CryptoPunks is bought by Yuga Labs, owner of Bored Ape Yacht Club

Charlie Taylor


Yuga Labs, the company behind one of the largest and most valuable collections of NFT in the industry, the Bored Ape Yacht Club, today announced that it has purchased the intellectual property rights to the CryptoPunks and Meebits collections from Larva Labs. And the first step for Yuga Labs is to grant full commercial license to CryptoPunks and Meebits holders, according to a company statement: own BAYC collection, Yuga Labs will transfer IP, commercial and exclusive licensing rights to individual NFT holders. ” Yuga Labs, the company behind one of the largest and most valuable collections of NFT in the industry, the Bored Ape Yacht Club, today announced that it has purchased the intellectual property rights to the CryptoPunks and Meebits collections from Larva Labs. Yuga Labs, which released the BAYC collection in April of last year, had already granted all Bored Ape NFT owners a full license to use the images they own for whatever commercial purposes they choose. Entrepreneurs, brands and celebrities quickly capitalized on the BAYC phenomenon and launched several Bored Ape-branded companies, including an Arizona Iced Tea ad campaign and a Gorillaz-inspired “metaverse band” from Universal Music Group.

Yuga Labs, the company behind one of the largest and most valuable collections of NFT in the industry, the Bored Ape Yacht Club, today announced that it has purchased the intellectual property rights to the CryptoPunks and Meebits collections from Larva Labs. Larva Labs, creators of the CryptoPunks collection, was reluctant to grant this same type of commercial license to its NFT holders, which became a source of controversy among CryptoPunks investors. As a result, several high-profile holders dropped out of the project, including the alias “punk4156,” who told Decrypt in December that the IP dispute was what led to the $10 million sale of CryptoPunks NFT. NFTs are unique tokens
that exist on the blockchain
networks, such as Ethereum, and are used to demonstrate ownership of digital items such as profile pictures, music files, or video game assets. The NFT market has exploded in the past year, with more than $23 billion changing hands in 2021, according to data from DappRadar. The boom was largely led by collections like Bored Apes and CryptoPunks, which today command a minimum entry price of 73 ETH, or roughly $182,000. Now, both collections will be housed under one proverbial roof, with Yuga Labs today confirming rumors of an imminent takeover.

Yuga Labs, which released the BAYC collection in April of last year, had already granted all Bored Ape NFT owners a full license to use the images they own for whatever commercial purposes they choose. Entrepreneurs, brands and celebrities quickly capitalized on the BAYC phenomenon and launched several Bored Ape-branded companies, including an Arizona Iced Tea ad campaign and a Gorillaz-inspired “metaverse band” from Universal Music Group. Larva Labs, creators of the CryptoPunks collection, was reluctant to grant this same type of commercial license to its NFT holders, which became a source of controversy among CryptoPunks investors. As a result, several high-profile holders dropped out of the project, including the alias “punk4156,” who told Decrypt in December that the IP dispute was what led to his sale of CryptoPunks NFT for $10 million. NFTs are unique tokens. that exist on blockchain networks such as Ethereum and are used to demonstrate ownership of digital items such as profile pictures, music files or video game assets. The NFT market has exploded in the past year, with more than $23 billion changing hands in 2021, according to data from DappRadar. The boom was largely led by collections like Bored Apes and CryptoPunks, which today command a minimum entry price of 73 ETH, or roughly $182,000. Now, both collections will be housed under one proverbial roof, with Yuga Labs today confirming rumors of an imminent takeover. Yuga Labs, however, emphasized in its announcement that its focus will remain on monkeys. “To be clear: the BAYC ecosystem will continue to be the center of our universe,” the company tweeted. “We believe that what’s good for punks is good for apes and the rest of space. Likewise, what’s good for apes is good for punks. We want to make the pie grow, not fight over slices.” As for what exactly is in store for CryptoPunks now that the IP will be controlled by Yuga Labs, the company’s pseudonymous co-founders seem less certain: “We’re in no rush to do anything but give people their IP, see what they build and listen,” they said in a statement. *Translated and edited with permission from Decrypt.co.

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