BAYC Creator Yuga Labs Bought CryptoPunks and Meebits

by in Blockchain News

Yuga Labs CryptoPunks

Yuga Labs, the creator of the well-known NFT collection Bored Ape Yacht Club, revealed acquiring CryptoPunks and Meebits from Larva Labs.

Related: NFT project Bored Ape Yacht Club donated $1M to Ukraine

The company published a blog post, saying that it gave full commercial rights to the community. With the purchase, Yuga Labs now owns the brands, copyright in the art, and Intellectual Property rights for the collections. As a part of the deal, the company also obtained over 400 CryptoPunks and 1,700 Meebits.

Larva Labs will keep operating separately.

Yuga Labs said that the move is a part of building a broader ecosystem. The aim of the company as they formed is to grow the pie instead of fighting over slices.

Similar to Bored Ape NFT holders, who can monetize their assets and sell spinoff products based on the NFT they hold, holders of CryptoPunks and Meebits are given the opportunity too. Data from the NFT marketplace Open Sea reveals that CryptoPunks is the leading collection by trading volume. BAYC is in second place, and Meebits ranks 10th.