CryptoPunks creators Yuga Labs is donating pieces from the famous NFT collection to art museums across the world. The company will begin the project by showcasing Punk #305 at the Institute of Contemporary Art in Miami on December 2nd.
CryptoPunks To Art Galleries Around The World
As part of launching the ‘Punk Legacy Project’ to showcase its iconic CryptoPunks NFT collection at art museums across the world, Yuga Labs has announced that it will be donating Punk #305 to the Institute of Contemporary Art In Miami, Florida. The non-fungible tokens brand will collaborate with ICA Miami to set up safe storage solutions for the NFT and also provide educational resources related to Web3, crypto art history, crypto security, and best practices.
Yuga Labs, which owns other established NFT collections like Bored Ape Yacht Club (BAYC), Meebits and Otherdeeds, chose CryptoPunks for the donation campaign due to its status as being one of the most prominent contemporary art projects. Last year, the company appointed Noah Davis, former head of digital art at renowned art auction house Christie’s, as the head of CryptoPunks.
“What makes the CryptoPunks an especially important work of contemporary art, is the way in which the collector community coalesces in virtual and sometimes real spaces for semi-constant conversation, collaboration, debate and comradery. For contrast, I assure you, there is no gated Discord server or Telegram group for Willem DeKooning collectors,” said Noah Davis.
CryptoPunks is a 10,000-piece generative art collection inspired by the London punk scene. The blue-chip NFT project can count on some high-profile owners like rappers, Jaz-Z, Snoop Dogg, and Jason Derulo, DJ 3LAU and Steve Aoki, Youtuber Logan Paul, tennis sensation Serena Williams, and NFL star Odell Beckham Jr. The Ethereum-based collection has amassed over $2 billion in after-market sales. CryptoPunk #7523, an ultra-rare alien Punk with three distinctive traits, was sold at an auction held by art auction house Sotheby’s for $11.75 million to Israeli billionaire Shalom Mackenzie. This is the most expensive piece from the collection to date.
In March, Yuga Labs purchased intellectual property (IP) rights to CryptoPunks and Meebits from Larva Labs as part of a deal to acquire the NFTs. The company then opened copyrights to holders who can now use their Punks in third-party commercial and derivative projects.
CryptoPunk #305, which is also the area code where ICA Miami is located, will be the second Punk to be held by the museum after it obtained #5293 from museum trustee Eduardo Burillo in June 2021. The particular piece was named ‘Priscilla’ after Burillo’s wife. Yuga Labs will unveil #305 at ICA’s Art Basel festival on December 3rd and showcase the piece till the end of the year.
“ICA Miami’s collection reflects the art and ideas that define our present moment and drive forward cultural conversations. As one of the first NFT collections on the Ethereum blockchain, CryptoPunks have become emblematic of the rise of crypto art and the ways artists are utilizing emerging technologies. We are grateful to Yuga Labs for its generous support, which includes ongoing dialogue and collaboration to bring Web3 best practices to the museum field,” said Alex Gartenfeld, Artistic Director at ICA Miami.
Yuga Labs will be donating CryptoPunks to museums across the world beginning next year under the Punk Legacy Project.