By
Chimamanda U. Martha
February 28th, 2024
Yuga Labs has made it known that it will offer IP rights for holders of CryptoPunks and Meebits, just as it has for Bored Ape collections.
Larva Labs has sold the IP of two of its collections, including Ethereum-based NFT projects CryptoPunks, and Meebits, sets of unique 3D voxel characters to Yuga Labs. After the announcement on Friday, there has been a high demand for CryptoPunks. About 24 hours after the announcement, CryptoPunk realized over $18.8 million in secondary market sales, a 1,219% increase. The cheapest available NFT for CryptoPunk projects in the marketplace rose 11%. Meanwhile, Meebits has increased sales to $18.5 million, a 529% rise above its last. Its floor price is nearly $14,500.
There were a lot of reactions within 24 hours of the acquisition. Bored Ape was also included in the surge, having over $7.3 million NFT sales after the announcement while its floor price grew 12%. Concurrently, Mutant Ape Yacht Club made $4.5 million in sales, representing a 79% day-over-day increase. Larva Lab’s controversial V1 CryptoPunks Wrapped NFT Collection saw $1.6 million in secondary sales. That was a 6,695% increase in sales within the 24 hours. The Bored Ape Yacht Club has generated more than $1.4 billion in secondary sales, with the Mutant Ape Yacht Club at $987 million.
CryptoPunks has had more than $2.1 billion in secondary trade turnover since its creation. The range of randomly generated NFT avatars – Meebits has made up to $425 million (after wash sales are excluded).
What Does Larva Labs CryptoPunks IP Sale Mean for Yuga Labs?
The Bored Ape Yacht Club creator Yuga Labs made the NFT collection a massive movement in less than a year. Bored Ape holders can use their pictures for purposes such as publications, brand marketing, and metaverse bands. Yuga Labs has also provided the BAYC holders with extra complimentary NFTs, private products, and events.
Acquiring Larva Labs CryptoPunks IP will endear new buyers who expect exceptional value on the project. Yuga Labs has made it known that it will offer IP rights for holders of CryptoPunks and Meebits, just as it has for Bored Ape collections. The Yuga team said on Twitter:
“Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from Larva Labs, 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.”
However, Yuga Labs does not plan to exactly model CryptoPunks and Meebits like BAYC. BAYC will remain the central project while CryptoPunks is regarded as a significant collection.
Before now, Larva Labs CryptoPunk NFTs holders were troubled with the technologists’ inefficient communication, enabling authorization, and less community involvement. Some holders have considered the CryptoPunks collections a relic compared to Bored Ape. Selling the IP to Yuga Lab will mean redeeming the NFTs as already proven in increased sales since the announcement. A legal document for provisions to prevailing holders of the NFT collections is currently being prepared.
Since 2021, NFTs have become a masterpiece in the blockchain industry. BAYC and CryptoPunks collections are considered to have the highest value by market capitalization and floor price.