Yuga Labs, creators of Bored Apes Yacht Club, have announced the acquisition of CryptoPunks and Meebits NFT collections from creator Larva Labs.
Both CryptoPunks and Bored Apes are the two most valuable NFT collections by market capitialzation, for a combined worth of approximately $3.6 billion at current prices.
CryptoPunks and Meebits NFTs are owned by members of the community. However, the intellectual property rights of the characters had long been owned by the projects’ creators.
With this new statement, Yuga Labs indicated they will be offering full commercial rights of the NFTs to the private holders.
“We’ve long admired CryptoPunks, and the work of the project’s founders, Matt & John. They’ve pushed NFTs and the broader crypto world forward, and we’re honored to carry the brands they’ve built into the future we’re building at Yuga,” a tweet from the Yuga Labs Twitter account reads.
Launched in 2017, the CryptoPunks project contained 10,000 NFT’s claimed by users for free and is largely seen as one of the earliest and most influential NFT projects.
In late 2020, CryptoPunk NFTs spiked in price with the rarest selling for millions and the cheapest selling for nearly $200,000.
In May, the founders of Larva Labs released a follow-up project titled Meebits, garnering tens of millions of dollars within hours of launch.
Larva Labs founders have nearly completely divested from the project, with Yuga Labs detailing in a blog post that they had also acquired 423 CryptoPunks and 1,711 Meebits from the company, leaving the founders with just a limited amount of each in addition to their generative art project Autoglyphs which was not part of the deal.
Yuga Labs has taken a more aggressive path toward actively building out the community of the Bored Apes project, revealing a partnership.
“This is, however, not an acquisition of Larva Labs,” a blog post from the Larva Labs founders reads.
“As for what’s next for us, we never talk about that until it’s ready, but in general we’re excited to get back to what we do best, which is working on weird new stuff.”
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