Bored Ape Yacht Club's Yuga Labs buys CryptoPunks intellectual property

As part of this acquisition, Yuga Labs will own CryptoPunks and Meebits brands and logos, and will transfer IP, commercial, and exclusive licensing rights to individual NFT holders, as it did with its own BAYC collection.

Bored Ape Yacht Club's Yuga Labs buys CryptoPunks intellectual property

Yuga Labs, the company behind Bored Ape Yacht Club, one of the most valuable and large collections of NFTs in the industry, announced recently that Larva Labs has sold the rights to CryptoPunks and Meebits.

As part of this acquisition, Yuga Labs will own CryptoPunks and Meebits brands and logos, and will transfer IP, commercial, and exclusive licensing rights to individual NFT holders, as it did with its own BAYC collection.

Bored Ape NFT owners had the right to use their own images to whatever commercial end they chose when Yuga Labs launched the BAYC collection last year.

A variety of Bored Ape-themed enterprises were launched by entrepreneurs, brands, and celebrities following the BAYC phenomenon, including an Arizona Iced Tea ad campaign and a Gorillaz-inspired "metaverse band" from Universal Music Group.

Larva Labs, the creators of CryptoPunks collection, were reluctant to grant these same licenses to NFT holders, which had been a source of controversy among CryptoPunks investors.

This led to several high-profile holders abandoning the project, including the pseudonymous "punk4156."

The NFT is a unique token that exists on a blockchain network, like Ethereum, and is used to demonstrate ownership over digital items, like profile pictures, music files, or video game assets.

DappRadar reports that more than $23 billion changed hands in the NFT market over the last year.

Bored Apes and CryptoPunks, which command entry prices starting at 73 ETH, are two collections that contributed significantly to the NFT boom.

With Yuga Labs confirming the rumors of an imminent acquisition, both collections will be housed under one roof in the near future.

Yuga Labs has stated that its focus will remain on the Apes in its announcement. BAYC tweeted that the BAYC ecosystem would remain central to its universe:

"The ideas we promote are good for all. We don't want to fight over pieces of the pie, but rather grow the pie. What's good for Punks is good for Apes and the rest of the space as well."

Yuga Labs is now the exclusive IP owner of CryptoPunks. The company's pseudonymous founders are less sure what will happen to the IP now. "We're not in a rush to do anything but give people their IP and see what they do," they said.