Yuga Labs now controls three of the most valuable NFT collections on the market.Yuga Labs is starting to act like a real company — and like any company staking a claim in a growing market, it’s looking to consolidate.
Yuga has acquired the IP of the CryptoPunks and Meebits NFT collections from Larva Labs. This means that they now own the brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits.
CryptoPunks and Meebits started selling like hotcakes. CryptoPunks is one of the oldest and most valuable brands in the NFT world, and Meebits quickly joined the list of most valuable NFT collections after launching last May.
“Yuga Labs are the innovators of the modern profile picture project, and the best in the world at operating these projects. They are the ideal stewards of the CrytoPunks and Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralized web.”
— Matt Hall and John Watkinson, co-founders of Larva Labs, CryptoPunks and Meebits
Larva Labs, creators of the CryptoPunks collection, had been reluctant to grant this same kind of commercial license to its NFT holders, which had become a source of controversy among CryptoPunks investors. As a result, several high-profile holders abandoned the project, including the pseudonymous “punk4156,” the IP dispute was what led to his $10 million CryptoPunks NFT sale.
Yuga Labs hopes to foster a “community of builders” creating derivative works around the two projects. To do that, it plans to grant intellectual property and commercialization rights to CryptoPunks and Meebits owners, allowing them to create works and products based off their NFTs the same way that Bored Ape owners have.
They don’t plan to do is shoehorn these NFT collections into the ‘club’ model we’ve developed for BAYC. BAYC as the center of the universe we are building at Yuga, and CryptoPunks as a historic collection.
The acquisition is a big deal it’s perhaps the first sign of the NFT space professionalizing and consolidating.
Why Larva Labs Sold the CryptoPunks and Meebits NFT IP to the Bored Ape Creators
The two largest NFT avatar projects in the space,Larva’s 2017 collection had O.G. status in the Ethereum space, but the creators were largely hands-off as the overall market swelled last year. Meanwhile, Yuga’s surging project acted like a membership club with sizable benefits and growing celebrity cachet.
NFTs can represent digital artwork and media, but they can also cultivate community — and give holders a real say in a project’s future.
The potted history of NFTs’ standing has been up and down,There’s the legitimacy that platforms such as Christie’s and Sotheby’s gave to NFTs in terms of auctioning them off through a legitimate place, rather than some random website.Having the imprimatur of both traditional auction houses — which combined have a 532-year history — placed onto the world of NFTs did a great deal to legitimize them in the eyes of the average person.
More and more people think NFTs are a good and safe investment.NFT space is big. Really big. You just won’t believe how vastly, hugely, mindbogglingly big it is. we are all way ahead of the curve, and there will always be more exciting opportunities ahead. There will always be more pie, and we love pie.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice. NFA DYOR (Not Financial Advice Do Your Own Research)
MetaCreat
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