- Larva Labs sold CryptoPunks and Meebits NFT to Bored Ape creators.
- Yuga now controls NFTs with around $5.5 billion in market cap.
- CryptoPunks and Bored Ape are the world’s most valuable NFT collections.
Yuga Labs, the NFT platform which created Bored Ape Yacht Club, obtained the Intellectual Property (IP) rights to the CryptoPunks and Meebits collections. In detail, Yuga Labs is now controlling NFTs having nearly $5.5 billion market capitalization.
Notably, Bored Ape and CryptoPunks are famous for providing the most valuable NFT collections in the world.
Yuga Labs tweeted a post stating it has acquired the CryptoPunks and Meebits collection from Larva Labs, creators of CryptoPunks. By this, Yuga will first give full commercial rights to NFT holders.
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
This news comes after Larva Labs sold the CryptoPunks and Meebits NFT IP to Yuga Labs. Earlier, the creator of CryptoPunks faced criticism as it lacked IP rights guidance and engagement with the community.
Meanwhile, Yuga Labs has also remarked that the works of CryptoPunks are admirable and it has pushed NFTs and the broader crypto world forward. Furthermore, Yuga Labs tweeted:
The BAYC ecosystem will remain the center of our universe. We believe that what’s good for Punks is good for Apes and the rest of the space. Likewise, what’s good for Apes is good for Punks. We want to grow the pie, not fight over slices.’
Launched in 2017, CryptoPunk is an NFT collection created by Larva Labs on the Ethereum blockchain. CryptoPunks are 10,000 uniquely generated characters with different NFT figures.
Bored Ape Yacht Club is also a collection of 10,000 unique Bored Ape NFTs. This was created by Yuga Labs with unique digital collectibles on the Ethereum blockchain. They feature more than 170 possible traits like distinctive headwear, expressions, clothing, and many more.