- CryptoPunks NFTs are soaring in valuation over the last day because of a transfer in IP rights.
- The creators of the NFTs announced that they have sold the IP to Yuga Labs, the makers of the Bored Ape Yacht Club.
- The new figures are a testament to the vibrancy of the NFT ecosystem.
Larva Labs has sold the IP rights of CryptoPunks to Yuga Labs and the fallout from the deal has seen an uptick in the price of the collection. Punk holders will be granted a commercial license, putting to death the uncertainty surrounding the issue.
Spiking Sales For CryptoPunks
After weeks of wagging tongues, Yuga Labs, the creators of the Bored Ape Yacht Collection announced that they had purchased the intellectual property of the CryptoPunks collection from Larva Labs. The deal also included the purchase of the newer Meebits collection and the company claims that commercial rights will be given to NFT holders.
“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,” Yuga Labs stated on Twitter. In the past, they had done the same for owners of Bored Ape Yacht Club and Mutant Ape Yacht Club.
Since the announcement of the transaction, the secondary sale of CryptoPunks has exceeded $18 million in less than a day. This figure makes it a 1,219% increase from the previous day while Meebits came in second place with 557.59% in 24 hours with sales of $18.6 million. The floor price for CryptoPunks stands at just over 75 ETH and is worth around $195,000.
The Bored Ape Yacht club has also made tremendous leaps since the groundbreaking announcement. The collection currently ranks in third place below CryptoPunks and Meebits with a total sale volume of $8.5 million in 24 hours. Mutant Ape Yacht Club took advantage of the ride to make a 71% leap with sales of $4.5 million. Yuga Labs own the IP rights to these four collections that are making a killing in the space at the moment.
The Quelling Of The IP Dispute
In the past, discontent has grown amongst CryptoPunk owners over the licensing and commercial usage of the NFT. This culminated in the sale of Punk 4156 by its owner for over $10.25 million, stating that it was “time to move on” over the project’s future.
On the other side of the divide, the creators of Bored Ape Yacht Club granted holders of the NFT the commercial rights to the illustrators which added to the allure of the project. In the last 12 months, Bored Ape Yacht Club has attained a cult following in the space, drawing a number of celebrities into the exclusive club.
Yuga Labs’ decision to grant commercial rights to CryptoPunk holders might just be the boost that the collection needs to maintain its place at the top of the NFT charts.