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BAYC creators buy CryptoPunks, gives full rights to NFT owners

By Jesse Coghlan
March 14, 2022 0

On Saturday, Yuga Labs, the company behind the Bored Apes Yacht Club (BAYC) NFT collection, announced it had acquired the intellectual property for the CryptoPunks and Meebits collections from Larva Labs.

After obtaining the IP from Larva, Yuga decided to “give full commercial rights to the NFT holders”, stating in a tweet, “just like we did for BAYC and MAYC owners.”

According to analytics from DappRadar, Meebits is the largest NFT collection by all-time sales volume, with US$7.57 billion traded. CryptoPunks is third, with US$2.67 billion traded, and BAYC is fifth with $1.41 billion.

In the Twitter thread posted by Yuga Labs over the weekend, it clarified that the Bored Apes project was still the focus for the group, and that they did not want to cause a conflict in the NFT space.

“To be clear: the BAYC ecosystem will remain the centre of our universe,” Yuga Labs tweeted. “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.”

Bored Apes floor price jumps 25%

The crypto and NFT markets have seen a cool off in recent times, with investors seeming to move away from more speculative assets due to recent global events, but with the announcement, the floor price of the BAYC collection jumped by 25 per cent, causing a spike in sell-offs of the NFTs.

Seven Day graph showing the transactions for the BAYC collection rising on the day of the announcement, doubling the figures from the start of the period. Source: DappRadar

At the time of writing, the floor price of the BAYC collection was 95 ETH, around US$240,000.


Jesse Coghlan

Journo for CryptoVista - reporting on all things crypto, NFT, blockchain, metaverse, and DeFi.

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