May 26, 2022

Yug Labs, maker of the Bored Apes Yacht Club, announced on Friday that it has acquired the rights to the Cryptopunks and Meebits NFT collection from manufacturer Larva Labs.

Bored Apps and Cryptopunks are the two most valuable NFT collections by market cap, with a combined value of at least $3.6 billion at current prices. Rumor has it that Yug Labs has been in fundraising talks for the past few months, but hasn’t made any official announcements.

The terms of the deal were not disclosed.

Cryptopunks and Meebits are owned by members of the NFT community, but the intellectual property rights to the characters have long (and disputed) been owned by the creators of the project. With this announcement, Yug Labs has indicated that it will grant individual owners full commercial rights to NFTs, which may not be legally binding, but is a step up from Larva Labs and some owners have been around for a long time.

“We have long admired the work of Cryptopunks and project founders Matt and John. They were the pioneers of NFT and the wider crypto world and we are honored to lead the brands they have built into the future we are building in the era.” tweet From the Yug Labs Twitter account.

The Cryptopunks project was launched in 2017 when users requested 10,000 NFTs for free; It is widely regarded as one of the first NFT projects and one of the most influential. In late 2020, prices for pixelated portraits began to rise, with the rarest selling for millions of dollars and the cheapest now selling for around $200,000. In May 2021, the founders of Larva Labs released a follow-up project called Meebits, which generated tens of millions of dollars in initial sales within hours of launch.

The founders of Larva Labs have almost completely distanced themselves from the project so far, with Yuga Labs describing in a blog post that they also purchased 423 Cryptopunks and 1711 Mibit from the company, leaving the founders with only others besides them. . Art project “Generative autoglyphs”, which was not part of the deal.

Yuga Labs has taken a more aggressive path to actively build the Bored Apps project community by revealing a partnership

“However, this is not an acquisition of Larva Labs…we never talk about it for the foreseeable future, but overall we’re excited to be back to the good things we’re doing with Weird.” — stated in the blog post of the founders of Larva Labs.

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