- Some CryptoPunks NFT holders are frustrated with Larva Labs over a lack of communication, licensing guidance, and community engagement.
- One notable owner, Punk4156, sold his namesake CryptoPunk for over $10.25 million worth of ETH yesterday.
Larva Labs’ CryptoPunks are the O.G. Ethereum NFT profile picture (PFP) collection, yielding more than $1.75 billion worth of trading volume to date, including dozens of million-dollar sales. It’s the ultimate in Twitter cachet, with crypto personalities plus celebrities like Snoop Dogg and Jay Z using them—but some of the shine may be wearing off.
As the market increasingly shifts towards NFTs with utility or additional perks, some collectors see CryptoPunks as a relic. Licensing and commercial usage by NFT holders remains unclear for the project, in stark contrast to the rising Bored Ape Yacht Club, which lets users turn their owned Apes into music acts, brand ambassadors, and merchandise.
All the while, Larva Labs has been curiously quiet about Punks as their value surged this year, thus far not opting to layer in added benefits for holders or provide clear guidance on IP rights issues. Many CryptoPunks holders identify as their respective Punks and have built social media brands around the pixel PFPs, but discontent is on the rise.
Recent complaints about the ethos and utility of CryptoPunks came to a head yesterday when the pseudonymous collector Punk4156—a co-creator of Ethereum NFT project, Nouns—sold his titular NFT for 2,500 ETH, or more than $10.25 million. He told Decrypt today that it was “time to…