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Cobie Punk World
Published on May 31, 2024
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Cobie Punk World

In 2022, Bored Ape creators Yuga Labs acquired the CryptoPunks IP. Later, they launched a "Punk in Residence" program to kick off a new series of artist collaborations.

Things went haywire when Yuga announced its first release here, Super Punk World by artist Nina Chanel Abney, on May 20th.

Salvos came in from all sides, with some 'Punks holders saying it was dilutive and the planned auctions seemed extractive, while others complained the drop's art was "too woke" (this complaint I found totally overblown, but it was out there).

Still, Yuga changed course fast, announcing they would mostly leave the 'Punks alone going forward and axing the SPW auction plans in favor of randomized airdrops to Abney's previous collectors.

Those airdrops went off without a hitch this week, the art revealed, and it seemed like the storm had blown over. Then word spread on Crypto Twitter that SPW's licensing indicated Yuga could legally pursue anyone who didn't pay a 6% royalty fee on resales.

Defensible or not, this licensing kicked off a new wave of controversy, even prompting longtime crypto veteran and CT darling Cobie to admit he recently asked Yuga if he could acquire the 'Punks IP from them (they declined).

via X

Of course, a Cobie acquisition would've seen the 'Punks floor price shoot skyward in minutes. The community believes in him. They know he would leave the 'Punks alone.

In contrast, with trust in Yuga lower than it's been in years, it's now fair to wonder if the 'Punks can even hold a 30 ETH floor price for the near future.

To be sure, the 'Punks remain incredibly iconic and will endure any price action. However, Yuga hasn't done, er, the best job at fulfilling what everyone wants most here—staying hands-off.

This is why 'Punks are currently chopping between 30 ETH and 40 ETH and with the specter that the next breakout could be downward. For now, we'll have to wait and see what happens next, but uncertainty is certainly in the air.

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