Yuga Labs<\/a>, the NFT company best known for creating the Bored Ape Yacht Club and current owners of the CryptoPunks IP, sparked controversy after it unveiled the first \u201cPunk in Residence\u201d collection by Nina Chanel Abney<\/a>.<\/p>\n Many CryptoPunk holders question Yuga\u2019s decision to launch an official CryptoPunk collaboration, citing the potential for execution risk. The reaction on crypto Twitter was summed up by well-known artist and investor OSF, who tweeted<\/a> \u201cJust let punks be punks\u201d.<\/p>\n The Punk in Residence program is designed to be a series of collaborations between CryptoPunks and artists who hold CryptoPunks. The first artist slated to take part in the program is Nina Chanel Abney, a contemporary artist and painter who released her first NFT collection known as \u201cSuper Cool World\u201d in 2022 through the Gallery of Digital Assets. Abney\u2019s work can be found in museums across the globe, including the Museum of Modern Art (MoMA).<\/p>\n In reference to her original collection, Abney\u2019s Punk in Residence release is named \u201cSuper Punk World,\u201d a generative collection of 500 avatars. It was originally meant to be sold in a Dutch auction format.<\/p>\n A Dutch auction is a form of auction that begins at a high price and incrementally decreases until the collection either sells out or a reserve price is met.<\/p>\n <\/p>\n <\/a><\/p>\n![\"Official](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fe09bc6a4a32538c4fb7bf2c21bb3f7c7e6993d77-1178x411.jpg&w=828&q=100\")