since its inception. The most expensive CryptoPunk was sold for 8,000 ETH, an impressive $23.7 million when the sale happened in February. The current floor price for CryptoPunks is 66.5 ETH, or $80,257.

Yuga Labs is going even deeper into the world of art. This week, the Web3 company acquired the creative NFT studio WENEW Labs, founded by the famous digital artist Beeple.

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About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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