Yuga Labs, the makers of the Bored Ape Yacht Club (BAYC), has verified that it has purchased the CryptoPunks and Meebits collections’ intellectual property (IP) from Larva Labs. Yuga Labs will now exercise full control over the CryptoPunks and Meebit brands and, will transfer their IP, commercial, and exclusive licensing rights to the respective individual NFT holders.
The outcome of the acquisition and its results.
On the Ethereum blockchain, CryptoPunks and Meebits are two prominent non-fungible tokens (NFT) collections. According to the sources, this deal makes Yuga Labs the holder of two of the most valuable NFT collections by market cap. The NFT collections are Bored Apes and CryptoPunks, which are valued at a minimum of $3.6 billion at current pricing.
The web3 platform Yuga Labs is well known for creating the famous Bored Ape Yacht Club. Yuga Labs has been suspected to be in financing talks for several months, but no formal announcements have been made. The deal’s terms are also yet to be disclosed.
Members of the community own CryptoPunks and Meebits NFTs, however, the IP (intellectual property) rights of the characters were long (and controversially) controlled by the projects’ developers.
Yuga Labs indicated with this release that they will be passing complete commercial rights to individual NFT holders; they will not, however, be surrendering the entire copyright. This is a step further than Larva Labs ever went and comes as a relief to the owners who have long requested the action.
What the CEOs have to say on the acquisition.
Larva Labs’ co-founders Matt Hall and John Watkinson expressed their happiness by stating that “Yuga Labs are the best in the world at what they do, and are the ideal stewards of the CryptoPunks and Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralized web.”
Commenting on the deal, Yuga Labs also tweeted about how they had always respected Matt’s and John’s work. The tweet read “When we set out to create within the NFT space, we did so with a deep admiration for CryptoPunks and the visionary work of Matt and John.”
Yuga Labs also added that “We’re honored to take on the stewardship of these brands and the communities behind them, and are very excited to build alongside CryptoPunks and Meebits holders as we step into this new world.”
Larva Labs stated in a blog that “This is, however, not an acquisition of Larva Labs” Also commenting on what’s next for the ex CryptoPunks’ owners, they said, “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.”
About CryptoPunks and Meebits.
CryptoPunks is an Ethereum-based non-fungible token (NFT) collection. The London punk subculture, the cyberpunk movement, and electronic music artists Daft Punk all influenced the experimental endeavor that led to the making of this NFT collection.
The Meebits are a set of 20,000 3D voxel characters developed using a bespoke generating technique and then registered on the Ethereum blockchain.
The ERC-721 standard for NFTs and the present crypto art movement were both inspired by the crypto art blockchain initiative, which has subsequently become a component of the cryptocurrency and decentralized finance ecosystems on numerous blockchains.